Online Business Trends in 2020

Small Business's Finances

There is no doubt that 2020 has been an unprecedented year all over the world. The Coronavirus pandemic has impacted so many areas of our day-to-day lives, changing the way we live and interact with one another. While the internet has been more and more dominant in the world of business over the past few years, that dominance has been significantly accelerated over the past few months.

ECommerce

The shift towards eCommerce has been happening quickly over the past decade, but now it has been sent into warp speed. Just looking at the staggering profits that major online retailers such as Amazon have made is clear evidence of this. With many shops likely to close or unable to operate in the same way again, online retailing seems to have become the new norm. It is not just the behemoths that have been successful, there are also plenty of smaller and more specialized online retailers and services that have got in on the action. As an example, new online bingo sites are springing up on an increasingly regular basis as physical venues are no longer operating, and will probably not reach full capacity for some time to come.

Immersive Technology

Another major trend is that the internet appears to be becoming even more immersive than before. As Generation Z reaches adulthood, here, we have young people who have never known anything different than an internet-dominated world. Immersive social media sites such as Tiktok have been in the news more and moreover the past weeks. The artificial intelligence industry is also advancing at a rapid rate. Algorithms are seeping into all sorts of businesses. Sites such as Netflix and Spotify analyze what their users are doing and make suggestions based on this.

Customer Service

Customer service is another area that has seen artificial advancements as virtual assistants are becoming more intelligent and able to deal with a host of customer queries quickly and easily. Businesses are looking to embrace smart tech in any way that they can. Virtual reality is also coming on in huge strides, and while this may be most talked about in the gaming world, there is no doubt that it could have implications in other areas of our lives in the not too distant future.

Going Green

There has also been a shift towards corporate social responsibility, particularly with regards to green issues as the environment is a hot topic at the moment. A shift has also been noticeable through brands’ social media campaigns and advertising that has seen them get involved in a host of different campaigns and issues. There has been a big emphasis on brands wanting to get ‘on the right side of history’.

Online business trends are moving at a rapid rate, and the current state of the world has only helped to accelerate those shifts. If you run a business, you need to ensure that you keep on top of these changes to stay ahead of the pack.

About Neel Achary 19613 Articles
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.