2024 BUSINESS TRENDS: INSIGHTS FOR HEALESVILLE TRADERS
Despite the challenging economic climate, 2024 presents excellent opportunities for innovation and growth. Healesville businesses prioritising adaptability will be well-positioned to succeed. To equip you for success, we've gathered the latest research and data to predict business trends that are most relevant for Healesville Traders Inc. members.
Business trend #1: Productivity amidst labour shortages
With the tight employment market expected to persist into 2024, many small businesses will take action to enhance their online presence to ensure a seamless ‘online + offline’ experience. By improving your website and social media strategy to engage local buyers, foster a community around your business and cast a wider net to capture the hearts (and wallets) of potential customers outside Healesville, you can position yourself for growth.
Source: Xero
Business trend #2: The power of personalisation
Competition to vie for consumer attention over big brands is getting increasingly difficult for small businesses. So, personalisation is key to a successful marketing campaign, boosting sales and customer loyalty. By tapping into customer data, businesses can customise their offerings to match their customers' preferences, crafting tailored email campaigns with personalised product suggestions and content to create a unique shopping experience. This personal touch enhances the overall shopping journey and strengthens the brand and customer bond.
Source: Eposnow
Business trend #3: In-store experiences will drive engagement
In our post-COVID world, the demand for enhanced in-store experiences is rising, paving the way for Experiential Retail and reshaping traditional retail spaces into lively destinations. To meet this demand, explore opportunities to elevate your offerings with a one-of-a-kind, immersive shopping experience. Consider hosting in-store events like DIY workshops, live demonstrations, classes, and talks. With over 80% of shoppers willing to invest more for a stellar shopping journey, there's significant potential for growth by enhancing your in-store experience.
Source: Shopify
Business trend #4: Wage cost growth could be a challenge into 2024
In 2023, the workplace landscape changed with a 5.75% minimum wage increase and updated fixed-term employment contract regulations. Furthermore, the employer superannuation guarantee rate is slated to climb to 11.5% by mid-2024. Despite a low unemployment rate of 3.7% and notable wage growth, sourcing high-skilled talent remains a hurdle. Be prepared for potential wage increases and a competitive job market. Staying updated on economic trends, regulatory adjustments, and labour market dynamics will be essential for successfully navigating this year.
Source: Business Edge Advisors
Business trend #5: The year of small business SEO
If you've been hesitating to update your website and enhance your online presence, fearing you can't compete with bigger brands, 2024 is the year to reconsider. For the first time in its history, Google is levelling the playing field by removing 'big brand' advantages, enabling smaller websites with high-quality content to compete for competitive search queries. Search Engine Optimisation (SEO) improves the visibility of your website on Google so that when potential customers search for services related to your business, you show up first. Search engine visibility is proven to boost web traffic and increase revenue.
Source: Make Words Work
Business trend #6: Outsourcing is the key to better well-being in 2024
A survey of 4600 Australian and New Zealand small business owners and their staff revealed a decline in well-being, likely due to a pandemic hangover and economic worries. To retain staff in 2024, employers should offer flexible arrangements where possible and tap into the potential of the highly-skilled freelance workforce to reduce workload and free up time for creativity and innovation. Outsourcing tasks like accounting, IT, inventory and shipping, websites, and marketing can lead to higher productivity and improved efficiency and add to your business knowledge pool. Though outsourcing may seem costly initially, the return on investment often outweighs the expense.
Source: Xero
Business trend #7: Sustainability = business growth
In 2024, eco-friendly and sustainable practices will be more than just a trend: they'll be a business imperative. With the green economy expanding, there's ample evidence that sustainable solutions often translate to better bottom lines. Many small businesses championing planetary health have already seen increased sales and built a loyal customer base that values their commitment to sustainability. From embracing renewable energy to cutting waste and opting for sustainable sourcing, businesses that go green can attract conscious consumers while slashing long-term costs. But beware of greenwashing—consumers are becoming savvy at spotting insincere environmental claims.
Source: Business.Gov
Business trend #8: Ease into generative AI
AI is set to inject magic and mayhem into the future of work. Many businesses already use AI tools like Xero's bank reconciliation feature; however, businesses should be more tentative about using generative AI, like Chat GPT. AI is here to stay and can be a valuable asset in helping you curate copy for your website; however, it works by scanning the internet to reproduce content, meaning it will be unoriginal. Why does that matter? It can affect your ranking on Google because if AI can write it - Google doesn't need it. Google ranks quality, original, relevant and valuable website content that matches users' search intent. Unoriginal content is likely to be penalised. There are growing concerns about AI ethics and its ability to achieve equity, diversity and non-discrimination, so use it cautiously and always edit before publishing.
Source: Make Words Work