The Pitch Avatar team shares their view on the main directions of online business in 2024.
‘Friendship’ with AI is a long-term trend.
The number of AI-based tools and their applications will continue to grow. Whatever your field of work, you will have to seek and implement AI solutions for your area of activity, learn to work with them, and hire the appropriate specialists.
According to Forbes Advisor, the artificial intelligence market is expected to reach around $87 billion by the end of 2023 and $407 billion by 2027. Within the next two years, AI development will destroy 85 million jobs and create 97 million new ones. It is expected that by 2030, 6 to 9% of employees will be engaged in professions that do not yet exist, which will emerge thanks to AI.
Note that according to various estimates, about a quarter of companies are already implementing AI not to reduce existing jobs, but to compensate for the shortage of specialists.
If we believe McKinsey’s annual survey, 79% of people used AI for work in 2023, with 22% doing so regularly. About a third of companies and organizations use artificial intelligence to perform at least one task, and 40% intend to invest in expanding the use of AI tools.
One of the most important estimates to pay attention to is that thanks to modern technologies, up to 45% of all work activities and 60-70% of all employee actions can be automated.
From the above, it follows that there is a clear conclusion: In the coming years in general and in 2024 in particular, AI will be conquering new positions, as the potential for its implementation and expansion of its usage areas is enormous.
What does robotization hold for us?
The desire to automate all spheres of activity has been a sustainable trend for over half a century. It will undoubtedly remain so for many decades to come. Contrary to the fears of science fiction writers, most people do not suffer from robophobia. Otherwise, why would sales of “smart home” systems or robot vacuums be growing, for example?
The International Consumer Electronics Show (CES 2023), held annually in Las Vegas, once again became an excellent example of what today’s robotics can offer consumers. Visitors could meet a robot barista, a farmer’s assistant robot, an electric car charger robot, a baby stroller robot, and many other interesting novelties. Among them, it is worth noting the Aeo service robot equipped with manipulators from the Japanese company Aeolus Robotics. This model is no longer a stand or a box on wheels. It can carry boxes, crates, and packages, press buttons in elevators, open doors with a door handle, and much more. Universal service robots capable of helping with household chores or, say, bringing food and drinks from the refrigerator are getting closer…
Wherever robotization and automation are implemented, it quickly becomes apparent that they only benefit us. People are by no means rushing to take jobs from robots on factory conveyors and other routine tasks. We much prefer to use computers and cars than to assemble them. Although in the case of cars, we may have been too hasty. According to Forbes Advisor’s forecast, by 2030, 10% of all vehicles on Earth will be self-driving.
Since we are talking about numbers, it is time to share a eloquent statistical forecast:
The market for Robotic Process Automation (RPA) is expected to grow from $3.1 billion in 2003 to $11.37 billion in 2028 over the next five years. The largest market is North America, and the fastest-growing market is the Asia-Pacific region.
This indicator demonstrates two very important trends:
- Automation and robotization are growing and will continue to grow. This is a promising direction that deserves the most attention.
- Automation and robotization are happening quite smoothly. People in general and various industries will be able to adapt to it. At the same time, we should expect the gradual disappearance of some professions and the emergence of new ones.
Short videos - size doesn’t matter.
In recent years, marketers have written a lot about two trends. On the one hand, there is a reduction in the average length of online presentations. On the other hand, there is an increase in the popularity of videos in the field of selling and promoting content.
It is not surprising that these lines have converged, and in recent years, including 2023, short videos have become one of the main trends. Here are some eloquent statistical indicators:
- 83% of marketers believe that promotional videos should not be longer than 60 seconds.
- In mid-2023, the number of active YouTube Shorts users reached 2 billion people.
- 68% of consumers are willing to watch videos about products and services if they are less than a minute-long.
- About half of business videos are less than a minute-long.
- Three out of five viewers consider short videos to be the most attractive social content
Despite this, among “old-school” entrepreneurs, there are still those who consider this tool to be “frivolous” and “amateurish.” Can you really tell about yourself and your product in detail and with quality in a minute or less? This is the question that their arguments “against” boil down to. But short videos are not needed for a detailed story about a brand or product. They grab the customer’s attention and make them more interested in what they see. And nothing prevents them from being produced at a level that corresponds to professional quality. Here are the three main advantages of short videos:
- High audience engagement, as short videos are easy to watch and remember.
- Wide reach of potential customers, as short videos are shown by recommendation and search engines.
- Simplicity and speed of production, especially with the widespread use of AI video generators
If you didn’t appreciate these advantages in 2023, hurry up and do so in 2024. And, by the way, short videos are a long-lasting trend. Therefore, it is worth seriously studying and unlocking their potential.
Content for smartphones comes first.
One of the most popular pieces of advice for content creators in general and marketers in particular is to adapt and optimize websites, pages, texts, videos, presentations, online stores, and other content for viewing on mobile devices. This recommendation was and remains relevant. But with one significant caveat. In fact, all modern internet content should not be adapted but created immediately with the capabilities of smartphones and corresponding software in mind. And here’s why. Approximately 60% of website traffic worldwide comes from mobile devices. Here are some more eloquent statistical indicators:
- As of the end of 2022, 68% of the world’s population owned smartphones.
- In 2022, mobile shoppers in the United States spent $387 billion, twice as much as in 2019.
- The total number of smartphones sold in 2022 was 1.21 billion units.
- 90% of users have access to the internet from their mobile devices.
- It is expected that by the end of 2024, the total number of working mobile devices in the world will be 17.72 billion units
However, instead of studying global statistics, everyone can conduct their own personal research. Answer the following questions yourself and ask your friends and family to do the same: How many hours do you spend holding your smartphone? How many resources do you visit per day? How many products and services do you view? And most importantly, how many purchases do you make per month?
We assure you that the results of such a survey will perfectly demonstrate the growing role of mobile devices in our lives. That’s why we recommend that no matter what you do – online trading, developing services/applications, creating games, marketing, entertainment/public/political projects, or anything else – think immediately about how it will work/look on a smartphone.
Experimental marketing is still in the game.
We think it is unnecessary to convince anyone that experimental or, as it is sometimes called, empirical marketing is an effective business tool. As historical sources suggest, long before the advent of scientific marketing, merchants realized that by giving customers the opportunity to have a positive personal experience interacting with a product, they sharply increase the likelihood of sales.
A classic example is a tasting. Or, say, selling guns. In the late Middle Ages, merchants who traded guns, for understandable reasons, did not carry their goods with them. Instead, they ordered exact small copies of guns. And they were fully functional. When they arrived at some wealthy feudal lord’s place, they not only described the advantages of their product but also offered to shoot these mini-guns.
In the case of purchase, a copy remained as a gift, turning into a toy for the feudal lord’s children, thus working on creating a future customer.
Among the examples of our days, we can recall interactive Coca-Cola stands, which allowed you to create a drink with your own recipe, Nike Run Club races, Apple’s Genius Bar, and, of course, Legoland.
The role of experimental marketing is well illustrated by the fact that according to statistics, 85% of consumers say they are more likely to make a purchase after visiting promotions and exhibitions, and 70% become regular customers thanks to marketing events.
Of course, against the backdrop of the COVID-19 pandemic, experimental marketing seemed to have faded into the background, giving way to other solutions. But the keyword in this case is “seemed.” It is still considered the third most effective marketing technique after search engine optimization and attracting customers through social networks. At the same time, 63% of marketers plan to organize more relevant events.
Given that the pandemic has officially ended and most of the restrictive measures have been lifted, it is time to plan for 2024 both participation in exhibitions and the conduct of brand promotions and events.
It is worth noting that you should not limit yourself to the real world. If we learned anything from quarantine measures, it is a more creative approach to internet business. Therefore, it is worth paying more attention to online experimental marketing, especially for creators of various software, services, and applications. Among the main techniques, we recommend using:
- Free limited versions of products and temporary preferential periods of their use.
- Rewards for reviews, comments, and participation in surveys;
- Online stands and virtual/augmented reality spaces that allow potential customers to better familiarize themselves with the brand’s products;
- Online customer support with a consultant who can help you learn and master the features of the brand’s product;
- The opportunity for customers to participate in brand promotion in exchange for preferential receipt/use of its goods/products;
- Conducting interactive online events (such as online presentations and webinars) in which viewers can take an active part.
All of this will undoubtedly help shape a positive image of your brand and turn potential customers into real and loyal ones.
In conclusion, instead of summarizing, we congratulate everyone on the New Year!
Wishing you all good luck, success, and high income!
