Keep Up with Tech to Stay Relevant
The New Year is upon us and whether or not you believe in creating resolutions, if you’re a business owner, you know that change is always coming. 2020 is already predicted to shift how businesses work with their employees in a gig economy with shifting generational divides, and it’s also going to change drastically with technology. From increased demand for evolved payment methods to the surge of e-commerce, technology has changed how businesses operate, and if you’re not keeping up with the 2020 business technology trends, you’re getting left behind.
So, what technology trends do we have to look forward to in the next year?
E-Commerce is Taking Over
Competition is increasing for brick-and-mortar businesses, but only if they keep their services and products confined inside their walls. Of course, not every business can sell all of their products online (though if you can, you should), but you can at least consider tapping into the e-commerce market with sales of gift cards, downloadable digital products, curated subscription boxes, or even the ability to hire an employee (or independent gig worker) to do the customer’s shopping for them.
E-commerce, and its mobile-only descendant, M-Commerce, is rapidly changing how people are shopping worldwide. In the next two years, e-commerce sales are anticipated to be responsible for trillions in sales, accounting for more than 17% of total global sales and will be used by more than 2 billion people worldwide.
If you haven’t found a way to incorporate e-commerce into your website and offerings, then now is the time.
After several years of prominent data breaches and hacks, security has become a top concern for business owners and customers alike. Luckily, tech has caught up with the threats and more secure options will be readily available to business owners heading into 2020. Cloud-based POS systems have become a must, especially with any sensitive data that could be catastrophic if captured by ransomware.
Artificial Intelligence (AI) is also doing amazing things for fraud prevention, particularly with the expansion of biometric authentication like fingerprint scanning and facial recognition.
More Convenient Ways to Pay
After years of focusing on capturing the millennial market, Gen Z will become a major player, accounting for about 40% of the consumer base in 2020. Those in Gen Z are true internet and technology natives, and have the skills and expectations to match. What this means is the demand for a variety of effortless ways to pay for all goods and services.
Debit cards have already surpassed cash usage, which is expected to keep steadily trending downward in the years to come. This has contributed to many businesses choosing to simplify and help secure themselves by moving to an entirely cashless payment system.
But for 2020 technology trends, the most seamless and convenient payment methods are moving toward contactless. More and more banks are issuing cards equipped with near-field communication technology, plus fobs, wearables, and mobile wallets have exploded in popularity. In fact, mobile wallets are expected to be the payment source for $503 billion of sales next year.
Signature-free payment methods are also picking up popularity among those who are already resistant to the long waits of the traditional brick and mortar experience. The bottom line is that a younger, more adapted-to-technology-than-anyone-before demographic simply isn’t settling for clunky and time-consuming payment processing.
Look into what contactless payment options would be the best for your specific clientele and target market and contact a reputable merchant services provider like Holman Business Services to begin implementing the changes you need to keep up.
Get in touch with us today and we’ll be your partner as you navigate what tech you need to upgrade your business, stay secure, and stay profitable in 2020 and beyond.