The 5 small business trends for 2024: what you need to know

When we talk about trends we don’t mean what is the latest social media meme or viral video. Small business trends make up the whole business and look at what practices and strategies we will see audiences connect with the most. 

So - for 2024, with the rise of AI, but also the need for human connection, what should we think about focusing on as a small business owner? 

What is a small business trend?

A small business trend refers to a noticeable and sustained change or development in the way small businesses operate, engage with customers, or adapt to external factors. 

These trends often emerge in response to shifts in technology, consumer behaviour, economic conditions, or societal preferences. 

Small business trends can influence various aspects of operations, marketing, customer service, and overall business strategy. 

Staying aware of these trends allows small business owners to make informed decisions, stay competitive, and capitalise on new opportunities in the ever-changing business landscape. 

Examples of small business trends may include the adoption of new technologies, changes in consumer preferences, shifts in marketing strategies, or evolving workplace practices.

Below we will share the five small business trends we expect to see in 2024.

The 5 Small Business Trends for 2024

Number 1: Think about Generative AI 

Generative AI, like OpenAI's ChatGPT, marks a leap forward. It doesn't just crunch data; it creates content – from text to images and code.

By 2025, Gartner predicts that AI will be responsible for 10% of all data. Small businesses can ride this wave by automating tasks like drafting emails and reports, freeing up time for strategic thinking.

Remember, the key is balance. AI should enhance human creativity, not replace it.

How can AI help you be more productive this year? 

Number 2: Build on sustainable practices and business

Addressing environmental challenges could unlock a $12 trillion economic opportunity, according to Harvard Business Review. Consumers are leaning towards sustainability, with 78% favouring eco-friendly choices (according to a study by NielsenIQ).

For small businesses, this means an opportunity to align products and services with sustainable practices. 

Share your personal experiences with second-hand shopping, connecting with consumers seeking authenticity and conscious choices. Share what you are doing to give back to the planet and actually do it because you want to help.

Number 3: It is all about human interaction 

Human touch is more valuable than ever. Redpoint Global's study shows that 77% of consumers expect human interaction in their customer experience.

Small businesses should prioritise soft skills training for their teams, focusing on empathy, communication, and problem-solving. Balancing technology with genuine human engagement is the winning formula. 

How can you blend more human interaction into your customer experience?

Number 4: Build community in person and online

Creating communities online and offline is crucial. Since COVID, in person events are more popular than ever. 

Leverage digital platforms for webinars, online courses, and live streams. Establish your business as a thought leader and offer exclusive content in a Members Area on your website.

Complement the online presence with real-world meetups or workshops. This hybrid approach solidifies a sense of community, bringing your brand closer to your audience. How can you balance the two?  

Number 5: Focus on the customer experience 

In the "customer experience economy," how customers feel about their interaction with your business is as important as the product or service you offer.

Take a holistic approach to customer service, from online browsing to post-purchase support. Personalise the customer journey, show empathy, and meet customers where they are – both in terms of their needs and preferred platforms.

Not sure how your customer experience is right now? Do it yourself? See how easy and engaging it is.

Final thoughts 

Navigating business trends is about embracing change and adapting to the evolving landscape. 

By integrating Generative AI, Sustainable Practices, Human Interaction, Community Building, and a heightened focus on Customer Experience, small businesses can ride the waves of innovation, positioning themselves as agile players in the market.

What trend will you focus on in 2024?