Top business trends to watch in 2024

2024 is here and with it comes the continuation of a number of the business trends we were seeing in 2023, with some new areas in the spotlight as well. In a world where AI is becoming increasingly prevalent, there's an increased focus on the necessity of the human touch. The skills shortage will be tackled in new and dynamic ways and companies will need to redouble their efforts to reduce their environmental footprint. We will start to see greater innovation and personalisation as small businesses take on the retail giants. Big data's monetisation will be another trend to watch in 2024, as will the fact that customer experience will - more so than ever - be key to every business's success. 3Cube Property Solutions takes a deep dive into what businesses can expect from 2024.

Keeping the human touch

As certain areas of operations - such as basic coding or data management - become easier to automate - other aspects of your business require the human touch more than ever. In 2024, businesses need to be hiring and retaining people who have skills like emotional intelligence, problem-solving skills and outstanding communication abilities. An AI bot can never be a thought leader. Similarly, it can never solve conflicts between employees, solve a public relations crisis or develop a tailored and nuanced business strategy.

Solving the skills shortage

In a world in which certain skills are scarce, hiring practices need to evolve to focus on experience and skills rather than age or qualifications. It is more important than ever before for businesses to invest in upskilling and training. Fields like generative AI and data management are evolving all the time and for your company to get ahead, your staff must be ahead of the knowledge curve.

Commitment to reducing environmental footprint

In his discussion of top business trends for 2024, business thought leader Bernard Marr cites the example of Walmart, which dramatically decreased its fossil fuel usage by transitioning to an electric vehicle delivery fleet, thereby showing its commitment to future generations of shoppers.

While electric vehicles come with their challenges in South Africa, there are plenty of other ways that businesses can showcase their commitment to the environment. Recycling, cultivating relationships with repairers to enhance the lifespan of equipment and using safe chemicals are just a few examples of the ways that your business can make a difference and be seen as sustainable.

Greater innovation as small businesses compete with retail giants

When you compare ecommerce giant Takealot to a small startup business in someone's garage, it's immediately apparent that the battlefield is not evenly laid out. Small online retailers, who likely cannot compete in terms of price, need to find alternative ways to get ahead - and the answer in 2024 lies in creative personalisation. Create brand loyalty with strong brand messages and distinctive packaging. Including a personalised (even handwritten) note with every delivery can go a long way to ensuring that your brand is remembered.

Big data becomes a valuable commodity

Monetising data to create new avenues of business and revenue streams is a trend widely expected to accelerate in 2024. Marr mentions the example of farm equipment manufacturer John Deere, who is now selling data obtained from sensors on farm equipment back to farmers in order to improve productivity. As the use of big data becomes more commonplace, we expect to see such opportunities arising in a myriad of industries.

Customer experience is key - more so than ever

In the era of ecommerce, customer experience is more important than ever - and if you don't make each customer smile, chances are that they won't do business with you again. Striving to make every customer smile is a multifaceted undertaking that encompasses everything from a user-friendly website and ecommerce facilities (if applicable) to on-time delivery, easy installation and - possibly most important of all - quick and efficient resolutions to any problems that arise. Proof of the importance of customer experience can be found in the fact that it's becoming increasingly commonplace to employ a Chief Experience Officer to manage large brands' relationships with their followers and purchasers.

The stage has been set for a challenging year in 2024. Perhaps the most crucial thing for every company to have in their arsenal is great premises that meet their needs. If your business needs commercial, industrial or retail space in Gauteng or the Western Cape, get in touch with 3Cube Property Solutions today.