What business trends can we expect in 2020?
Jan 09, 2020
A new year is often the time for reflecting on what’s to come. And in business it’s helpful to have a handle on what changes we can anticipate, to ensure we’re suitably prepared. Aside from Brexit (still an unknown quantity!), the environment, wellbeing, mental health and technology all look set to be some of the big business trends in 2020.
Doing our bit for the environment
As we move into 2020, businesses will have to adapt in a world that is starting to place far greater emphasis on sustainable business practices.
Customers are becoming far more environmentally aware. Companies like Beyond Meat, the maker of plant-based, protein-rich foods or Everlane, which creates clothes from recycled fibres and plastics, are gaining traction. People are trying to reduce their carbon footprint and are making buying decisions on the basis of the environmental credentials of businesses.
As a result, businesses are focusing on their environmental and sustainability policies. Many firms are adapting their CSR activities to include environmental projects, in order to help drive the green agenda in local communities. As we move into 2020, this trend is likely to accelerate and it’s important to get on board if you don’t want your business reputation to suffer.
Supporting mental health
People always want to work for firms that take care of their employees, but young workers are now taking this a step further. Those just starting out on their careers are placing far greater emphasis on their physical wellbeing and mental health than their predecessors. Employers will need to adapt in order to attract the next generation of talented employees. Flexible working and wellness programmes are high on the list of priorities for Millennials and Generation Z employees. The businesses that really embrace these new trends will attract the best people.
Technology increases potential
Technology will continue to be one of the important trends of the year, and is the key enabler to allow us to work flexibly, remotely and more effectively. It looks like 2020 is set to be a busy year for businesses in the UK and internationally.
Machine learning and artificial intelligence (AI) are continuing to advance. The AI industry is growing and businesses have access to more powerful tools in order to create new customer experiences. For example, music-streaming service Spotify uses AI to make the listening experience more personal, by creating customised play-lists for each user. It’s important to remember that technology should be used to enhance the customer experience, rather than making it feel impersonal.
Let us know if you have any key concerns or aspirations for your business in 2020 and we’ll happily help you decide how to approach them.