A survey by WGSN, a global consultancy in analysis and forecasting trends, reveals that the main factor that accelerates changes in businesses will be technology allied directly to the consumers themselves. They are the ones that are driving technology towards the transformation in society and challenging the old economic models. Consumers are mapping, studying brand, wanting to know if companies have changed their business structure, especially in terms of their impacts on society. The aim of consumers is to know if the brands are aligned to their new demands and to a purpose. In other words, consumers are boosting businesses at another level through technology. Based on this premise, the consultancy identified 6 major trends that will impact and restructure businesses starting in 2020 and gave tips on the trends that will accompany this process.
Technology Trends to Restructure Businesses in 2020
In 2020, more money will be spent on programs with original scripts. One hundred years from now we will look at this era and conclude that the art form that defines it will be television. In 2019 and 2020, Disney and Apple launched services to compete with established players like Netflix and Amazon. HBO Max, NBC’s Peacock, and Quibi will be on their tail in 2020. The most creative and resourceful companies in the world are all investing in this business. Consumers may need to subscribe to more services as the catalog grows, but competition will force prices down.
Facial recognition technology seems to be everywhere these days. It is used to determine the buyer’s intention in a concert hall in Australia, to record the presence of workers in an office in Indonesia, and even to supervise the attention of school children in China. A facial recognition algorithm has become the recruiter at some of the largest companies in the United States. The technology is in use in at least 17 airports in the US, while the French government is preparing a smartphone app that requires citizens to log in facially to access a variety of public services. Huawei, for instance, enthusiastically markets its facial recognition technology to African cities. Whether and how to use facial recognition will be in public debate in 2020.
3.The Zebra Manifesto
The general tiredness with businesses built by bombastic and fanciful evaluations has spread across the market. This makes room for a new breed of the equine on the start-up’s scene: the zebras. Zebras are start-ups dedicated to solving real-world problems, building sustainable and profitable businesses that grow at a manageable pace, refusing the usual rounds of financing rounds. People founding zebra companies are essentially women and minor entrepreneurs who haven’t had the opportunity to jump into the venture capital model yet.
According to a lot of studies, it stands to reason that we should be living in a time of innovation, where fast-growing sectors attract several new ventures. However, this does not happen because the sectors that are growing the most in our economy – technology equipment, social networks, research, and electronic commerce – are under the control of one or two companies. Adam Harry Guild is 21 years old founder, now, he is building Profitboss, which provides online ordering for independent restaurants.
That’s why in the US cities and states are leading the antitrust movement. In 2020, the focus will shift to the impact of technology on small businesses.
5. Online Shopping
Our society is already guided by smartphones and people want to consume via mobile devices. No interaction and no processes. And retailers need to be aware of this and adapt their business if it is not suited to this demand. According to WGSN’s executive retail survey, 64% of retailers say that paying by cell phone is a priority for the functioning of their business, and that trend is going to keep escalating in 2020.
6. Personalized Marketing
Personalized marketing, or one-to-one marketing, stipulates the use of data in order to provide individual messages to potential new customers. Although it seems difficult to customize, if you analyze your company’s data well, you will always be able to find a way to make it possible, as this is one of the main technology trends for 2020.
Studies of technological trends are able to broaden our vision, making it much more holistic, and so that we can more accurately assimilate the current global developments in order to restructure businesses.
Beatrice Potter is a content marketer and editor at Buy Descriptive Essay. Journalist and entrepreneur, she has been covering the technology market for more than six years. She is passionate about good music, movies, series, and books.