Every year, analysts discuss the recent trends that will define the business ecosystem for the next twelve months, as well as their long-term implications. While not all trends will impact all different businesses, and it’s naturally important to consider the particularities of your niche, some of them will transcend borders and become all-encompassing trends that can influence all business areas. Here are the most important ones you must be ready for.
Market research
Market research continues to be one of the most critical business growth and development trends, and for good reason. It allows you to understand your customers and environment much better. There’s nobody who would deny the importance of data at this point in time, especially when it comes to its role in helping businesses prosper. The biggest difference in 2024 is that market research will continue innovating its features, using new technologies to collect more data, store it more efficiently, and make better estimations. It can be useful to see what big companies are doing, to get a better idea into how to manage your own market research campaign.
Further digitalization will also open the door towards deep understanding within marketplaces, enabling business owners to have a more thorough knowledge of their customers so that they can deliver better products and experiences based on a more substantial understanding of the nuances and minute differences between various elements.
Artificial intelligence
A lot has been said about artificial intelligence, and by now, it is most likely plain to see for everyone that it has both positive aspects and downsides. The way it evolves in the future will largely depend on how people use it. Generative AI is particularly noteworthy due to its ability to create brand-new, original content with just a few prompts. In several cases, it is almost impossible to distinguish it from the content created by actual human beings. This will be a challenge for the business environment, especially for those employers and owners who don’t want content created by a machine.
Current estimates show that, by 2025, generative AI will account for roughly 30% of the entire market and be worth approximately $60 billion. Some also believe technology has a bright future in improving the customer service experience.
Ecommerce
Shopping online has become a huge trend during the pandemic, as people can’t leave their houses to go shopping. Stores selling non-essential items closed down their brick-and-mortar locations to deter would-be customers from visiting and violating the lockdowns. As a result, shopping moved online, and it has remained there ever since. While the pandemic didn’t create e-commerce, it has undoubtedly propelled it to new heights. Previously, many customers would have still chosen shopping in stores, but the accessibility of getting things online and having them delivered won most of them over.
There are many advantages, including a more extensive inventory, the ability to shop for items from all over the world and the ease that comes with not having to browse through aisles at the store. Disabled individuals or those dealing with mobility issues find that online shopping services help make their lives more accessible as well. Now, the trends indicate that the tendency that drives customers to buy online will continue into 2024.
At the moment, nearly 27 million e-commerce platforms are operating worldwide, but the numbers are bound to increase. Between 2019 and 2023, the numbers climbed from around 9.2 million to over 20 million. Some companies have also announced an initiative to reduce their brick-and-mortar store locations in a bid to focus on online sales more. Even large companies, such as Disney, have adopted this mindset.
Social media expansion
Having no social media accounts supporting and showcasing your business on social media in 2024 is almost unthinkable. It is only advisable if you want to keep your enterprise very small and are content with the local sales you’re making. However, most entrepreneurs are no longer keen on that and have understood that the online sphere helps bring new customers to their company and retain the loyal ones who have been shopping with them for years.
Over the following years, the importance of social media for the business space will continue to grow. In November 2022, data showed that consumers were using social media platforms almost 10% more than compared to the January levels. Ads are becoming more customized since online business owners can gather data and ensure that they deliver content their prospective customers want to see.
When choosing a social media platform on which you can center your marketing strategy, you should consider which platform your targeted demographics are more likely to use. By focusing most of your resources in a single area, you can create a community that will thrive and expand. Working with influencers helps as well, but you must ensure that the ones you join forces with can have a genuinely positive impact on your enterprise and that the association won’t harm your reputation in any way.
Sustainability
Being sustainable is no longer just a trend but rather a prerequisite necessary to show that you believe in ethical business practices. Consumers are increasingly invested in caring for the environment and prefer choosing businesses with a lower carbon footprint. Figures suggest that the retailers committed to improving their manufacturing process have seen considerable growth in their sales and increased customer loyalty.
When you need to work with partners, ensure they care about sustainability as much as you do. And keep in mind that how you treat your workers matters as well. You want your employees to have the best work conditions available to them. The fundamental aspect that needs to change for a business to become sustainable is for it to become part of an economic system that is circular, one which aims to use products for as long as possible, repair them when they become defective to prolong their lifetime and reuse materials to create new items. At the moment, the economy is linear. Companies develop products that are used for a relatively short amount of time, only to be discarded by customers. This creates waste that also contributes to pollution, impacting the environment, biodiversity and human health.
Going into 2024 and beyond, businesses are set to focus on expanding their horizons and understanding their place in the larger community. This takes no small amount of effort and resources, but it’s vital for progress and growth.
