Business owners and industry experts weigh in on what they think are emerging trends that can give the greatest opportunities for entrepreneurs.
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2020 is going to be a big year for changes in the business world and progressive entrepreneurs can capitalize on the trends to create new and successful businesses.
The following trends are listed are emerging trends that business owners and experts think will provide the most opportunities to make businesses thrive.
- Peer Groups for Community Interaction
George Morris, founder of entrepreneur community The OneFifty, believes peer groups are going to rise in the next decade.
In his experience, many entrepreneurs struggle to find meaning and connection with their communities. In an increasingly tech-driven world, there will be a need for more “truly human interaction,” and peer groups will be the place to find that connection, he said.
2. Emphasis on personalized experiences
Deborah Sweeney, CEO of startup services and consulting firm MyCorporation, said AI and data-driven personalization is a big trend right now, and it’s one that is here to stay.
“Businesses that offer personalized experiences and offers that are specific to their customers are going to thrive in 2020,” Sweeney said. Good personalized experiences include “offers or services based on customer location, communications that are unique to that preferred channel or recommendations based upon historic purchases.”
3. Continued demand for sustainability
In the past decade, there has been a very noticeable shift in consumer expectations and behavior. Mandy Nagel, the founder of eco-friendly clothing company, I Thought of You, has found that more people are choosing to purchase quality, long-lasting items rather than items that need regular replacing and do not last as long.
“Wearing sustainable clothing is one of the most positive, impactful things you can do as a conscious consumer,” she said.
Nagel predicts consumers will continue to prefer companies that pursue minimalism and sustainability, so new businesses that stick with these growing trends will grow.
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