Business Trends 2020 – What To Watch Out For

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With the advent of 2020, our evolving workforces are gearing for the next set of ever-changing annual trends from the metamorphosis of the year that has gone by. From solutions addressing workplaces and workers to tectonic shifts in the role of venture capitalists, here are a few trends that would be ruling the roost in the year 2020.

The remote worker:

Infrastructure and space constraints, coupled with the growing prices of real estate, put small businesses in quite a fix. The year 2020 will be the year of the remote worker. The year may see a significant shift in the share of the workforce from full-time to remote workers or part-time employees. Emerging technological advancements in communication in the form of video conferencing and team messaging have made remote working easy and affordable for small businesses. Businesses are increasingly likely to opt for co-working spaces like iKeva, which will add value financially as businesses can switch from the traditional 9-5 work schedule to a remote access workstyle that doesn’t always need a set desk space.

The rise of the employee happiness quotient

Businesses must hire and retain talent, even during a weak economy. Keeping employees happy is not always about a bigger paycheck. When the pay gap is negligible amongst competitors in business, workers seek other factors – like the work environment, culture, benefits and more. Studies have unsurprisingly indicated a direct correlation between the happiness of the employee and their productivity. From ping-pong tables to colorful walls and open spaces, businesses are doing all they can to retain top talent while also attracting the best. Employers have also started looking into coworking spaces in Hyderabad that organize events and workshops to ensure that their professional teams feel they matter and to take away some skills in the process.

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Launch of 5G

One of the biggest trends to catch in 2020 is the advent of 5G. The technology would bring to the masses download speeds of 1 Gbps that can even go up to 10 Gbps, opening new doors for networking potential and new emerging industries.

But the advantages don’t stop there – they extend to social, economic and many other aspects. 5G will also assist economically backward nations to flourish with the help of increased and reliable connectivity.

E-commerce battle of payments

The question of who processes and makes money from online payments is rearing to become the major business story. The battle has begun between banks, credit card companies and software companies on who is going to rule the category of online payments in the e-commerce sector in the year 2020. With a variety of seemingly unrelated players – such as Facebook – entering the fold, this space will be an exciting one to watch.

Social media and marketing

Social media has evolved and continues to throw us new ways to connect and market ourselves. In 2020, the Stories feature on every social network may be the first bet in terms of marketing a product. Introduced first by Snapchat, the concept of stories slowly seeped into other social media platforms. It is rapidly becoming the foremost contender for creatively showcasing content with higher chances of gaining attention from users.

Industries growing into 2020

The entertainment industry is seeing a big boom after a reinvention with the emergence of interesting concepts like Virtual Reality systems and motion sensors. Beyond entertainment, these systems are also assisting the military and law enforcement agencies in training.

Construction is also seeing a rapid change with the adoption of 3D printing technology that is expected to provide a significant boost to the industry. New tech and material are expected to redesign and renovate into a new sort of infrastructure distinct from what we see today. Renewable energy is also expected to see significant relevance as developing and developed countries seek cleaner fuel.

The role of Venture Capitalists

In 2019, a whole range of talented entrepreneurs and promising startups saw venture capital funding their seed stages. There’s no reason to think 2020 would buck this trend. We’re likely to see a continued flow of capital, albeit with some increased competition, perhaps. Venture capitalists may increasingly want to place their bets on the more profitable and promising ideas, based on the service and value they add.

2020 certainly seems exciting, with a wave of changes on the horizon. A business would want to tune in, ready to catch these very waves and exploit them to their advantage for scaling up and growing at a rapid pace.