The business world in 2024 is rapidly redefining itself through a series of significant transformations driven from different spheres: technological innovations, changes in business management, buying behavior and consumption habits, and state regulations.
These trends will undoubtedly impact every business as they are cross-cutting (at a social and economic level) and will impact not only now in 2024, but also in the coming years. Therefore, being aware of market trends is the first step to adopting a winning strategy and taking advantage of the new opportunities that will arise in the immediate business environment.
AI is transforming the business world at an unprecedented pace. 2023 was the year of the AI breakthrough thanks to the great work by Open AI in developing linguistic models like ChatGPT or DALL-E. The immense capability of generative AI promises not only to be a source of process automation but goes much further and will be crucial in strategic decision-making, customer personalization, and even in the way of doing business.
Our recommendation is that any organization that truly wants to leverage AI's potential should be proactive and start as soon as possible to develop a strategy that takes into account the implications it will have on its business model, operations, and digital skills.
Business model innovation is at the heart of business strategy in 2024. Many opportunities are opening up in business model innovation due to the confluence of various factors; quick access to real-time information allows detecting and anticipating changes in people's consumption habits. This opens a window of opportunity to explore and find services to meet the changing demands of consumers. Everything continues to transform at high speed.
We invite you to visit our previous article on digital business models, where we explain a series of business models that are truly transforming the economy in various sectors: collaborative models, subscriptions, personalized services, and hybrid models that are replacing old traditional paradigms in creating value in the economy.
Sustainability, which had been one of the great forgotten in recent years, is now becoming a central pillar in business strategies. Companies are now integrating sustainable practices into all operations: from the supply chain to marketing and product design. And we are not only referring to environmental sustainability practices to mitigate climate change, such as ESG criteria.
We believe the change goes much further, and the new economic model will no longer be based on limitless growth as we previously understood capitalism, but will now force us to be truly efficient if we want to maintain profitability in our business.
Equality and inclusion have become fundamental aspects of corporate culture. Organizations are adopting policies that promote diversity and equal opportunities, recognizing their impact on innovation, employee satisfaction, and of course, they must be linked to professional performance. Employee well-being, both mental and physical, has also become a priority.
The scarcity of talent in the economy is causing a change in mindset in companies, which are realizing that if they do not make the employee feel as an equally important member as those of higher rank, they can cause high levels of turnover that hinder business development.
In 2024, omnichannel is not just an option but a necessity in e-commerce. Integration and communication with the customer through different channels, both physical (points of sale, franchises, etc.) and virtual (social networks, email, chats, apps, etc.) become fundamental, the customer wants at all times to choose the channel that suits them best and continue seamlessly from any other without loss of experience and information.
Companies whose main business line is the offering of products and services through multiple channels will need to continue investing in technologies and strategies to ensure a smooth and personalized customer experience.
Personalization in 2024 goes beyond simple customer segmentation. Hyper-personalization uses advanced data and predictive analytics to offer tailor-made experiences, products, and services. Perhaps we are not fully aware, as this magic is behind many of the services we commonly use in our daily lives (Amazon, Netflix, etc.) but also others that are not so obvious (Nike, Starbucks, IKEA, Sephora, etc.).
This deep personalization is improving customer satisfaction and strengthening brand loyalty: customers are no longer grouped into a certain market segment, but their tastes and personal preferences are analyzed through interactions and reactions with the brand, and in this way, they can be offered a user experience that will be exceptionally unique.
Collaborations and strategic alliances will play a crucial role in business growth in 2024 and in the coming years. Companies are forming alliances to share resources, technologies, and knowledge. These collaborations not only open new business opportunities but also drive innovation through the combination of different strengths and capabilities.
The new economic model established by monetary policies, such as restrictions on bank credit and recent interest rate hikes, forces companies to be more efficient in spending and therefore more competitive. The commitment to collaborative models and the development of strategic alliances is a natural way to reach that stage.
At Ettnia, we understand that keeping up with the rapid transformations of the business world can be a challenge. That's why we offer expert advice and personalized consulting solutions to help you capitalize on these key trends. Whether you need to integrate artificial intelligence into your business, develop sustainability strategies, or explore innovative business models, our team is here to support you.
Contact us today to discover how we can help you adapt, innovate, and thrive in the changing landscape of 2024. We are ready to be your strategic partner in this exciting journey towards the future!