As we wrap up the last few weeks of the decade, many entrepreneurs will be preparing for the trends anticipated to emerge in Q1 of 2020. Entering the third decade of the new millennium brings changes to the business landscape that were barely comprehendible a few years ago let alone at the start of the decade. From AI to 5G, many of these terms would have taken on a completely different meaning, if any meaning at all, if uttered aloud on the eve of the turn of the decade 1o years ago. So, in case there’s a few trends you want to pick up prior to when the ball drops, we’ve listed a few key ones that we think may be worth keeping an eye on.
The Gig is Up…or is it?
The rise of the gig economy shows no sign of slowing down with nearly 36% of all US workers taking part in the arrangement that offers flexibility and a sense of independence operating as their own boss. With small businesses unsure if hiring permanent employees is in their best interests financially, the gig economy offers opportunities for talented individuals to help with either one-off projects or more long-term arrangements. With such a vast pool of talent, employers can pick and choose who to work with just as candidates can choose where to work.
Be More Vocal
At the beginning of the decade, it wasn’t common for speaker systems to talk back…and if they did, well you more than likely didn’t want to tell anyone about it. Google Home, Echo and Alexa are a few of the market’s biggest smart speakers that let owners control their homes, phones and even TVs using just their voice. Offering convenience, accessibility and even safety by not having to look down at your phone to type out a command, it’s no surprise that voice-controlled technology may heavily infiltrate the online world with its presence. Voice optimized content that aligns with complete sentences rather than just keywords will be a huge opportunity for small businesses to grab onto before it becomes industry standard. (Alexa, did you get that?)
Cash in on Not Having to Take Cash Out
You may have noticed how cash is being accepted less and less when shopping around. With digital payment apps like Venmo, Cash App and Google Pay, just to name a few, transactions are becoming easier, more convenient and costing less for businesses who’ve cut costs on hiring cashiers and substituted with digital pay systems. While it’s not expected that cash-free systems will be adopted by everyone, in part due to concerns around discrimination, security and privacy, payment platforms continue to display momentum as we shift into the next decade.
As small business owners, remaining up to date on trends in the digital landscape will help you to manage social presence, digital touchpoints and respond to consumer needs. As technology continues to evolve rapidly, owners will have to not only adapt, but innovate in an effort to operate in anticipation of what their customers want, rather than in response to it.
