6 2020 Small Business Trends Nobody Is Talking About

While not all these trends may be applicable to your business, they’re important in gauging customer expectations.

Your small business is unique, just like every other small business is.

So, every trend in a list of 2020 small business trends may not apply to your particular business.

Nevertheless, it is important to know what trends small businesses see taking root in 2020, as a gauge of which way the wind is blowing, what consumers are looking for, and whether you can make any changes to your business model to incorporate them.

Here are the 6 2020 small business trends that nobody is talking about.

Have you met Gen Z?

For a long time, social norms and business trends were dictated by the ‘boomers’ and Generation X.

Of course, by now, that’s old news to you.

The boomers and Gen X may dictate some trends in the retirement products and healthcare industry, but their days as general trendsetters are over.

Next would be the millennials, that is, the people reaching adulthood in the first decade of this century.

They’re certainly the dominant force - whether from the point of view of general purchasing power, or of setting socio-cultural norms - right now.

However, if you’re forward-looking - planning for the future and all - you should begin planning for the rise of Gen Z.

Who is Gen Z?

Gen Z is the demographic born in the 1990’s, who would just have reached adulthood in the year 2020.

They might be the first generation who’s almost universally comfortable with, and attuned to, digital technology.

Some also trace an entrepreneurial spirit in this demographic, as part of a wider trend that seeks greater independence and self-reliance.

Automated processes

Speaking of Generation Z being comfortable with digital technologies, greater automation of processes is a trend that will keep rising, at least for the near future.

While automated processes mean a greater vulnerability to cyber attacks, and a higher - if not crippling - reliance on internet connectivity, they also mean smoother work processes.

For example, this escape room in Warwick can deploy a chatbot to field customer questions on social media.

Common questions, like what are their opening hours, how to book for a large group, and so on, can be handled by the chatbot, leading to

• A faster resolution of customer queries.

• A smoother booking process.

• A reduced reliance on human sales staff.

All of which add value to the business.

Customer reviews

Customer reviews are becoming more and more important in shaping customers’ choices.

Ads are important to grab a customer’s attention; however to guide the customer through the acquisition process, and nailling the purchase.

How to best utilize this trend

• Make sure your business is listed on the major business directories (almost all of them have a provision to display reviews)

• Google My Business

• Yelp

• TripAdvisor

• Angie’s List

• Better Business Bureau

• Make sure you engage with the reviews

• Thank people for good reviews

• Apologize for bad reviews, and indicate briefly how you plan on fixing the issue

• Keep a watch on reviews, and try to see whether competitors are trying to trip you up by leaving fake reviews.

ESG

ESG stands for Environmental, Social, and (Corporate) Governance.

These three factors are becoming very important in guiding customer choices.

While the shift is slow, it is happening, and it’s best to start doing your bit to make the transition now.

For example, you could try to use solar power, reducing your consumption of fossil fuels-based energy.

You could try to invest a part of your profits in local causes, like the local homeless shelter.

Small steps like that won’t hurt your acquisition of non-ESG conscious customers, but will help you gain ESG conscious customers.

Mobile marketing

As more and more people shop on the go, the shift in marketing away from laptops to phones just keeps happening.

And, this is a trend businesses are tapping into.

Ways you can go into mobile marketing

Say you’re a Chicago escape room.

You can:

• Use geo-targeting to target customers who’re near your location, and more likely to drop in.

• You can make sure customers who’re near your location are shown ads about a one hour exciting experience, which is more likely to be relevant for them, rather than an ad about team building in escape rooms.

• Create an app that

• Keeps sending updates and notifications to your players.

• Implements a  loyalty program.

• Leverage mobile payment systems like Google Pay and Apple Pay.

The gig economy

Even as a number of people express adverse opinions about the gig economy, there’s nothing to suggest that the gig economy is going away any time soon.

In fact, studies suggest that the gig economy is only set to grow.

While policymakers struggle with the questions that raíces, it can come as a boon for small business owners.

Non-core positions can be filled in via short-term contracts, giving small business owners greater flexibility at shaping their business to match customer needs.

To sum up, the 6 2020 small business trends that nobody is talking about are

• Preparing for Generation Z.

• Greater automation of processes

• Utilizing customer reviews.

• Environmental, Social, and (corporate) Governance.

• Mobile marketing.

• The gig economy.