We continue to experience different trends in consumer behavior as well as entrepreneurship. The onset of the pandemic has influenced major changes that created new opportunities and changed the business landscape. We've also seen extensive use of technology and increased remote working.
We asked entrepreneurs and business owners about the 2024 trends they see in their industry and here are the responses.
#1- Virtual learning will gain traction
In the realm of college admissions, we foresee several key trends for 2024. With the impact of the pandemic, colleges are seeking more holistic ways to evaluate applicants beyond standardized test scores. This means a student's extracurricular activities, interviews, and personal essays will play an even larger role in the admissions process. Virtual learning has also gained traction, leading to an increase in online degree programs and courses. Also, there's a growing focus on mental health, with colleges looking for students who demonstrate resilience and emotional intelligence.
Thanks to Eric Eng, AdmissionSight!
#2- Increase in use of digital products
In the next 12 months, I predict we are going to see the rise of three things –
1. Group coaching programs on average around $10K per seat. People are taking business more seriously and business coaches will start leveraging time and money better. 2. We will see a drop in influencer marketing – but a huge rise in product placement. 3. And we will see a huge increase in digital products and low-cost subscriptions to portals. At the Lab, we will be doing all THREE because you need to be ahead of the trend.
Thanks to Jemimah Ashleigh, The Visibility Lab!
#3- Demand for travel experience for rejuvenation
As we step into 2024, the wellness travel industry is witnessing a transformative shift towards prioritizing mental health and incorporating well-being into corporate culture. We've observed a rising demand for travel experiences that offer not just a break from the daily grind but a profound journey toward mental rejuvenation and emotional balance. We anticipate a significant trend where corporations integrate wellness travel into their employee benefits, recognizing its impact on boosting creativity, productivity, and overall employee satisfaction.
Thanks to Samantha Lippiatt, The Wellness Travel Expert!
#4- Sustainability and eco-friendly practices
Eco-friendly and sustainable technology midst of all the AI buzz, we are witnessing a significant shift towards sustainability and eco-friendly practices. In 2024, the computer hardware industry, as a whole, will increasingly prioritize more and more energy-efficient, as well as, eco-friendly practices. And even though that’s more because of regulatory pressures from around the world, consumers are playing a crucial role in this as well, which is always a good thing. We too, as a company, have embraced this trend and are working on promoting eco-friendly practices in our everyday digital lives.
Thanks to Jim Eddy, Hardware Centric!
#5- Limitless virtual world-building
Despite industry uncertainty, ‘visionary' studios like ours will thrive by doubling down on limitless virtual world-building. Fragmented attention spans always crave experiential spectacle online. Expect bespoke game-engine environments for marketing showrooms, VR storefronts for digital fashion lines, and AI-generated cinematic fly-throughs selling celebrity mansions purely virtually. Property development goes physical – no brick required. If build-out lulls temporarily, creative studios will still be able to manifest the impossible digitally, unconstrained by materials or mortality.
Thanks to Lukas Berezowiec, No Triangle Studio!
#6- Increase in supply of junk cars
Those who live by the crystal ball often eat glass” is one of the prophetic clichés I try to govern my business by. This really applies when you are playing the commodities markets particularly when the commodities are precious metals. It is a little early to be making any plans for the year, but I think that we are finally seeing new car production ramp back up to near pre-pandemic levels. That means there will be more end-of-life vehicles (ELVS) entering the scrap stream. This will increase the supply of “junk” cars and hopefully drive down their price.
Thanks to Troy Webber, Chesterfield Auto Parts!
#7- Greener software
The year will present a huge opportunity for organizations to become more sustainable by engineering their software applications to be more efficient and use fewer resources. How do you make software greener? Software intelligence can help. Technology that automatically understands the inner workings of custom software applications and makes recommendations on how to improve the green impact of software can be immensely insightful. We’ve developed technology that looks for patterns in application code that are inefficient and can be implemented in an alternative way. We expect widespread prioritization of green software across industries.
Thanks to Greg Rivera, CAST Highlight!
#8- Engaging content
We can expect AI to become more accessible to the masses and integrated into the tools we love as businesses figure out how to integrate it into their products in meaningful ways. Interaction and motion are becoming more of a commonality in design as well, with the increasing accessibility and growth of motion design techniques to designers with tools like Spline, Framer, Lottie, Webflow, and more. The products that nail a good onboarding that can capture subscriptions, and can keep people interested and engaged enough over time to prevent churn are going to dominate in 2024. It's all about profitability and traction this year.
Thanks to Joe Salowitz, Lead Scout!
#9- Augmented reality and virtual reality
In 2024, I'm seeing key trends like augmented reality (AR) and virtual reality (VR) revolutionize interactive campaigns. There's a shift towards authentic storytelling and user-generated content, fostering deeper consumer connections. Omnichannel marketing is becoming crucial, requiring seamless brand narratives across all platforms. Predictive analytics is on the rise, enabling more targeted and proactive strategies by analyzing big data. Additionally, digital inclusivity is gaining importance, ensuring accessibility for all users, which is both a moral imperative and a market expander.
Thanks to Matej Železnik, Scale Sale!
#10- AI and voice optimization
Foremost, AI and machine learning have become essential in personalizing marketing strategies and analyzing consumer behaviors. Concurrently, heightened emphasis on privacy and data security is influencing marketing, driving us towards consent-based strategies and data anonymization. Voice search optimization is another significant trend, necessitating content adjustments for conversational queries. Social media continues to evolve towards ephemeral and interactive content, demanding more creative approaches from brands.
Thanks to Paul Mario Vratusha, D-Studio Consulting!
#11- Upcoming era of advanced cybersecurity
With an increase in remote and hybrid work arrangements, robust data protection and secure communication channels are more critical than ever. More companies are expected to invest in advanced cybersecurity measures and prioritize employee cybersecurity training to reduce the risk of data breaches. Artificial intelligence (AI) and machine learning (ML) are also expected to play a crucial role in detecting and preventing cyber threats, with more businesses leveraging these technologies to enhance their security strategies.
Thanks to Ben Goodman, 4A Security!
#12- Emphasis on sustainable and eco-friendly products
As an entrepreneur deeply entrenched in the industries of construction materials, chemical products, and electronic components, the trends shaping 2024 are both exciting and transformative. In construction materials, sustainability is at the forefront. The demand for eco-friendly materials and energy-efficient solutions is surging, influencing our product development to align with these environmentally conscious preferences. Additionally, the integration of smart technologies within construction, such as IoT-enabled building materials, is gaining momentum, revolutionizing how structures are designed and operated.
Thanks to Charlie Fish, Comertys!
#13- Use of super apps for multitasking
Super apps are a game-changer for users, offering them a seamless and comprehensive solution to meet their needs. With super apps, there's no need to juggle between different apps for various tasks anymore. This level of convenience significantly enhances the user experience and saves valuable time. From a business perspective, the idea of developing and maintaining a single super app is not only practical but also highly cost-effective. Compared to managing multiple standalone apps, the savings in terms of development and maintenance costs can be substantial.
Thanks to Jamie Shostak, Appetiser Apps!
#14- Sustainable heating and cooling solutions
Climate change coupled with other crises of our time have spoken, and customers seem to be listening: Businesses must go green. The HVAC industry is no different – all everybody wants these days is more sustainable heating and cooling. Of course, most of the inquiries are still just that, inquiries. People are naturally risk-averse when it comes to installing an AC system that's 5 or 6 times more expensive than conventional and don't want to spend more on something that has yet to be time-tested. Still, more and more customers keep asking about things like solar or geothermal AC.
Thanks to Brad Gall, BG Electrical & AirCon!
#15- Development of new AI skills
In recent times, we have observed a shift in the landscape of job seekers utilizing AI tools. Initially hailed as the ultimate solution, these tools are now witnessing a change in perception. Jobseekers have come to realize that bland, AI-generated content often falls short in capturing their individuality and, crucially, in establishing that compelling unique selling proposition (USP) that sets them apart in the competitive job market. There is no doubt that in 2024, AI-driven tools will continue to grow in usage in this industry.
Thanks to Nicole Wren, Resumes to Impress!