Stay curious as we head into 2024, and cast your eyes toward the future. Now is the perfect time to strategize and consider how your business can take part in the latest business trends. We’ve read reports, heard from experts, and considered how businesses can prepare for the future right now.
Here are six business trends you’ll want to watch in 2024:
1. Accessibility
A business trend to watch in 2024 is changing practices and attitudes around accessibility. There are upcoming provincial accessibility standards on the horizon in the next few years. Smart business owners are already thinking ahead about how to be more inclusive for people with disabilities. Also, accessibility goes far beyond the physical environment, including all aspects of operations. Think of accessibility as a journey rather than a box to be ticked off your list.
Not sure where to start? You can take a free, 15-minute Disability Inclusive Employer Self-Assessment and learn more about the Workplace Accessibility Grant, which offers up to $5,000 to eligible small businesses.
2. Hyper-personalization
Consumers, especially Gen-Z and Millennial consumers, want a unique experience. They desire to set themselves apart and prefer a personalized product to a cookie-cutter solution. They are even likely to exchange more personal information for a product or service that feels tailored to them. Business owners will want to use this data to provide a more personalized experience.
While this trend could be harder to scale for small businesses, consider ways that you could play with personalization. You could practice using personalization strategies by creating more defined customer segments in your marketing strategy. You can also try adding a quiz to your website that will bring customers to a product or service that’s a good fit for them.
3. Fiscal Responsibility
Fiscal responsibility will be more important for business owners in 2024. Since cheap credit is a thing of the past, business owners are concerned about the ability to borrow and the cost of borrowing.
As for consumers, they are facing debt. Most households pay an average of 9% of their monthly expenses towards their credit card debt.
In 2023, inflation continued to impact supply costs and were passed on to consumers, and this will likely continue in 2024. Both consumers and companies are set to second-guess expenditures and look for ways to cut costs. Successful business owners will take this new financial reality seriously when decision-making.
4. Sustainability and Climate Change
Consumers are becoming more mindful about their consumption and are particularly adverse to food waste and plastic waste. Small businesses will want to provide sustainable options and share how they work to help the environment, reduce carbon footprints, and create less waste.
Climate-related concerns are also top of mind, particularly in BC. We’ve seen in recent years how climate-change-fueled natural disasters like fires, storms, and floods can impact local businesses. Since one highway closure could have devastating consequences for the local economy, owners will want to build resiliency into their businesses.
5. Mobile First Considerations
More than half of web traffic comes from a mobile phone. If your business isn’t prioritizing the mobile web experience for your customers, you will get left behind. Make 2024 the year you bring your website up-to-date. If you can, work with a UX expert. If you’re doing it on your own, review the Web Content Accessibility Guidelines (WCAG) and learn more about mobile marketing.
6. Artificial Intelligence
In 2023, there was a huge surge of interest in AI tools and media buzz around them. As a business owner heading into 2024, you have two options: continue to be puzzled by AI or start learning about it and see where you can leverage AI in your business, like AI marketing tools or even note-taking AI that will optimize your next meeting. The possibilities are endless.
Small Business BC is Here to Help
SBBC is a non-profit resource centre for BC-based small businesses. Whatever your idea of success is, we’re here to provide holistic support and resources at every step of the journey. Check out our range of business webinars, on-demand E-Learning Education, our Talk to an Expert Advisories, or browse our business articles.
