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5 Business Trends Every Startup Needs To Pay Attention to in 2024

kokou adzo

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The ability to anticipate and adapt to emerging trends is crucial for the survival and success of any startup. It’s no surprise data from the U.S. Bureau of Labor Statistics show that almost 20% of new businesses fail in the first two years of establishment, 45% close within the first five years of operation, and only 1% of startups grow to become unicorn firms such as Airbnb and Uber.

With the business landscape evolving extremely fast thanks to technological advancements and shifting market forces, it is key for you as a startup stakeholder to constantly be aware of business trends. They will allow you to align your business strategies to new trends, increasing your odds of survival. In this article, we explore 5 technological and societal trends of 2024 that startups looking to thrive in the global marketplace need to pay attention to.

Emphasis on your startup’s sustainability

Sustainability has been an essential business aspect over the last 5 years, and is expected to continue in 2024. Consumers prefer businesses that demonstrate a solid commitment and efforts to reduce their environmental footprint. Furthermore, consumers are becoming better at identifying businesses that take the greenwashing route –  businesses that put effort into creating a false impression that they are sustainable yet put no effort into actually minimizing their environmental impact – and boycotting their products.

For startups looking to attract and retain consumers, their business strategy must be aligned with green business practices and drive sustainable supply chain management. Luckily for businesses, as the green economy continues growing rapidly, employing green solutions will more often than not lead to bottom-line growth.

Personalization at Scale

Every customer needs to feel part of your startup. This is the secret recipe for retention. Personalization at scale allows your business to deliver extremely customized experiences to your clients. This is achieved across multiple digital touchpoints by leveraging data about these client’s unique preferences and behaviors.

Today, the boom of artificial Intelligence, real-time analytics, machine learning, and similar technologies has been a major driver for reshaping the engagement between businesses and customers. According to Statista,  the global revenue of customer experience personalization and optimization software will reach approximately 11.6 billion by 2026.

Efficiently deploying personalization at scale will be key for any startup that wants to offer its clients and consumers customized experiences. This is why software platforms such as ClickUp and SkillOnNet casinos are fully customizable to meet operators’ needs and lead in providing solutions in their respective industries.

Having a skill oriented workforce

The composition of your startup’s workforce will make or break your organization. The conversation on the talent shortage in the global marketplace has been ongoing for years and this shortage is expected to get progressively worse. By 2030, researchers expect over 85 million jobs will be unfilled due to a lack of skilled labor, as detailed in a recent Korn Ferry report.

To get ahead of this trend as a startup, it is key to invest in hiring candidates whose specific experiences and skills meet the needs of a role as opposed to hiring based on traditional qualities such as educational attainment or age. Additionally, training and upskilling are avenues that can be explored to ensure your talent is at par with the in-demand skills to steer the business in the evolving marketplace.

Digital transformation and automation

In 2024 and beyond, one of the key successes to businesses surviving and thriving in the global marketplace will be enhanced productivity and output. This is where automation integration in business processes as well as adopting digital-only business models, comes into play. This application will look different for different businesses. For instance, it can take the form of a hybrid workforce model, which is a preference for most employees today, or adopting relevant generative AI systems.

For any startup, digital transformation and automation need to be critical components of their business strategy to improve survival and success rate in what is likely to be an AI-driven economy soon.

Retaining the human touch

As technology continues to boom and an AI future draws closer, it is easy to assume that there will be no need for the human touch and soft skills in the marketplace. However, that wouldn’t be any further from the truth. While innovations have made it feasible for technical aspects of work, such as data management, to be automated, there is no replacement for soft skills such as thought leadership, emotional intelligence, and interpersonal problem-solving.

It is important for startups looking to thrive to invest and leverage soft skills when it comes to tasks that still require a human touch.

These 5 business trends are what we predict will shape the business landscape in 2024. To succeed with your startup, developing a business strategy that considers these trends will be critical to allow you to innovate and stay ahead of the curve.

 

Kokou Adzo is the editor and author of Startup.info. He is passionate about business and tech, and brings you the latest Startup news and information. He graduated from university of Siena (Italy) and Rennes (France) in Communications and Political Science with a Master's Degree. He manages the editorial operations at Startup.info.

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