10 Small Business Trends for 2020

With business planning well underway for the next calendar year, now is a good time to take a look outside of optical. To help paint that bigger picture, here are 10 top small business trends for 2020. Read ‘em…and reap.

Tip: If you’re not yet using the newest analytics tools to glean customer data, you need to start. Now.

92%of consumers say they will likely not complete a purchase with a location or item about which there are no reviews.

1 WELCOME. Gen Z, the digital native generation, will represent 40% of all consumers by next year. “They are very fiscally pragmatic and practical with their money. They are looking for value,” says generational guru Jason Dorsey.

2 REVIEWS. According to Fan + Fuel, 92% of consumers say they will likely not complete a purchase with a location or item about which there are no reviews. Consumers also say they put most credence in products that have received at least 100 reviews.

3 ANALYTICS. Forbes puts it this way: “Companies that still aren’t investing heavily in analytics by 2020 probably won’t be in business in 2021.” If you’re not yet using the newest analytics tools to glean customer data, you need to start. Now.

4 STORIES. No, not bedtime books. We’re talking of-the-moment short video content that disappears after a day. Most recently, social media was also about news feed posts. For 2020, however, news stories are growing 15x faster than news feeds, reports Block Party.

5 HAPPINESS. With unemployment at all-time lows, employees and prospective workers are looking for the best lifestyle fit and work environment.

6 5G. These new networks will allow for average download speeds of about 1Gbps. That will make you more efficient, but also encourage consumers to interact more and download messaging and important links you provide.

7 FLAT. With the need to turn on a dime, organizations like begin to return to a flatter, more responsive model. Even in smaller businesses, the team approach to tackling issues is increasing.

8 HIRING. It’s going to be EQ (emotional quotient) over IQ (intelligence quotient). According to the World Economic Forum, three of the top attributes required of leaders in 2020 will be: emotional intelligence, creativity, and people management skills.

9 CUSTOMIZATION. Create and position offerings as personalized, just-for-you vision solutions to patients and customers. It’s messaging they’ll see even more of in 2020, and, unlike many business categories, you can actually fulfill that promise.

10 SIZE. Shrinking formats and smaller footprints have been trending for a while, and that is expected to increase when retail businesses open more doors in 2020.

What changes are you planning for 2020? Tell us about them and share in the conversation on Facebook here.

Erinn Morgan