Business Trends to Watch in 2020

 

It’s important to stay on top of market trends, especially if you're trying to boost your company’s profits, or trying to evaluate the best companies to invest in. The new decade is bound to bring lots of market changes to the private sector, and it all starts with some of the trends that we’re seeing in 2020. Here are some of the most important business trends to keep your eye on this year.

1.Sustainability Matters

By the end of the decade—if not by the end of the year—sustainability will be the new normal. All around the United States, businesses large and small are going eco-friendly. Sustainability is a trend that’s almost assuredly going to last and become more widespread.

Businesses care about sustainability for two reasons. First, many companies—especially larger corporations—feel as though they have a moral responsibility to protect the earth and maintain eco-friendly business strategies. Second, customers tend to prefer companies that practice sustainability, so there’s financial incentives for companies to do so.

In practicing sustainability, companies may opt to run recycling programs, or to use recycled or eco-friendly materials (many restaurants, for instance, are choosing to use paper straws instead of plastic straws).

2.Even More Focus on Digital Marketing

The internet has redefined marketing in the 21^st Century, and there’s no doubt that it’s going to be one of the most predominant marketing forms for years to come. Expect both small and large businesses to put even more money toward implementing digital marketing strategies in 2020.

Websites continue to be the online face of any business, but expect companies to pour more money into SEO than in full-blown website redesigns. Google has continued to improve its algorithm, so there are desirable opportunities for companies to dramatically increase their web traffic and conversion rates. What’s interesting is that both large corporations and medium-sized businesses still opt to enlist professional SEO consulting services rather than bringing SEO in-house. SEO has lots of moving parts which require a heavy amount of labor, so it seems as if businesses are content with having SEO firms do most of the heavy lifting.

For smaller businesses, social media is the name of the game. Facebook, Instagram, and Twitter remain a popular way for companies to engage with customers, especially local businesses. Still, medium and larger-sized companies may invest in influencers to promote certain products with a younger demographic.

3.Greater Investment in Security

Considering how much businesses invest in online marketing, expect there to be lots of investment in security in 2020 and throughout the rest of the decade. A single security breach could expose the personal data of millions of a company’s customers, which could lead to disastrous financial and public relations consequences for that business. Given how much a medium or large-sized company has to lose, a hefty investment in security seems rather minimal.

Business will continue to rely on advanced encryption software and firewalls to protect data, and companies that use point of sale software will have to rely on the built-in security features of that software. Furthermore, some companies may elect to begin using VPNs for company internet access.

4.Slack Leads the Way

Slack is fast becoming the most popular messaging app for workplaces. What makes Slack so popular is that companies can create custom communications channels for different departments and work teams. But Slack is also popular with employees because of the built-in emoji and GIF functions. Expect Slack to continue to grow in popularity in 2020. It’s even possible that the software becomes a workplace staple, like Microsoft Word or Google Chrome.
 

5. More Emphasis on Employee Retention

A lot of economics experts have described the American economy as being a “gig” economy. But the gig economy notion may be beginning to fade. In the past year, American workers have become more conscious about market salaries, thanks in part to websites like Indeed and LinkedIn. Thus, it’s getting more difficult for employers to hire outside job candidates for a lower salary rather than promoting an employee within the company. Higher wages, greater benefits, and more paid-time off have become a major part of the political discussion as we close-in to the 2020 election. Companies are also aware of impending economic trouble, and so they’re more willing to cut costs—which means cutting down on the costs to onboard new employees.

As a result, most businesses are trying harder than ever to retain employees. Most Americans aren’t yet seeing higher wages, but some of the trending perks include unlimited paid-time off, flex hours, remote work, and office perks—like kegs, happy hour outings, and other amenities that also serve to draw job candidates. Expect there to be more emphasis on employee retention in 2020.

Be sure to check out the rest of our blogs on 2020 predictions.