While certain industries are on the up, others are fading towards extinction. If you’re considering starting a business, make sure you know what will have a better chance of success as we approach 2020.
The following are areas tipped to grow in the coming years.
Health and Wellness
Everybody wants to feel better! Health fads come and go, but the fact that everyone is on the lookout for ways to feel better and get more out of life doesn’t change.
Fitness bloggers and food writers are leveraging the power of the internet to turn followers into profits. They’re harnessing video technology to engage with customers around the world.
There are so many success stories coming out of this area. One Australian example is the teenager behind ‘BodyTea’, a slimming concoction that sells thousands of units per week. This young entrepreneur was making millions before he was even old enough to drive a car!
As our population ages, it is refusing to slow down. So-called Baby Boomers are out there crossing items off their bucket lists and they still have the finances to back their lifestyles thanks to the good investments they made in years gone by.
They’re travelling extensively, spending money to downsize and looking to stay as fit and well as possible.
Multiple forecasters have nominated online retail as a high growth area in the near future. The number of people online is increasing, meaning the possibilities for sales are expanding as well.
Within online retail, there are some standouts:
- Young, well funded buyers are on the up, creating high demand for ‘on trend’ clothes that can be delivered at short notice after being ordered online.
- Shoppers are looking to the internet for their food and household groceries. The big supermarkets are being joined in this area by delivery options that offer fresh, healthy ingredients or ready meals. It’s all about convenience!
- Finally, e-books and online education are also high growth areas as the population turns to low cost options to upskill and stay competitive.
Advancements in 3D printing technology are disrupting the manufacturing industry at a rapid pace.
While still in its early stages, 3D printing has already come far enough to see whole unit blocks being constructed using the technology.
At the moment costs are high, but as prices drop and the number of uses take off, this industry will become more and more part of everyday life. Think accessories, children’s play equipment and even furniture being produced at a faster pace and a lower cost.
SaaS, or Software as a Service describes online tools specifically designed to suit a particular industry or purpose. Savvy entrepreneurs are identifying gaps that can be filled with practical, efficient solutions and then developing products that can be taken to market on a global scale.
There is a steady stream of innovative new software on the market – but that’s because the increasing switch to digital is creating such massive demand from countries around the world.
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