16 Key Business Trends for 2024 + How to Stay Ahead

What are business trends?

Business trends refer to new developments or patterns in the business world that affect organizations’ priorities, opportunities, and performance. Business trends are often the result of consumer behavior changes, market demands, economic fluctuations, political events, regulatory changes, and technological advances. 

Examples of business trends you might be familiar with include:

• The widespread adoption of generative AI across industries as organizations discover its power to scale up different business initiatives.

• The growth of the health and wellness industry, as more consumers seek to improve their fitness, nutrition, and holistic well-being and gain access to “clean” products.  

Why are trends important in business? 

It’s important to monitor past and current business trends to align career decisions with what’s happening in your industry. For example, someone with a background in health care could explore job opportunities in a trending area, such as using AI in health care, while someone in digital marketing could explore omnichannel marketing technologies that facilitate seamless customer experiences.  

Here are some additional benefits of monitoring trends in business:

• Understanding how trends might affect your organization and preparing strategically

• Leveraging trends to advance your career 

• Adapting to industry changes skillfully

• Mitigating risks

• Staying competitive in your industry

• Anticipating future trends 

• Innovating new products and services 

• Enhancing customer experience 

At the same time that you look at trends in business on a broad scale, consider focusing on the trends that most affect your career trajectory. That way, you can streamline your efforts and allocate your resources more effectively.

Keep reading to explore business trends and discover opportunities to deepen your knowledge in an area of interest. 

16 business trends to follow

We’ve compiled this list of trends based on insights from some of the leading voices in the business world, including Forbes (global media), McKinsey & Company (consulting), TechTarget (data-driven B2B marketing), the Harvard Business Review (management magazine), Hubspot (marketing software), and LinkedIn (business-focused social media). These trends span multiple industries and may affect a variety of job roles.

Use this list as a starting point for keeping track of new developments and identifying opportunities to reach your goals. 

1. Generative AI

These tools help organizations across industries develop text, audio, and video content, as well as computer programming code, product designs, virtual environments, and simulations for a variety of business situations. For example, a start-up company could use ChatGPT to develop weeks’ worth of content for a brand awareness campaign.   

Generative AI can speed up these processes and enable people without technical expertise in a specific area to explore possibilities. For example, you can bring a design idea to life with tools like Midjourney or Adobe Firefly, even if you don’t have training in design. 

2. E-commerce 

In recent years, e-commerce has experienced rapid growth, enabling businesses to expand their reach to global markets, sell products directly to consumers, and even develop augmented-reality shopping experiences. According to Statista, e-commerce revenue in the US is expected to increase by over $388 billion between 2024 and 2029 [1]. 

3. Remote work, learning, and training

Accelerated by COVID-19, remote work models allow the business world to operate without relying on physical spaces. Companies can attract global talent, train their employees, and connect with customers using digital collaboration tools. This may enable them to downsize their office footprint. Individuals who work remotely can often experience better work-life balance and upskill quickly on various online education platforms.    

Read more: 10 Surprising Benefits of Online Learning in 2024

4. Increased emphasis on workplace skills 

With the rise of AI tools and automation of tasks like handling routine customer inquiries or scheduling social media posts, employers increasingly value workplace skills and see them as vital to success. Workplace skills, also called human skills or soft skills, refer to abilities like communication, empathy, or leadership that bring a human element to the more technical aspects of your work. 

Read more: What Are Soft Skills?

5. Skills-based hiring 

These days, more companies are adopting skills-based hiring practices to find candidates with the right skills for a job, regardless of their degrees or other credentials. According to TestGorilla’s 2023 State of Skills-Based Hiring Report, over 70 percent of survey respondents said that skills-based hiring is more effective than resumes and see skills-based hiring tools as effective practices [2]. 

6. Sustainable practices

With growing concern for the environment and consumers’ demand for eco-friendly products, companies are focusing more on sustainability. Examples include:

• Circular economy, when products are designed, produced, consumed, and recycled in a closed-loop system to reduce waste and maximize efficiency.

• Raising awareness of “greenwashing,” when companies over-emphasize an eco-friendly aspect of a product while overshadowing its damaging aspects.

• Regulatory compliance, requiring companies to meet eco-friendly standards through reporting, assessments, and product labeling. 

7. Subscription-based pricing 

Subscriptions refer to when customers pay a recurring fee to get access to a service, such as media streaming, or receive products they need on an ongoing basis. This pricing strategy and business model allows companies to generate recurring (and predictable) revenue and foster long-term customer relationships. Subscriptions offer customers convenient and flexible shopping options.  

8. Brand partnerships 

Brand partnership, also called co-branding and brand-to-brand marketing, is when companies team up with a complementary brand to offer customers unique experiences, expand their reach, and enhance their brand image. To forge strategic partnerships, you’d look for brands that share similar values, target markets, or business objectives without directly competing with you for customers. 

You can partner with large, well-known brands or work with micro-influencers to gain access to smaller niche markets. 

Read more: What Is Influencer Marketing? How to Develop Your Strategy

By partnering with a complementary brand, you could envision new products, services, or events, cross-promote on different marketing channels, offer exclusive content, integrate technologies, or launch a cause-related marketing campaign.  

Read more: A Guide to Small Business Marketing

9. Expanding employee benefits 

As companies compete for the best talent, expanding employee benefits has emerged as a trend to help support employees’ well-being. In addition to compensation, health benefits, paid time off, and retirement plans, companies increasingly offer other perks such as recognition programs, professional development opportunities, caregiver benefits, housing subsidies, and employee engagement programs. 

10. Immersive technologies

Immersive technologies include augmented reality (AR), virtual reality (VR), and mixed reality (MR) and give businesses new ways to develop products, delight customers, and train employees. Examples include:

• 3D modeling for product prototyping

• Training simulations

• AR for visualizing products before purchasing

• 3D data visualization

• AR marketing campaigns

Read more: What Is Spatial Computing? Definition, Applications, and Careers

11. Diversity, Equity, and Inclusion 

Diversity, Equity, and Inclusion (DEI) efforts have grown in importance as companies see the positive impact of fostering inclusive environments to do business. With a strong DEI program in place, companies can attract and retain top talent and promote inclusivity beyond the workplace. 

12. Marketing to digital-savvy Gen Z

As Gen Z comes of age, enters the workforce, and gains purchasing power, businesses are thinking about how to reach these consumers effectively. Gen Z has unique characteristics that businesses should think about when developing products and marketing campaigns. These characteristics include: 

• Digital fluency

• Preference for short-form content 

• Preference for authenticity and transparency behind brands

• Passion for cause-based marketing and social impact

• Tendency to shop, search the internet, and seek entertainment on mobile devices  

According to Hootsuite’s 2024 Social Trends in Higher Education report, consumers expect educational institutions to offer more entertainment and be more relatable on social media, and see frequent posting as “too corporate and insincere” [3].

13. Personalizing customer experiences

Offering personalized experiences to customers at every touchpoint has become essential to businesses, as this approach can drive repeat purchases and customer loyalty. With a strong customer segmentation process and the use of customer relationship management (CRM) tools, you can create experiences that resonate deeply with your customers and appeal to their unique tastes, needs, and preferences. 

14. Values-based marketing 

This approach to marketing enables companies to communicate their core values, mission, and purpose to customers. This approach can inspire customer loyalty and brand affinity. Examples of values that your customer base might connect with include:

• Social responsibility

• Sustainability

• Authenticity and transparency

• Ethical sourcing

• Quality

• Customer focus

15. Online community engagement 

Businesses are increasingly building and nurturing online communities in an effort to engage customers with their brands, products, and services. Online communities allow customers to connect, ask questions, share experiences, and get product help. Online communities can also be a great way to leverage affiliate and influencer marketing programs and promote customer-generated content such as photos, videos, reviews, and testimonials. 

16. Chatbot customer service 

Chatbot customer service uses artificial intelligence and automation to handle customer inquiries at scale. These tools can reduce help desk wait times, get answers to customers, and connect customers with the right human agent. Chatbots can also capture valuable customer information, including pain points, frequently asked questions, and feedback. You can use this data to improve products, services, and processes.  

How to stay on top of business trends

To lead in the business world and remain competitive, establish a regular practice of monitoring business trends and adapting your strategies accordingly. Here, we offer three proactive ways to stay ahead of the curve and navigate the changing business landscape. 

1. Subscribe to the top resources in your industry. 

Seek out the insights and perspectives of experts and leaders in your industry by subscribing to their blogs, podcasts, social media channels, and research reports. Make time in your schedule to review these resources regularly. Connect with colleagues to discuss emerging business trends and brainstorm the best courses of action. 

2. Prioritize which trends to take action on. 

With all the ways businesses and industries are evolving, there are many trends you could pursue. It’s important to take action on the trends most relevant to your career goals and organizational needs. By prioritizing, you can channel your time and energy in the most productive ways. 

3. Research what drives trends. 

Underlying factors like politics, economics, market conditions, and industry changes drive every emerging business trend. Gaining a deeper understanding of these factors through research and networking can make navigating the changing and uncertain business landscape easier. 

Research is also a great way to assess the potential trajectory of a trend. While we can’t predict with certainty whether a trend will stick or fade away, a data-driven approach can translate to making better-informed decisions. 

Read more: What Leadership Qualities Make Managers Better?

Explore today’s business landscape with Coursera

Taking online courses is a great way to combine staying informed about business trends with building the skills needed to execute your ideas. Consider enrolling in one of Coursera’s Professional Certificate programs in digital marketing and e-commerce, data analytics, or business intelligence, offered by Google: