January 9, 2020

Top 5 Small Business Trends for the Year 2020!

Naveen Shayan

LedgerMax specialist

As a small business owner, you must be aware that being up-to-date is the key to become successful in the business world. Not only you have to stay in touch with every latest technology and advancement but you also have to implement it accordingly to accelerate in your field. So, as we enter the year 2020, the following five trends will likely to have a noticeable impact on your business growth.

1. Digital Marketing

While some of us may think of the time prior to the internet, the current generation considers it an indispensable part of anything they do. And given that this generation is comprised of majority of the consumer market, businesses should put all possible efforts to relate by shifting to digital marketing strategies instead of the outdated ones

2. Green Policies

In 2020, more people will switch to a green lifestyle. Turning green does not only include healthy vegetarian diets but also a change in everything you use such as clothes, shoes, hygiene products, cosmetics etc. Therefore, in 2020, your small business should come up with environment friendly strategies along with providing your customers its details and genuineness since its very important to help your customers know the worth of green choices for them and for you as well.

3. AI Advancements

This is undoubtedly a machine learning era and so, businesses adopting AI and machine learning will grow significantly and have a momentous impact in the near-term. Though, AI advancements still sound alien to small businesses, minor usage of algorithms and artificial intelligence can enhance customer services in approximately all businesses. As compared to the past, now the virtual assistants are capable of handling more help desk tasks like customer service requests to simplify the customer journey which is benefitting both the business as well as the customer.

4. Global E-Commerce

The year 2020 will give further rise to worldwide e-commerce as numerous retailers are expected to move their investments from physical outlets to online stores. The social media will also help in generating sales while orders will also be shipped faster with the help of hi-tech warehouses. In the coming years, it appears that there would be nothing that could not be sold online.

5. All-Inclusive Systems

While businesses try to offer more choices and services to their clienteles, demand has increased for all-inclusive programs to look after financial dealings, banking and security requirements. Small business owners and their customers both likewise appreciate the capacity to achieve more than their targets with a specific vendor and so these wide-ranging schemes are gaining acceptance.

Thus, acclimatizing to the new consumer market trends can be decisive for the progress of any small business. It is very important to understand the demands of your customers and their spending habits. Hence, grab hold of these latest trends to aid your business in making right choices in the present and coming years.

LEDGERMAX BLOG

Our Featured Blog Posts

February 14, 2024
Inventory management is a critical aspect of small and medium-sized enterprises (SMEs) in Pakistan, impacting their financial performance and operational efficiency. Among the various inventory costing methods available, SMEs often face the challenge of selecting the most suitable approach to meet their unique needs and objectives.
Read more
December 20, 2023
In recent years, Pakistan has undergone a striking metamorphosis in its retail dynamics, owing to the meteoric rise of e-commerce. The landscape, once confined to niche segments, has blossomed into a thriving industry, fundamentally altering the business landscape and revolutionizing consumer shopping habits. Beyond mere convenience, this transformation embodies a profound shift in how consumers
Read more
December 20, 2023
In an increasingly digital world, establishing a robust online presence has become a fundamental imperative for small businesses in Pakistan. The internet provides an expansive platform for reaching a wider audience, enhancing brand visibility, and increasing sales. This article serves as a comprehensive guide for Pakistani small businesses, offering step-by-step insights and strategies to build a strong online presence.
Read more