The world of technology is evolving faster than ever. With so many new tech trends emerging, it can feel impossible to keep up with them all. Despite the difficulty, identifying and investing in the right ones can give your business a competitive advantage and set you up for success.
That’s why we asked members of the Young Entrepreneur Council what tech trends more entrepreneurs should prepare for and what concrete actions they can take to move in the right direction. Their best answers are below.
1. Data Privacy Regulations
The Wild West of the tech landscape is facing increased scrutiny. Consumers want to know how their data is used, and lawmakers want to ensure standards. There have already been new privacy laws implemented alongside probes into major tech companies. Entrepreneurs should prepare to participate in conversations about new tech regulations and build internal operations that will make compliance easier. —Jack Tai, OneClass
2. Increased Online Sales and Marketing
Entrepreneurs need to focus on the trends that are happening now and take advantage of them to adapt. Creating viral content on social media will help build engagement, and sales are also important. As entrepreneurs think about and start building a business, they need to have an online presence, whether it’s for retail or just a webpage for their online business. —Steven Ridzyowski, Ridz Media LLC
3. Digital Workplace Tools
One of the biggest tech trends in 2020 is the digital workplace. There’s a growing need for remote resources and digital tools for communications, internal operations, accounting, prospecting, and many other business functions so that companies can accomplish their tasks. Companies should start researching and procuring digital tools that best suit their business models, allowing users to work and coordinate with each other. —Kelly Richardson, Infobrandz
4. Marketing Tech That Isn’t Data-Reliant
Marketers need to adopt technology that doesn’t rely on data they don’t collect directly for personalizing advertisements. Apple has blocked third-party cookies on Safari, and Google is phasing it out. You’ll need to rely on contextual advertising and collecting first-party data. So, business owners need to invest in tools that don’t use third-party data for personalization. —Blair Williams, MemberPress
5. Artificial Intelligence for Content Creation
GPT-3 is a machine learning program that can write op-eds, poems, articles, and even working code better than and completely indistinguishable from a real human. Companies have to prepare for a new world as AI-powered platforms like GPT-3 will change the landscape in terms of both the content we create and the content we consume. —Jacob Tanur, Click Play Films
6. Mobile-Friendly Customer Support
The digital marketing landscape will be largely mobile, which means that you need customer support tools and interactive features that allow users to talk to you more easily using small smartphones. Make it easy for your customers to get in touch and ask questions with live chat or chatbot technology. These platforms are mobile-friendly and make for easy typing, which will help customers. —Syed Balkhi, WPBeginner
7. Cybersecurity Vulnerabilities
We don’t think enough about how vulnerable every single business is to cybersecurity attacks. From password sharing to customer data to billing information, you name it, and it’s easy to hack today. Think about double authentication, revisiting your security policies, and de-provisioning computers and devices. We need more SMB-friendly cybersecurity cloud products using AI to cut costs of operating. —Solomon Thimothy, OneIMS
8. No-Code Website Builders
As more people create websites and open their own businesses, they search for easy, affordable ways to do so. That’s where no-code platforms and tools come in. Platforms that don’t require users to have coding knowledge draw in a larger crowd than the alternatives, and that space continues to grow each year. Companies can continue using open-source systems to encourage ease of use and custom designing. —Jared Atchison, WPForms
9. Increased Online Shopping
Tech entrepreneurs need to get used to the e-commerce revolution. Because of things like the coronavirus, people want to have the option to do everything at home. The more you can make your product or service remote-friendly, the better you can survive as time goes on. The future will be more about retaining customers than finding new ones or convincing people to go online. —Amine Rahal, IronMonk Solutions
10. Creator Monetization
With the advent of influencer houses, the culture of creators and influencers is becoming a whole new online media channel in which you can advertise to reach audiences. Just like any advertising channel, you’ll have to expect to pay to play even more in the future, but the ability to reach far and wide on social media in an authentic way has never been easier. —Andy Karuza, LitPic
11. Intellectual Property Protection
Cybersecurity is a vital thing to focus on no matter your industry or the size of your company. The world is increasingly connected and hackers can, and will, find their way inside. You need to protect your intellectual property and your operations. That also means protecting your data on any third-party cloud service you’re using too. —Thomas Griffin, OptinMonster
12. Branded Native Apps
What builds loyalty more than having your own app where customers can easily see what’s in their cart, their promos, points, and product details? This is the perfect way to keep your customers closer, with the app functioning like a reminder. Include a widget that allows you to be creative in reaching out to your customers in a personal way. Prepare your content first, then proceed to the tech aspect. —Daisy Jing, Banish
13. Smart Data Collection and Usage Decisions
Data is everywhere and it’s being collected at an ever-increasing rate. If you want to remain on the cutting edge, you’ll need to take a few steps. What data do you need to collect to make better business decisions? Is it driven by your customers or your industry? Make sure you have the capacity to securely store the data so you can analyze it. —Andrew Schrage, Money Crashers Personal Finance
14. Marketing Automation
Though automation has been around for a while, it’s still a rising trend among tech companies. Marketing automation is essential to enhance productivity and speed up processes. Finance, IT, HR, accounting, and other areas rely on automation to get the best results. —Stephanie Wells, Formidable Forms
