The events of 2020 has changed nearly every industry. Some argue that COVID-19 simply accelerated trends that were occurring on their own, such as flexible work options and a mass exodus to online retail. But whether you anticipated a trend one way or another, one thing is for sure: you have to keep up, or else you may drown.
This is also true in entrepreneurship, and with tech companies. With more of a focus than ever on the online world, tech companies are in the hot seat, being relied on more than ever. But they aren’t immune from the many trends of 2020. Whether you’ve been at the helm of a tech company for years or you’re just now building one, note the following trends and projections in tech for 2020 into the next decade.
Dwindling: The Amount That Consumers Are Willing To Spend On Tech
Tech has done a considerable job in recent years in providing financing and subscription options to lighten the financial burden of expensive products. For example, Apple began working with a financing firm to provide more accessible options for purchasing new iPhones or Macs. According to economic forecasting, a focus on decreasing price and increasing value should be front and center to conversation regarding the release of new consumer-facing tech products. Even if the daunting economic repercussions of 2020 turn around in the coming years, a priority will still be on economic recovery, meaning consumers are less likely to splurge on unnecessary tech products, and will only purchase new if there’s a clear ROI.
