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The Australian government has identified five changes that both small and large businesses can expect to see this year.
Society is constantly evolving, and it is no surprise that Australian businesses are evolving to fit the new expectations of their clients.
These are the top five changes that businesses can expect from the year to come.
1. Sustainability
Sustainability will reportedly be “a huge focus in 2024”, with individuals and companies alike growing increasingly concerned about climate change.
Real estate agencies and commercial firms have already had sustainability on their agendas for some time. In November last year, Knight Frank launched a new software to ease climate reporting for their clients, while CBRE recently announced its plans to relocate its Melbourne headquarters to a cutting-edge green building.
However, the government warned that paying lip service to sustainability is not enough, as consumers are growing increasingly savvy to greenwashing attempts.
2. The rise of AI
Artificial intelligence (AI) is becoming increasingly prevalent across businesses around the world, and “has potential to add value for businesses across a range of industries”.
Many companies in the property sector have been incorporating AI in marketing and data collection, including Raine & Horne, Propic and RMG.
Data tentatively suggests that AI-powered search engines have the potential to boost property sales by 10 per cent, but it will be some time before more definitive answers are available.
With this technology still in its early days, it is important for businesses to mitigate the negative outcomes that could arise, such as increasing gender inequality.
3. Cyber security
As digital data collection becomes increasingly prevalent, cyber security will continue to be a major point of concern for businesses.
“Scams and cyber threats are getting more sophisticated, and this is set to continue in 2024,” said the government’s business advisory site.
In November 2023, a cyber attack shut down hundreds of UK real estate agents, preventing them from conducting property sales.
Cyber security expert Tim Liu warned earlier this year that “regular updates, staff training and vigilant management are paramount in averting cyber threats”.
4. Authenticity
Social media allows clients unprecedented access to companies, and this is sparking an increased desire for authenticity.
“In 2024, customers want more genuine interactions from businesses – they want to know who you are and what you stand for,” said the government’s business site.
Public feedback platforms such as Google Reviews are putting a greater onus on real estate agents to be genuine in their interactions with vendors and buyers, and constantly improve the client experience.
5. Resilience
Finally, the government identified that “being resilient and able to adapt to changing circumstances has been a top priority for businesses in recent years”.
From the COVID-19 pandemic to bushfires and floods, Australian businesses have had a lot of obstacles thrown their way, and being able to adapt flexibly to these circumstances is essential in this ever-changing world.
In the world of real estate, proptechs have been teaming up to minimise natural disaster risk, while agents and property managers in far north Queensland have been working with local communities in the wake of Cyclone Jasper.
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