Quick question. Where has this year gone? Blink, and you miss it! As we approach the end of another fantastic year, 2023, here at Masters in Minds, we are excitedly looking forward to next year. But what does 2024 look like for the business world? While we don’t have a crystal ball, we have the next best thing. Ten predicted business trends for 2024, from AI becoming widespread to sustainable business practices and investment into training soft skills, we have got you covered. Just call us Santa!
1. AI Everywhere
Artificial intelligence (AI) and machine learning have been making waves for over a decade and are already integrated into many of the products we buy. But in 2024, AI will revolutionise the customer experience, providing;
- Personalised Interactions
- Product Recommendations
- Efficient Issue Resolution.
Generative AI puts the power to create and intelligently automate the customer experience – as well as internal operations – in the hands of nearly every organisation. It has the power to make customers feel more valued and engaged, which can increase loyalty and customer retention rates.
2. Virtual and Augmented Reality
The integration of Virtual Reality (VR) and Augmented Reality (AR) is set to transform various industries in 2024. From virtual product demonstrations to AR-powered training programs, businesses will harness these technologies to enhance;
- Customer engagement
3. Focus on Soft Skills
As the technical aspects of work become more automated, such as coding, research, and data management, the use of soft skills for tasks that still require the human touch becomes critical. This vital business trend will see organisations increasing their investment in areas such as;
- Emotional Intelligence
- Interpersonal Problem-Solving
- High-Level Strategy
- Thought leadership
4. Sustainable Business to Take Centre Stage
As environmental concerns continue to rise, businesses are recognising the need for sustainable business practices. In 2024, companies will increasingly focus on the following;
- Reducing their Carbon Footprint
- Implementing Eco-Friendly Initiatives
- Adopting Sustainable Supply Chains.
While attracting environmentally conscious customers, this strategy will also contribute to the business’s long-term success. For example, Walmart has dramatically reduced its fuel and vehicle maintenance spending by transitioning to an EV delivery fleet.
5. The Skills Solution
The skills shortage has been a hot topic for the past 12 months, and in response, there is a growing trend for selecting candidates with the right skills and experience for a role over educational attainment or age. As employers are broadening their search and accepting candidates with less education attainment, this shift in recruitment focus will be partnered with increased investment of both time and money in training and upskilling, particularly around skills that will be in demand in an AI-driven economy.
6. Personalisation at Scale
Despite already being popular, in 2024, personalisation will reach the next level. Businesses will deliver;
- Highly Tailored Marketing Content
- Specific Recommendations to Customers.
Additionally, personalisation in products will soar. L’Oréal has developed personalised cosmetics to match customers’ skin types, and Nike and other manufacturers already offer custom shoes in thousands of combinations of styles and colours. This business trend will boost conversion rates and customer satisfaction.
7. Cyber Security a Top Priority
As the world becomes more digitalised and cyber threats become more sophisticated, this will be a top priority for businesses in 2024. Companies will invest heavily in robust security measures, protecting;
- Sensitive Data
- Customer Information
- Critical Infrastructure.
8. Remote Work and Selling
While returning to the office has been a theme of the past year, employers will continue to advertise roles as remote or hybrid so that they can attract top talent from anywhere in the world, ensuring that geography is not a barrier. Employers appreciate the need to;
- Offer Flexible Working Arrangements
- Value Employees’ Time
- Harness the Potential of a Global Workforce
The pandemic reshaped how businesses interact with their customers. As such, in 2024, virtual events and remote selling will remain vital components of marketing strategies. To reach global audiences and drive sales, companies will continue to;
- Host online conferences
- Product launches
- Virtual trade shows
9. Gen Z to Take the Spotlight
The youngest generation in the workforce will come into their own and become a dominant force in 2024. To attract and retain this demographic – who are both tech-savvy and socially conscious – businesses will cater to their preferences and values, embracing;
- Social Responsibility
10. Resilience Prioritised
One thing the COVID-19 pandemic has taught companies is to expect the unexpected. Ensuring a business is protected from potential threats is paramount; employers realise this only too well now. These threats could come in many forms;
- Cyber Attacks
- Economic Downturns
- Environmental Events
- Emergence of a New Business Competitor
The future is uncertain, so businesses are learning from other companies that have survived turbulent times, adapted, and perhaps even flourished. Building resilience and remaining agile to protect from unexpected changes will continue to be a key business trend for 2024.
So, there you have it – ten predicted business trends for 2024. All without a crystal ball. You’re welcome! Next year shows great promise and is yours for the taking. Here’s hoping it’s a great one for you.
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