Keep up with the changes with 5 business trends in 2020

Business for elderly people

The elderly group is fast becoming bigger and bigger as first world countries’ fertility rate continues to drop. Additionally, Thailand is expected to become the first developing country to be in the aged society in 2022. So what businesses have the opportunity to grow in the aging society?

1. Health-concerned products and services such as medicines, nursing homes, medical services, organic food, soft food for the elderly, health tech and exercise equipment.
2. Products and services that help facilitates everyday life for the elderly such as adult diapers, elderly oral care products, home appliances for old people, walking sticks, etc.
3. Leisure services such as recreation, entertainment, sports and tourism. As people get older, they tend to have more free time for leisure activities and give themselves rewards for happiness.

Show your face, no need for a wallet

Electronic payment systems have evolved considerably, especially with facial recognition technology. Face identification facilitates faster and easier payment than fingerprint scanning system and is a system that does not require a mobile phone.

China has been famous for its quick and effective implementation of cashless society with giant leap. It’s not just major stores but hawkers, market stalls, and street shops are now accepting e-payment as well as face recognition payment.

Car rental business

Buying a car, apart from its monthly installments for many years, you will have to deal with car depreciation of about 10-20 percent each year. At this point, have you ever considered how much you would have to pay for car ownership? Well, the cost for having a car might not seem to worth it for you.

Flux, a startup from Malaysia, offers all-in-one subscription for car-rental services. Customers can opt for monthly or annual car rental and enjoy choices of cars which can be changed any time. This offers freedom for customers to change to any car model that fits their usage or budget at any given time.

Food delivery business

Food delivery service is one of the hottest business these days. Many food delivery entrepreneurs have broken new records in the number of orders in 2019. Food Panda, for instance, has reached a million orders within the first quarter of 2019. Grab Foods had 4 million orders within the first 4 months of the year; a substantial increase from 2018, which saw the whole year’s orders at 4 million. Another player, Line Man saw a 300% business growth every year with 3 million active users in 2019. New players such as Now or Get are also showing growth in this market.

Business for pets

Nowadays, people have become more interested in having pets. The market is increasing 10-15 percent every year along with animal hospitals/clinics that have been popping up everywhere. However, veterinarians can support only 20% of the animals. For this reason, there are still room for pet business, especially high-end veterinarians.