3 business trends to lookout for in 2020

2020 has just begun and there have already been several events that are expected to have significant ramifications for the UK and indeed the world economy. The Coronavirus has already surpassed the SARs outbreak and is bringing the Chinese economy to a standstill. The first confirmed case in the UK is expected within the next few days. As well as this the finalisation of Brexit is sure to cause ripples for the UK economy and indeed the rest of the world. 

However, there are also current trends on the horizon that, if used correctly, will help businesses achieve great success in 2020. Here are some of the key factors to consider. 

Climate Change

Last year a survey revealed that climate change and global warming ranked third on the list of concerns of the general consumer. There were also several events and campaigns that garnered a lot of attention in the news and across social media. It is clear that consumers want businesses to play their part in preventing a global disaster. We have also seen reports calling out companies that are not doing enough or are simply avoiding the issues completely. 

Coca Cola recently faced heat after suggesting that the public still want to use plastic bottles, despite their impact on the environment. If you are setting up an SME, it is essential that your business model is sustainable and that there are plans that will help save the planet. Recycling and paperless processes are a smart place to start to achieve this goal. 

Automation And The New World Of AI 

It is nearly impossible to keep track of all the updates to technology that can and will impact businesses over the next few years. However, SMEs should be making an effort to invest in the tech that will improve their chances of success. 

Both AI and automated technology will be an essential part of this puzzle. Both forms of technology are becoming more financially viable and accessible. A simple yet clear example of this type of tech is a chatbot. Chatbots can be installed as a seamless part of your website. With a chatbot, it is easy for consumers to find the information they are looking for. Chatbots can answer questions that may be stopping a user from committing to a sale. With the right chatbot, you can respond to a user request instantly. You can also eliminate the pressure on your customer service operators. 

Chatbots provide a way to engage and interact with users even when you are not using employers. Research also suggests that the correct use of chatbots will improve the perception customers have of your business and your brand. 

AI and automated technology are continuously evolving. Recently, several major businesses have announced plans to incorporate advanced automated technology into their own business model. Indeed, Wallmart has rolled out the automated tech to more than 4000 stores across the US. 

5G Networks

It was recently announced that Huwai will have a limited role in the implementation of 5G networks across the UK. However, the government is still commited to ensuring that the initial stages for this technology are put in place. 

Speed is always going to be integral to a business model. High speed and quality connections will often translate into a more efficient service that can be delivered to clients and customers. 

It is already possible to access 4G speeds virtually anywhere in the UK, even in the most rural locations. 5G networks are the next evolution of this technology. When rolled out, they will ensure that movies can be downloaded in HD within seconds. 

While still in the early stages, plans are already in place to implement 5G in the UK, starting with the largest cities. Businesses that are connected with this technology are going to have a significant upper hand against the competition. It will be possible to access and transfer large documents and files. As well as this, it will become easier to connect with employees who are more spread out than ever, thanks to a growing gig economy. 

We hope this helps you understand some of the key trends that you must focus on over the next few years when managing your own SME. By keeping up to date with the latest trends, you can ensure that your business is poised to take the market by storm. There are many more trends to explore as well. 

AR and VR tech are both continuously evolving and experts are finding new ways that they can be implemented as part of omnichannel marketing campaigns. 

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