2020 Trends For Startups
December 10, 2019 / Source: GTAN
GTAN has seen dozens of incredible, early-stage companies pitch at both GTAN|RAW and our Monthly Investor Meetings over the past decade! With a new decade quickly approaching, we rounded up the top three trends for startups to watch as we enter 2020.
AI (Artificial Intelligence) Will Continue To Evolve
AI is no longer a concept, it’s everywhere. AI is in analytics, marketing tools, customer service platforms, digital ads, and your smartphone; and in 2020, AI will power many successful businesses.
AI isn’t what most people expect, so there are many AI users who are unaware that they are even using the technology! What would typically require human intelligence, such as pattern recognition or decision-making, can be accomplished with AI. Working in the background to make processes more efficient, faster, and accurate, it is usually undetected by users.
Startups that find ways to incorporate AI in their business and services will succeed in 2020, as will businesses that continue to study and develop AI.
Customers Will Become More Obsessed With Their Data
It would be hard to miss the growing startup trends which are now dictated by consumers more than ever before.
In 2020, the trend of data obsessed customers is not just expected - it’s guaranteed. In the coming year, customers will not only want to see more personalized data, but they will want much more control over it.
Startup Basics says the best way to adapt to this customer-centric future is by “leveraging the trend with gift guides, themed polls, quizzes and content that speaks to the needs of your customers in a way that lets them manage their own data.”
Everything Will Be Personalized
In addition to being obsessed with personal data, the majority of customers will continue to work with businesses that offer personalized services. Incorporating personalization into your business can pass savings on to your customers and improve their experience.
The most popular customer personalizations include coupons based on a customer’s location, recommendations based on previous searches or purchases, and communications targeted through the customer’s favorite channel.
In 2020, Startup Basics predicts that customers will turn away from live conversations (by phone or with a person on chat) in preference of services that don’t require as much time, such as social media or SMS. Automated channels will continue to grow in popularity, with more than 40% using chatbots to help customers when they need it and implementing AI to personalize responses. Startup Basics also reports that 45% of customers are open to communicating on any channel as long as the service is personalized.
Do you have a fresh, new idea and are looking for investors in the new year? The next GTAN|RAW event is on Tuesday January 7, 2020. Learn more about pitching at GTAN|RAW here.