Every year brings a wealth of changes, developments, and surprises in the world of business, but the last few years since 2020 and the global pandemic have seemed like colossal leaps in directions never even thought possible. Even to the most cutting edge businesses, it’s seemed difficult to keep up with the speed of the world lately. There are plenty of examples of business behemoths being felled in the space of only a few years because they refused to keep up with industry changes and simply couldn’t catch up in time when the landscape had shifted. Businesses must constantly keep an eye on where their own industries (and the ones around them) are headed to stay on top.
Generative AI
When AI first arrived, it was mostly used for lighthearted social media posts, making ridiculous-looking artwork, and causing arguments in art circles. Since then it’s developed on such a rapid scale, being used to replace actors in video games and film/tv, improving customer services in B2C industries and even identifying fraud by recognising certain behaviors. The more AI is used, the more it learns and evolves. 2023 saw the first major widespread use of AI and 2024 looks to take that even further.
Sustainable businesses
The global 2050 Net Zero deadline is fast approaching, and with many businesses around the world aiming to go greener, it looks like 2024 could be the year that many companies begin taking carbon zero seriously. In 2021, 11% of global energy was powered by wind and solar, and it’s predicted by the International Energy Agency that renewable energy will make up a massive 35% of the world’s power by 2025.
Data led strategies
The landscape for the year to come may seem unknown, but that doesn’t mean businesses have to go in blind. Using data to inform decisions and strategies improves the chances of staying ahead of the curve in a world of rapidly evolving markets. Data can be used to improve workflow, predict where the industry is headed, and most importantly, gain an edge over your competitors.
Flexible working
While more traditional businesses try and bring staff back into the workplace post-lockdown, the hybrid working format is becoming the standard for office-based work. Flexible working allows companies to hire from much further afield than their geographical location, improving the chance of getting the right employees and strengthening the business over time. It also offers a much better work-life balance for employees, reducing the stress and expense of travel, and improving the quality of life for many employees. An article published by the BBC states that “Fifty of the biggest UK employers have said they have no plans to return all staff to the office”.
A human touch
While AI & tech have seen a huge boost over the last few years, alongside that has seen a need for a more organic approach. With fewer people working together in person and roles such as customer service being outsourced to AI, 2024 will likely see the pendulum swing in the other direction. Last year saw the number of independent businesses rise to 5.55 million, as customers find themselves supporting smaller companies and moving away from mega-corporations and tech giants for a more human approach.
Difficulties with cookies phasing out
When cookies were initially introduced, it acted as an incredible boost for the world of advertising, as it took the guess work out of finding your target audience and instead gave you a crystal-clear picture of who you were selling to. With the introduction of GDPR and more users preferring their privacy, it makes it more and more difficult for brands and companies to figure out exactly what people want. This is likely to revert marketing teams back to the days of broader, more creative marketing campaigns that although may not be quite as direct, can still be effective if applied correctly.
Businesses investing in training and upskilling
According to The Future of Jobs Report 2023 published by the WEF (World Economic Forum) there will be a 44% disruption of skills over the next five years. The report further predicts that both reskilling and upskilling will be some of the core focuses over the next few years. Skill disruption” refers to the need for workers to learn new skills as their job roles change. The Oxford Learning College reports that “an estimated 20% of the workforce will be significantly underskilled for their jobs by 2030”. Businesses will have to focus on making sure their teams are fully skilled for the developing landscapes so they’re not left behind.
Continued post-pandemic growth
There’s no doubt that 2020 was a colossal downturn for most businesses. Whilst 2021 didn’t offer the bounce back we’d all hoped for, 2022 onwards has offered the kind of growth required to boost global economies after the lockdown-induced devastation. The OBR reports that the UK will grow by 0.7%, a positive change compared with its initial prediction from 2023 that the UK was headed for another recession, although a small reduction on its initial prediction of a 1.8% growth.
Increase in social media marketing
Despite seeming less socially popular when compared to platforms such as Instagram and TikTok, Facebook currently has over 3 billion monthly users worldwide, making it the biggest social media platform by far. At the end of 2022, Mark Zuckerberg’s Meta reported its marketing spending to be just over $15bn. With X (formerly known as Twitter)’s user base and reputation slowly dwindling and the introduction of Threads, it’s looking like Meta will be growing its marketing revenue greatly in 2024, despite seeing a reduction by over a billion dollars in 2023 (less than 1% of its annual marketing revenue)
