Four ways that technology will change how we do business by 2020

Technology continues to impact and improve our world, yet it is difficult to predict what is around the corner when it comes to what is going to happen in our everyday lives. We’re all still waiting for a genuine Marty McFly hoverboard after all, aren’t we?

There is more certainty about the way that technology will impact on businesses by the time the 2020s roll around, however. From crowdfunding to an increased acceptance of cryptocurrency, the continued growth of the internet and connected devices means that even more business is going to be conducted and grown online.

Here are four ways that technology will change how we do business by 2020.

1. Even more business will be conducted online :

More and more of our lives are being carried out online, and by the year 2020, it is predicted that there will be around 7 billion people worldwide who have access to the internet. That makes it all the more remarkable that 45% of businesses in the United States don’t have a website. There are a number of reasons for this, ranging from a lack of expertise to the mistaken belief that building a website is either too costly or technological a task.

Traditional word of mouth is all well and good, but as we become more and more connected through increased internet speeds, advanced smartphones, and improved accessibility thanks to greater WiFi coverage, business is going to become an online domain increasingly.

2. Crowdfunding will give small businesses a global reach :

The idea of crowdfunding will allow a tiny, personal business in a small town to upscale almost overnight. Rather than having to plow your own money into it or rely on a steady stream of customers, if there are people around the world who make a connection with your brand, they can show their appreciation and support by investing in it through crowdfunding schemes. These schemes give your brand a profile and boost that would have been unimaginable previously, whether it’s a small coffee shop or an online store selling bespoke jewelry.

3. Paying with cryptocurrency will become more common :

Unless you’ve been living in a cave for the last year, then you would have heard of bitcoin. At its most basic level, it is a currency that is created online and holds no physical form. In the coming years, more and more people will hold bitcoin and another cryptocurrency, turning them into a form of payment that we will use for electronic transactions through a website, app or even in store.

4. Marketing will be carried out almost exclusively through social media :

Social media is becoming more and more ingrained in everyday life. In 2017, 81% of the population of the United States were signed up to at least one social media platform. Be it Facebook, Twitter, Instagram, LinkedIn or Snapchat; their reach is huge. That’s only going to increase, and it won’t be long before advertising is carried out almost exclusively through social media. Why pay for a billboard on the side of a road that a handful of people might drive past on a daily basis and those who do may not even notice, when you can get your business beamed directly into a potential customers eyes direct from their smartphone anytime they feel like updating their status?

Read More :

1. Why You Need to Consider Cryptocurrency Investment

2. Balance Bitcoin Risks By Building Your Wealth With Gold

Tags: business , Technology
Arina Smith

Ariana Smith is a blogger who loves to write about anything that is related to business and marketing, She also has interest in entrepreneurship & Digital marketing world including social media & advertising.

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