Some companies that are ahead of the business trends are Amazon, Tesla, Facebook etc. The digitization of business and the way humans work is shifting the entire industry. We are seeing nearly every aspect of businesses merging to with tech, from simple tools such as a sales tax calculator to much more complex aspects and here are some 2020 trends that will be relevant and develop even further in the coming years:
Paid social media is a way for business-to-business and business-to-consumer interaction. Everyone is on social media, so it makes sense that boosted posts and sponsored content are useful in gaining traffic and conversions for websites and businesses. Paid social media allows businesses to target their customer’s actions online and pay to get their content seen by relevant consumers.
There are large advertising agencies such as Edelman taking advantage of the increase in paid media by offering these services to their clients. Many businesses attempt to manage paid media on their own, but end up turning to experts at agencies to manage this aspect of their business. Paid media feels fairly new to the business industry, but it will continue to grow and be widely used.
Not only is banking shifting to almost completely online, there is a completely different form of currency being purchased—cryptocurrency. Bitcoin is the most widely discussed of this currency. It was formed in 2009 and the price of Bitcoin skyrocketed in 2017, which made a lot of money for those who owned it. The development of cryptocurrencies is interesting because it can be used to buy things anonymously and isn’t connected to any country and can’t be subject to regulation. With all of this being said, this is a new form of currency that is gaining attention around the world. It is difficult to predict what the future, but this currency exists and is widely used and known.
As previously mentioned, banking is shifting to nearly all online, which comes as no surprise in this age of technology we live in.
A trend that is making it easier for companies to market to consumers is the development of geo-fencing and hyper-local advertising. This makes it so advertisers can target an audience based on a specific location. This works by using Wi-Fi or cellular data to target users in a specific area.
For example, an online mattress company with lower prices than in-store mattress shops, could target users nearby a mattress warehouse with ads showing mattress reviews and the online store’s low pricing. This then makes these people who are potentially interested in buying a mattress, see that there are cheap options online. Using location brings benefits and saves a lot of time when looking at the marketing and advertising process.
This trend is bringing upon more advertising on the local scale as well, which benefits smaller businesses. Local businesses might not have a massive budget to spend on advertising to a wide audience on the internet. In this case, they can target people in the town they are located in or those driving through. This gives consumers a chance to be aware of small local businesses.
Everyday we see new segments of business or life transfer to being done online. Billboards are irrelevant when a graphic can be designed and sponsored on Instagram to reach more people. Some of the most successful companies like Amazon and Facebook make all of their money online. Digitization is a way to meet the online audience—which can be everyone if done strategically.
We can expect the digitization of everything to increase, especially in the realm of business, finance and advertising. Many companies are solely online because they don’t have to have a storefront and they can reach possibly even more customers. There is a lot of competition online, but it is the way of 2020 and we can only expect it to become more of a norm.
Due to the increase in digital use, businesses have to invest in new information privacy software and risk management. These complexities that occur online must be guarded for websites and companies to keep the trust of their customers.
This also is important to protect the information of the company from hackers. Reddit had an information security system that included two-factor authentication, and they were still hacked. Recently. This shows the vulnerability that comes with doing business online and owning an e-commerce site or any site. It is crucial that business owners stay smart and proactive when thinking of their information and its vulnerability.
There are third party information security companies that are shining in this moment of needed online protection. The partnership between business and tech is something we can expect to continue seeing in 2020 and beyond.