A recent report by UNCTAD revealed that the global economic rate will slow down by 2.6% in 2024. This downturn highlights the need for companies and individuals to be cautious when investing in new ventures. The good news is that there are several societal and technological trends that businesses cannot afford to ignore.
In this article, we’ll highlight new business developments to keep tabs on in 2024 and the foreseeable future. Understanding these patterns can help you prepare strategic long-term goals, adapt to business industry changes and mitigate potential risks and losses.
Generative AI in Businesses
Artificial Intelligence has been the buzzword in 2023 and much of 2024. As we look into the future, it’s evident that this tech trend won’t be slowing down soon. AI adoption in our lifestyles and businesses can only intensify further. A Forbes Advisor survey revealed that 64% of businesses expect this technology to increase productivity. AI can perform menial and repetitive tasks, helping companies reduce operating costs and become more efficient. It also eliminates the possibility of human errors in business operations. So, brace yourself for more robots in business.
Businesses Prioritizing Cybersecurity
A PSA Certified 2023 Security Report revealed that 75% of businesses prioritize cybersecurity investment. The report added that these businesses spent more resources on online protection in 2023 than in 2022. This is a smart move, considering there has been more internet network penetration over the last few years.
All organizations are vulnerable to cyberattacks. These attacks can target a business of any size or industry. The global financial losses from cyberattacks are estimated to reach $9.22 trillion by the end of this year and surpass $13 trillion by 2028. It’s, therefore, only logical that companies are investing significant resources in online security.
Blockchain for Business
Blockchain is another trend that’s becoming widespread in the business industry worldwide. This technology uses an immutable ledger that allows businesses to transact more securely and efficiently. In blockchain, users can add data blocks but cannot remove them. This adds a layer of transparency to business operations.
Although blockchain is a broad term, many people associate it with cryptocurrencies. Digital coins like Bitcoin, Ethereum, and USDT are becoming widely accepted in the banking, entertainment, and gaming sectors. Presently, you can make online payments with crypto and even play slot games at any of the regulated list of sweepstake casinos in the US.
Here’s why cryptos are becoming more widely accepted in business:
- They offer protection against economic inflation.
- Crypto transactions are completed in minutes.
- Transactions can have minimal or zero costs.
- The blockchain system is generally more secure.
Rise of Remote Working
Remote work has always existed in this digital age. However, it became more popular in 2019/2020 after the global coronavirus pandemic. Many online service delivery businesses had to resort to remote working to continue operations. For those in brick-and-mortar locations, the only option was to close down.
After the governments lifted lockdowns, some employees and businesses found working from home a better arrangement. This trend of remote work has continued to this day without affecting productivity. According to reports, 35% of organizations launched last year opted for the fully remote working model. That’s enough evidence.
Personalized Customer Experiences
As the owner of an online or retail store, you must know that your success hinges on customer satisfaction. For years, businesses have been striving to innovate new methods that improve customer service. However, providing personalized consumer experiences has recently emerged as one of the most effective solutions.
Reports say that more than 40% of customers will likely return to your business if they get a personalized experience. On the other hand, over 70% would be frustrated by the lack of this experience. Just think of it as a watching experience on YouTube or Netflix. These platforms provide video suggestions based on your watching behaviour.
Sustainability in Businesses
Modern-day businesses and customers are becoming more aware of their impact on the natural world. Research says 88% of consumers are loyal to companies that support environmental protection measures. As if that’s not enough, the report adds that 92% of buyers trust businesses that care for the environment or society.
These stats prove that businesses are investing in sustainable practices to win the hearts of consumers. Companies that will not embrace this change will likely be left behind. Note that sustainable practices can be unique to each business, depending on the industry. Some that are more common include:
- Sourcing and using environmentally-friendly manufacturing materials.
- Reducing greenhouse gas emissions during operations.
- Improving energy efficiency across operations.
- Sponsoring or participating in sustainable charities.
Conclusion
Monitoring and understanding some of these business trends is key to remaining competitive. Businesses can adapt their strategies accordingly and learn to navigate the ever-changing business landscape. Stay ahead of the curve.
Photo by Carlos Muza on Unsplash
