{"id":10170,"date":"2023-12-27T16:37:14","date_gmt":"2023-12-27T08:37:14","guid":{"rendered":"https:\/\/qashier.com\/ph\/?p=10170"},"modified":"2023-12-28T14:24:49","modified_gmt":"2023-12-28T06:24:49","slug":"global-business-trends-to-look-out-for-in-2024","status":"publish","type":"post","link":"https:\/\/qashier.com\/ph\/blog\/2023\/12\/27\/global-business-trends-to-look-out-for-in-2024\/","title":{"rendered":"Global Business Trends to Look Out for in 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In 2023, the business landscape has featured a mix of challenges and innovations. To excel in a progressively competitive market, businesses may need to prioritize digitization as a vital strategic move.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This article explores key <\/span><b>Global Business Trends in 2024<\/b><span style=\"font-weight: 400\"> that companies should know when developing their business digitization plan.\u00a0<\/span><\/p>\n<h4><b>Global Business Trends in 2024<\/b><\/h4>\n<p><span style=\"font-weight: 400\">The global shift towards digital platforms, cloud solutions, and automation is reshaping the business landscape. Digital transformation has become essential for businesses worldwide and by the end of this year, approximately <\/span><a href=\"https:\/\/datareportal.com\/reports\/digital-2023-global-overview-report\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">two-thirds of the world\u2019s population<\/span><\/a><span style=\"font-weight: 400\"> will be connected online.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This trend is reflected in the robust forecast for worldwide digital transformation spending, which is anticipated to reach <\/span><a href=\"https:\/\/www.idc.com\/getdoc.jsp?containerId=prUS51352323\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">nearly $3.9 trillion by 2027<\/span><\/a><span style=\"font-weight: 400\">. This significant investment underscores the increasing importance of digital business models in the global economy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Here are the main <\/span><b>Business Trends in 2024<\/b> <span style=\"font-weight: 400\">that have emerged in the last five years, as evidenced by new digital business models:\u00a0<\/span><\/p>\n<h4><b>Digital Transformation 2024<\/b><\/h4>\n<h5><b><\/b><b>1. AI Technology<\/b><b><\/b><\/h5>\n<p><span style=\"font-weight: 400\">AI technology has increasingly become integrated into various business processes, revolutionizing how businesses from different industries operate and make decisions.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In customer service, companies like <\/span><a href=\"https:\/\/emplifi.io\/resources\/blog\/building-a-customer-service-chatbot-8-elements-of-a-great-interaction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Emplifi <\/span><\/a><span style=\"font-weight: 400\">employ conversational bots with natural language processing for enhanced online customer interactions, offering real-time product recommendations and updates\u200b\u200b.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Firms like <\/span><a href=\"https:\/\/www.crowdstrike.com\/cybersecurity-101\/secops\/ai-powered-behavioral-analysis\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">CrowdStrike <\/span><\/a><span style=\"font-weight: 400\">use AI for behavioral analysis in cybersecurity to improve online protection\u200b.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The recruiting sector benefits from AI with platforms like <\/span><a href=\"https:\/\/eightfold.ai\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Eightfold AI<\/span><\/a><span style=\"font-weight: 400\">, which uses deep learning to analyze resumes and assist companies in candidate selection\u200b\u200b.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.salesforce.com\/ap\/blog\/ai-marketing-automation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Salesforce<\/span><\/a><span style=\"font-weight: 400\"> exemplifies AI&#8217;s role in sales and marketing, using it to predict sales outcomes and customer behavior\u200b\u200b.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">In manufacturing, AI-driven machine vision is used for quality control, with deep learning models enhancing accuracy\u200b\u200b.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">For healthcare and financial services, AI is used for pattern analysis and fraud detection, respectively\u200b\u200b.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Moreover, AI contributes to enhancing workforce skills, exemplified by tools like Grammarly which helps improve writing quality, and generative AI which assists in tasks such as coding and design. AI&#8217;s proficiency in organizing and summarising extensive datasets is essential for operational optimization, although human oversight is still necessary to address potential inaccuracies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">These <\/span><a href=\"https:\/\/www.techtarget.com\/searchenterpriseai\/tip\/9-top-applications-of-artificial-intelligence-in-business\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">industry-specific use of AI<\/span><\/a><span style=\"font-weight: 400\"> in businesses highlights the transformative influence of AI on refining decision-making processes, personalizing customer experiences, and enhancing operational efficiency. The increasing integration of AI in businesses reflects a transition toward a more advanced, data-driven strategy that harnesses AI capabilities for competitive advantage.<\/span><\/p>\n<h5><b><\/b><b>2. Voice Technology<\/b><b><\/b><\/h5>\n<p><span style=\"font-weight: 400\">Advances in voice technology are profoundly reshaping interactions between businesses and customers, providing improved customer experiences and streamlining business operations. The rise of voice technology highlights the increasing significance of intuitive user interfaces and their substantial impact on business-customer interactions.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.warc.com\/newsandopinion\/news\/the-state-of-voice-tech-in-asia\/en-gb\/40921\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">iProspect Asia <\/span><\/a><span style=\"font-weight: 400\">reveals that countries like India, China, and Indonesia are leading in voice technology adoption, with 82%, 77%, and 62% usage rates, respectively. These countries are categorized as &#8220;dynamic&#8221; markets due to their positive sentiment towards voice technology and high growth potential.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The integration of voice technology is also evident in the digital landscape of Southeast Asia With a high internet usage rate, particularly in the Philippines, Indonesia, and Malaysia, there&#8217;s a clear transition towards adopting voice search and voice commands. For instance, <a href=\"https:\/\/wearesocial.com\/sg\/blog\/2021\/03\/southeast-asia-digital-life-intensified\/\" target=\"_blank\" rel=\"noopener\">51.9% of Indonesians<\/a> are <\/span><span style=\"font-weight: 400\">reported<\/span><span style=\"font-weight: 400\"> to use voice interfaces monthly. This trend aligns with the region&#8217;s increasing preference for mobile-first and digital-first social experiences.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The impact of voice technology is also altering consumer behavior and preferences. According to <\/span><a href=\"https:\/\/www.pwc.com\/us\/en\/services\/consulting\/library\/consumer-intelligence-series\/voice-assistants.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">PwC&#8217;s research<\/span><\/a><span style=\"font-weight: 400\">, there is widespread awareness of voice technology among consumers, with 72% utilizing a voice assistant. Interestingly, while younger consumers drive adoption, the heaviest users are found in the 25-49 age group\u200b\u200b.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Voice technology is also influencing how customers interact with businesses. For example, <\/span><a href=\"https:\/\/tech.walmart.com\/content\/walmart-global-tech\/en_us\/news\/articles\/conversational-commerce.html?clickid=Q4hx5kWR3xyPWI2V6R0cbwuzUkH08g25q0Gn340&amp;irgwc=1&amp;sourceid=imp_Q4hx5kWR3xyPWI2V6R0cbwuzUkH08g25q0Gn340&amp;veh=aff&amp;wmlspartner=imp_1301558&amp;affiliates_ad_id=565706&amp;campaign_id=9383&amp;sharedid=1005603583723\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Walmart<\/span><\/a><span style=\"font-weight: 400\"> has established a voice commerce relationship with Google Assistant, illustrating the potential for voice technology in retail settings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Moreover, <\/span><a href=\"https:\/\/heidicohen.com\/voice-consumer-statistics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">McKinsey Research<\/span><\/a><span style=\"font-weight: 400\"> highlights that about one-third of B2B customers prefer using voice technology during their customer journey\u200b\u200b. Voice-enabled artificial intelligence enables more personalized conversations between customers and businesses, enhancing the user experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, there are challenges, including data security concerns and the limitations in interaction quality that voice assistants currently offer compared to other channels\u200b\u200b. Despite these challenges, the adoption of voice technology is expected to continue growing, with companies recognizing how it can transform business operations and customer interactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Finally,<\/span><a href=\"https:\/\/www2.deloitte.com\/us\/en\/pages\/technology-media-and-telecommunications\/articles\/voice-assistant-adoption-and-consumer-behavior.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> Deloitte&#8217;s research <\/span><\/a><span style=\"font-weight: 400\">emphasizes the significant role of voice technology in search-based advertising. With the global spending on search ads through voice assistants reaching $19 billion in 2022, brands and advertisers are increasingly integrating voice-based search optimization into their strategies. This trend mirrors the evolving preferences of consumers and the need for businesses to adapt to these changes\u200b\u200b.<\/span><b><\/b><\/p>\n<h5><b>3. Convenience as a Priority<\/b><b><\/b><\/h5>\n<p><span style=\"font-weight: 400\">In light of changing consumer preferences that prioritize convenience, businesses in diverse sectors are adjusting their strategies to provide smoother and more efficient experiences. Retailers are introducing innovations in omnichannel approaches, incorporating features such as virtual appointments and augmented reality for online shopping. This is evident in the notable surge in <\/span><a href=\"https:\/\/www.mckinsey.com\/industries\/retail\/our-insights\/adapting-to-the-next-normal-in-retail-the-customer-experience-imperative\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Taobao Live&#8217;s merchant participation and Kendra Scott&#8217;s Virtual Try-On platform<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The pandemic has especially accelerated digital transformation, placing a heightened emphasis on convenience. Digital delivery has become paramount for customers, particularly those restricted to their homes. This has led to a significant uptake of digital services, even among customers who previously showed reluctance towards digital adoption.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A key factor in maintaining service continuity for many businesses has been the swift enhancement of digital value-added services, designed to make life easier for their consumers. <\/span><a href=\"https:\/\/www.rgare.com\/knowledge-center\/article\/digital-transformations-in-bancassurance-during-the-covid-19-pandemic\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">The Bank of China serves as a prime example<\/span><\/a><span style=\"font-weight: 400\">, attracting over 44,000 viewers to its initial three online broadcasts. These sessions featured top investment managers providing insights into market trends, the pandemic&#8217;s impact, and offering professional financial advice.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Other companies offer free digital services catering to existing customers and to attract new ones. This strategy is prominently observed in the fitness industry, where companies extend free trials for online and app-based classes. This approach resulted in a <\/span><a href=\"https:\/\/www.mckinsey.com\/capabilities\/growth-marketing-and-sales\/our-insights\/adapting-customer-experience-in-the-time-of-coronavirus\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">significant increase<\/span><\/a><span style=\"font-weight: 400\"> in app downloads and new sign-ups, ranging from 80% to over 250%. The trend suggests that many customers transitioning to these digital services during the pandemic are likely to continue using them even afterwards.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Companies that have effectively transitioned and offer these convenient digital experiences are in a favorable position to grow their user base. Furthermore, they are likely to maintain these customer relationships beyond the global pandemic. The key takeaway is clear: prioritizing customer convenience, especially through digital channels, is a successful strategy for establishing and sustaining a robust customer base in today&#8217;s market.<\/span><\/p>\n<p><a href=\"https:\/\/atlanticdominiondistributors.com\/blog\/how-convenience-stores-are-adapting-to-changing-consumer-preferences\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Convenience stores<\/span><\/a><span style=\"font-weight: 400\"> are also evolving to offer healthier food options, sustainable packaging, and enhanced customer experiences with amenities like free WiFi and charging stations\u200b\u200b. Globally, the <\/span><a href=\"https:\/\/www.euromonitor.com\/article\/how-retailers-need-to-adapt-their-strategies-to-changing-consumer-preferences\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">retail sector is witnessing a trend towards consolidation<\/span><\/a><span style=\"font-weight: 400\">, with discounters growing rapidly and major players like Walmart, Amazon, and Alibaba strengthening their market positions\u200b\u200b.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">These adaptations highlight a market-wide shift towards prioritizing customer convenience and experience. By enhancing their offerings and integrating customer-centric amenities, businesses are positioning themselves to serve their consumers better.\u00a0<\/span><\/p>\n<h5><b>4. Live Selling Strategies<\/b><b><\/b><\/h5>\n<p><span style=\"font-weight: 400\">Live selling, merging the interactivity of live streaming with e-commerce, is transforming the online shopping experience. This innovative approach enables real-time customer engagement and personalization, which is crucial for attracting and retaining a modern consumer base.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">A survey by <\/span><a href=\"https:\/\/www.byteplus.com\/en\/blog\/7-ways-brands-are-using-live-stream-shopping-as-a-brand-building-tool-case-studies-and-best-practices\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Livestream<\/span><\/a><span style=\"font-weight: 400\"> reveals a striking preference for visual content among consumers, with over 80% stating they prefer watching a live video from a brand over reading a blog. This is <\/span><span style=\"font-weight: 400\">evident<\/span><span style=\"font-weight: 400\"> in how <a href=\"https:\/\/www.ascentialedge.com\/insights\/apac\/livestreaming-101-highlights\" target=\"_blank\" rel=\"noopener\">e-commerce platforms in the Asia-Pacific region<\/a> have experienced a remarkable 306% surge in gross market value and a 115% rise in order value, thanks solely to live-streaming efforts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Countries like Vietnam and Thailand are <\/span><a href=\"https:\/\/technode.global\/2021\/07\/26\/how-well-do-you-know-asias-surging-live-streaming-commerce-market\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">at the forefront of<\/span><\/a><span style=\"font-weight: 400\"> embracing live selling in the context of global adoption. Many digital consumers in these countries frequently utilize live streams for online shopping, indicating a broader regional trend towards integrating live video content into the digital purchasing experience. This shift highlights the evolving preferences of consumers and the importance of live streaming as a powerful tool for e-commerce platforms to engage with their audience and boost sales.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Brands like the German beauty retailer Douglas, boasting up to 40% conversion rates from weekly streams, and the fashion giant Tommy Hilfiger, experiencing a single show in China that garnered 14 million viewers and sold 1,300 hoodies in two minutes, highlight the <\/span><a href=\"https:\/\/www.mckinsey.com\/capabilities\/mckinsey-digital\/our-insights\/its-showtime-how-live-commerce-is-transforming-the-shopping-experience\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">remarkable effectiveness of live selling<\/span><\/a><span style=\"font-weight: 400\">. Similarly, Walmart&#8217;s live-stream fashion event on TikTok exceeded expectations, attracting a significantly larger audience than predicted and boosting their social media following by 25%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Another notable success story is<\/span><a href=\"https:\/\/golocad.com\/blog\/how-live-selling-enhances-online-shopping\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\"> Colourette Cosmetics from the Philippines<\/span><\/a><span style=\"font-weight: 400\">. They began live selling in 2020 as a response to the COVID-19 pandemic. Their live sessions, conducted on Facebook and Instagram by the company&#8217;s founder, featured product showcases and makeup tutorials, significantly increasing sales and building a loyal customer community\u200b\u200b.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/growthnatives.com\/blogs\/ecommerce\/facebook-live-selling-and-growth-in-the-ecommerce-business\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">Facebook Live<\/span><\/a><span style=\"font-weight: 400\"> has emerged as an effective platform for this format, leveraging its built-in notification system, organic outreach capabilities, direct buyer interaction, and cost-effectiveness. Live selling has proven to be a formidable e-commerce tool, offering an engaging, immersive, and personalized shopping experience that significantly drives sales and fosters customer loyalty.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><a href=\"https:\/\/qashier.com\/ph\/blog\/2023\/12\/28\/business-trends-philippines-2024\/\" target=\"_blank\" rel=\"noopener\">In a follow-up article<\/a>, we\u2019ll be highlighting specific <\/span><strong>Business Trends<\/strong><span style=\"font-weight: 400\"><strong> in the Philippines<\/strong> for 2024 and how Qashier can help digitize your business.<\/span><\/p>\n<h6><strong><i>More about Qashier<\/i><\/strong><\/h6>\n<p><i>Qashier offers multiple digital solutions, including QR code table ordering, table management (F&amp;B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and track payments, in an all-in-one device.<\/i><\/p>\n<p><i>Qashier promises a seamless setup within 10 minutes, without the need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you\u2019ll find 7 days-a-week responsive technical support from your local team.<\/i><\/p>\n<p><strong><i>Try the\u00a0<\/i><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.pos.qashier\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\"><i>Qashier app\u00a0<\/i><\/span><\/a><\/strong><i><strong>for free on your own Android device!<\/strong>\u00a0Speak to us to see if Qashier\u2019s Smart POS can meet your business needs. Schedule a meeting with us\u00a0<\/i><a href=\"https:\/\/qashier.com\/ph\/blog\/2023\/12\/19\/managing-inventory-best-practices-for-mini-marts-to-boost-sales\/#sign-up-now\"><span class=\"s2\"><i>here<\/i><\/span><\/a><i>, or contact us at\u00a0<\/i><a href=\"https:\/\/msng.link\/o\/?639270872441=vi\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\"><i>+63 917 QASHIER (7274437)\u00a0<\/i><\/span><\/a><i>(Whatsapp and Viber) or email at\u00a0<\/i><a href=\"mailto:hello.ph@qashier.com\" target=\"_blank\" rel=\"noopener\"><span class=\"s1\"><i>hello.ph@qashier.com<\/i><\/span><\/a><i>.\u00a0<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2023, the business landscape has featured a mix of challenges and innovations. To excel in a progressively competitive market, businesses may need to prioritize digitization as a vital strategic move. This article explores key Global Business Trends in 2024 that companies should know when developing their business digitization plan.\u00a0 Global Business Trends in 2024 &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/qashier.com\/ph\/blog\/2023\/12\/27\/global-business-trends-to-look-out-for-in-2024\/\"> <span class=\"screen-reader-text\">Global Business Trends to Look Out for in 2024<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":35,"featured_media":10171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[64,59],"tags":[],"class_list":["post-10170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-qashier","category-running-your-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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