5 Small Business Trends for 2024

The vast emergence of artificial intelligence (AI) in 2023 got small businesses wondering how they might be able to integrate it into their daily workflows. In addition to AI, there were several other trends that permeated the small business economy in 2023. But what’s coming in the year ahead? Here are 5 trends that you can expect to have a big impact on small businesses in 2024:

 

Artificial intelligence

Artificial intelligence went from being a Sci-Fi movie plot point to a reality in 2023, and this trend will become even more impactful in 2024. Expect small businesses to start using AI more regularly to automate repetitive and menial tasks. You can also expect generative AI to play a bigger role than it ever has in small business, particularly for marketing materials and trend forecasting.

 

All of this being said, don’t expect AI to completely take over human tasks this year. We’re not at the level of comfort or reliability where computers can take over jobs. Small businesses will likely use a hybrid of AI and human labor for a while longer before making a more dramatic switch to AI.

 

Customer experience

While in the past the focus of a small business has been on product value and quality, 2024 will be the year of customer experience (CX). This means small businesses will focus their resources on making sure customers have an exemplary experience from the first moment they see your product to the moment they leave a glowing review of it. This means an impetus on prompt deliveries, stellar customer service, personalized marketing and offers, and an easy-to-navigate website. Consider hiring a Chief Experience Officer to take your CX to the next level.

 

Sustainability and values

Expect ethically motivated customers to increase their purchasing power in 2024. This means that investing in reducing your waste and carbon footprint can earn you loyal customers that will champion your brand for years to come. Consider this up-front investment to stimulate bottom-line growth for the future.

 

 

Remote and hybrid work

This post-pandemic trend is here to stay. In addition to improved work morale, implementing a permanent remote/hybrid workplace will also help you attract the best talent possible, as you may lose some of the best candidates available to your competitors by being too strict about your in-office policy. Embrace this trend in 2024 and lead with it in your job postings to let your potential employees know that you care about their comfort level in the workplace.

 

Online communities

Online communities will be more important than ever to the sustained success of small businesses in 2024. These online communities that are popular on social media platforms give your customers a chance to interact in regard to your product, building brand loyalty and providing invaluable free advertising for your products. When customers feel like their purchases bring them closer to a community, they start to associate your brand with a part of their identity, ingraining your products and brand into the DNA of their everyday lives. This is a trend that will continue as social interactions become even more digital in 2024.

 

Stay on top of the latest small business trends in 2024 to edge out your competitors and cultivate success.