Each year comes with innovation, discoveries and trends which the business enthusiasts tend to incorporate in their upcoming ventures. Since there is cut throat competition in the corporate realm, one must clench onto the latest inventions to gain an edge over the others. Become the pioneer of contemporary genius by embracing top business trends 2020. This write-up unveils those trends that will bring a revolutionary change and shall contribute a large part in the economy of India.
Before enlisting 2020 business trends, it is essential to understand that the tendency to succeed with these trends depends upon other factors as well such as the competency of your workforce, capital structure, business-size and so forth.
Without any further delay, let’s take a look at upcoming business trends that every entrepreneur must count on.
Business trends for 2020 that you cannot afford to miss out
1. Personalized Customer Service
Customer is the ultimate king of any business, so what’s better than accelerating customer-friendly experience. Provide tailor-made products as per the individual customer’s needs. A brand that has set a milestone in the trend of personalized customer service is Flipkart. For instance, when a customer searches for a particular product on Flipkart, then the E-Commerce website provides an array of compatible options that may fit well to the customer’s taste.
Another such application that keeps customers on topmost priority is Spotify which is an international music player application. Thus, all business models can consider that customer-centric services will majorly dominate this year. Also, it is an emerging business trend with a promising future ahead.
2. A Rise of Payment Gateways
Demonetization brought a new wave of online payments, and this year will further evolve digital transactions in India. Considering the efficiency and convenience of E-wallets/mobile-wallets, it is wise to formulate a payment gateway. Nowadays, people prefer being cashless and making payments with just a click on their smartphones. Therefore, it will be a beneficial business model to provide technology-driven financial services.
3. Inauguration of 5G
5G refers to the fifth-generation wireless technology that will scale up digital cellular networking. Conceptualized in the previous year, 5G networks will surely outshine all the other prototypes. It is anticipated to provide an average download speed of 1 Gbps. Such a radical change in download speed will transform the way we communicate to others. It will further create instant interactions and enable a faster way to take off Virtual Reality & the Internet of Things. Thus, the 5G deserves a spot in the list of business trends 2020.
4. Voice- Activated Searches
Voice searches enable the needs of the contemporary world. The small businesses can facilitate users with an online portal with a voice-optimized option. Thus, rather than just focusing on keyword optimization, the companies should emphasize on establishing voice-activated search options. One can form a benchmark by adopting the technique of voice searches for web browsing.
5. Blockchain Takeovers E-Commerce Industry
The Blockchain technology shall become a vital part of Indian markets in the near future. Through Blockchain bank ledger, the E-Commerce owners can keep track of their payments. It also enables them to validate the security of a payment source and thereby helps to accept money steadily.
Presently, the ‘cash on delivery’ system creates troublesome situations, wherein E-Commerce owner only receives the money after the delivery of the products. However, the business trend of Blockchain track ledger will resolve all the cash flow problems faced by the E-Commerce industry.
6. Online Education
The scarcity of quality education institutes has affected the growth of our entire education system. Schools and colleges have turned into commercialized business models revolving around corruption. The traditional education institutes need some additional support of online academies and courses which are skill-based. As the learning curriculum of Indian education system does not put much emphasis on the overall development of a child, it is indispensable to create online education platforms that help kids to grow in each aspect.
According to the latest reports, the average engineers, graduates, and other degree holders were not employable. It brings out the negligence of substance education for young people. Therefore, one can hop onto online learning as a business trend in 2020 since it will likely usher successful outcomes. Some firms are already catering plenty of educational services and providing experienced tutors online.
7. Remote Medical and Healthcare
Isn’t it the need of the hour to improve the healthcare facilities of India? Hundreds of people are on ventilators, taking their last few breaths. It’s so horrifying for the relatives to witness the death of their beloved. The remote medical care is advanced telemedicine that enables consistent monitoring of the patient’s condition. Moreover, it also gives the performance of preventive and control check-ups outside the reach of medical facilities. Under the Remote Medical Care Center, mobile devices become a potent tool to measure vital signs. It transmits the results to the medical staff if some abnormalities are detected and thereon the clinicians contact the patient and summon an ambulance in case of an emergency.
8. DDoS Attack Prevention
The Distributed Denial of Service abbreviated as DDoS is a vicious attempt to disrupt the normal traffic on a website which crashes the server. Mainly, the leading companies have to undergo such DDoS attacks. Thus, by developing DDoS attack prevention software, one can yield productive rewards. It is also a unique business idea for companies that are struggling to sustain in the competitive industry.
9. Website Conversion into Application
If your strength lies in coding and app development, then this business trend is certainly for you. It is a low-cost business model that has a tendency to draw a large customer base. By utilizing the programming knowledge, developers can convert a website into an application. Moreover, this trend will increase career opportunities for developers and programmers.
10. Peer to Peer Lending
P2P is a robust lending platform which directly connects the lenders to the borrowers. Thus, it eliminates the role of an intermediary. Peer to peer is a prominent lending source with high demand in the financial sector. As it is the fastest mode of lending and borrowing, people often prefer P2P than traditional lenders (Banks). To implement this business trend, you first have to build a secure platform wherein the depositors can submit money and facilitate users to create profiles with an accurate credit score.
Trends are significant for any business type regardless of a startup or a multinational company. The afore-mentioned business trends of 2020 lay the progressive image of the corporate sphere. These trends will not only help you reinforce your business by incorporating innovate plans, but also contribute to the Indian economy. These ideas are a secret to your success and will give a new outlook to your business.
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.