Innovation makes the business world more competitive. From social apps to machine learning, there’s no sign of slowing down. To stay on top, a marketer needs to know the latest innovations in the business. Here are the top 5 business trends marketers need to know in 2020.
Business Trend No. 1: The dominance of Video Platform to Gen Z
For years, marketing campaigns have given millennials attention. This 2020, business trends will increase focus on the GenZ. They have a different content interest. Most students now prefer how-tos and DIY videos over textbooks. 80% of GenZ teens say they get more knowledge from YouTube. Ryan Kaji, the most popular Vlogger earned a whopping $26 million in 2019. Tiktok is a video sharing app introduced in 2017. It now has 800 million active monthly users. Any brand who targets an audience between 13 to 30 years old should be in Tiktok right now.
Business Trend No. 2: More People are Adopting an Eco-friendly Lifestyle
There’s a rising call for social responsibility today. Unilever reports that 1/3 of consumers buy from brands based on their positive impact on the planet. To meet such demand, brands shifted to biodegradable packaging. One example is Starbucks planning to cut all plastic straws this year. Many companies shape their campaigns on preventing further damage to the environment. Some take part to raise funds in sustainability partnerships. Others joined clean up drives or tree planting. It’s now clear that environmental focus is a must to promote a brand.
Business Trend No. 3: Continuous Expansion of Artificial Intelligence and Machine Learning
AI becomes mainstream because of its ability to analyze large data. They made the lives of marketers easier in many ways. By 2021, Gartner forecasted that 80% of technologies will use AI. An AI-powered algorithm is something marketers should care about. They proved to lower the advertising budget by locating your target audience. Netflix saves $1 billion each year through AI recommendation. And 75% of what Netflix users watch come from those recommendations. Chatbots and voiced-based searches help brands customized interaction with a volume of users. Such decreases a lot of manpower costs. Today, there’s a clear opportunity is to leverage AI in retention and loyalty.
Business Trend No. 4: Steady Rise of Online Marketing
Brick-and-mortar stores are still making sales larger than online stores. But online marketing is growing so fast because of convenience. A 2020 forecast said it will hit a $4 trillion revenue this year. People all over the world shop online. There are around 2.05 billion digital buyers today. Exclusive online shopping events have played a big part in stimulating e-commerce. Given the rising trend, a deeper look in e-commerce statistics can help marketers with their sales strategy.
Business Trend No. 5: Demand for an All-In-One Platform
Companies want to provide more options and services to their customers. Consumers favor vendors who can make them do more than one goal. We’ve seen companies like Cyfe and Tableu offering an all-in-one business platform. Prime Trust offers one-stop shopping for business owners. The demand for different types of payment also grows. High website security and 24-hours financial access are now major concerns. Marketers should learn more about API integration. They will seamlessly connect the world to the business ecosystem.
Conclusion
Marketers need to stay connected to business trends. They should be flexible enough to adapt to the changing market. Seize any innovation to help you make the right decision. They are likely to influence future growth.
This is why companies are turning to digital agencies. They can give creative, strategic, and technical advice on how to keep up with the trends. They can offer web design and development, online advertising, and e-commerce consulting. And to top up the benefits, they can make the most sense of your money.
