Managing a successful business is often about following (and, sometimes, anticipating) new trends. We live in a highly digitalized technical society that is changing every year. So, what does 2024 have in store for small businesses? There are a few trends that have already become apparent.
Further Expansion of AI
Artificial Intelligence (AI) is not a new trend, of course, but the technology keeps strengthening its position and is constantly expanding to new industries. According to Technopedia, 91% of major businesses were already investing in AI activities in late 2023, and this number is expected to grow even further. And it’s not just about the digital sphere anymore. According to the same report, 57% of Americans already hope that AI will soon eliminate their household chores. So, staying competitive in 2024 implies embracing AI not only as a virtual assistant but also looking for ways to integrate it into non-digital automation efforts.
Hybrid Work & Evolution of Collaboration Software
Many associate the shift to remote work with the COVID-19 pandemic, but in fact, hybrid work models emerged before the lockdown and have proven successful since then. The trend is expected to continue in 2024, so small businesses should be prepared to offer their employees more flexibility as to how and where they work. The focus on the results rather than on procedures is a good shift for many industries, especially in the digital sphere. Still, traditional businesses may also need to adopt this change. This will require investment in reporting and remote collaboration software that is also expected to evolve in 2024.
Competition Will Demand Advanced Recruiting Tools
AI and automation help businesses with many mundane tasks, but they cannot replace qualified experts. Recruiters are expected to face more competition when looking for trained professionals, which will make contact-finding recruiting databases like SignalHire even more essential. As employees (especially experienced, highly-trained employees) get more independence and autonomy over their work hours, employers will need to look for ways to retain their staff, whereas recruiters will need to get creative when attracting new candidates.
Considering this, employers will be wise to invest in upskilling their existing employees to minimize turnover. Recruiters, in turn, should focus on a more personal candidate-centric approach. For example, using recruiting automation software to reveal contact info on LinkedIn and take all negotiations to email — a more straightforward and personalized means of communication than a social media inbox.
AR Spread in E-commerce Shopping
Augmented reality (AR) is not a new tech trend either, but similar to AI, it keeps strengthening its position, especially in e-commerce. Plenty of major e-commerce retail stores already use AR to showcase their products — IKEA and Wayfair for furniture shopping apps, Converse and Adidas for footwear, L’Oreal and Sephora for make-up, etc.; even BMW and Tesla are making guided AR tours of their vehicles.
Small businesses should embrace this trend as the future of product marketing. It’s true that AR tech is far from perfect. But if we’re completely honest, so is AI — and yet, it’s not going anywhere. So, 2024 may be their year to act on the AR marketing trend because, right now, thence is not oversaturated. Yet.
Online Marketplace to Rely on 3PL
Third-party logistics (3PL) is already a transparent tech trend in e-commerce as customers expect quick deliveries of their orders. Businesses that cannot deliver purchases overnight — or within 2-3 days maximum — are expected to lose some of their clients to online stores than can. Since small businesses cannot invest in warehouses all over the country (or the world), like major retail enterprises do, the shift may call for building partnerships with similar businesses in other regions or minimizing your service span to local areas alone.
Satellite Internet to Reach Remote Areas
Internet constellations are already bringing previously inaccessible areas closer. And it’s not just about SpaceX’s Starlink; the OneWeb network is already active, and Amazon Kupier is underway. Even though right now, the prices for satellite connectivity remain rather steep, the cost of using the services should eventually drop as more people pay for service subscriptions. This, in turn, means that even the remotest corners of the world will soon gain access to online marketplace, among other things. Besides, satellite constellations ensure sea and air coverage, too. And, as Internet connection becomes commonplace during commercial flights, it will affect the way we work and buy things.
New Market Opportunities for Tech Startups
This is not a 2024 tech trend exclusively, but the number of tech market gaps is expected to grow — especially as the technological landscape changes. The wide spread of electric vehicles that still lack proper charging infrastructure is one of the most obvious and most pressing examples. As major investors build stations in metropolitan areas, small tech startups in Europe are working on portable ‘liquid electricity’ stations that do not require connection to the main grid. So, it’s not just the Internet that should become accessible in remote areas — once again increasing how we work, travel, and shop.
In the digital sphere, startups should have many new market opportunities in the super-app niche. As more and more companies adopt hybrid work models, the need for all-in-one-place integration platforms will also grow. So, small tech businesses and startups will not necessarily need to create physical gadgets to prosper.
Growing Demand for Advanced Cybersecurity
Cybersecurity and data protection have been some of the pressing tech concerns for years. Unfortunately, this trend will also persist in 2024, demanding more investment in hiring professional cybersecurity experts and educating employees about relevant safety precautions. Almost three-thirds of cybersecurity breaches were caused by human error in 2022-2023, so one cannot overestimate the importance of healthy security habits in the workplace.
Small business owners, who generally tend to stay optimistic about their safety levels, should not deceive themselves — they are not immune to phishing attacks and security breaches. According to cloud security companies, there is a significant rise in the number of attacks on small businesses, and companies should prepare for it.
Focus on Sustainable Business Practices
Sustainability and green practices become obligatory as ever more consumers are getting concerned about the environment. This trend is ubiquitous and applies to businesses of all scales and industries. As major airlines are replacing their old vehicles with greener, hydrogen-powered aircraft, local pizza parlors are packing all deliveries into compostable boxes.
The digital sphere will not remain unaffected. Small and mid-size e-commerce stores are already emphasizing the sustainability of their products, delivery options, and business partnerships, on top of publicly engaging in all sorts of green initiatives. Companies that are not environmentally active yet should start contributing their share to eco-initiatives to stay competitive.
The nine tech trends listed above are the most obvious examples of what 2024 will bring. In practice, of course, small business owners will have to consider plenty of other developments — from the spread of cryptocurrency and the need to introduce new payment options to the ever-more transparent generation shift, giving GenZ more control over the marketplace and advertising practices. But one thing is certain — with every new year, small businesses need to become more agile and adaptive than the year before.