In 2024 small businesses are changing their dynamics with fast. Now business financial strategies, technological adoption, and implementation of social awareness are the main topics in business. Check out the top five new business trends to anticipate so you stay updated about these five trends in small business trends.
1. Minimize Traditional Financing
Traditional financing is not charming for small businesses. The basic reason behind this ever-increasing high-interest rate for business. Not exactly a good option for entrepreneurs in need of capital.
As such, businesses are seeking the other way of financing options. The other alternative financing market is increasing at the fast pace and now it has worth $10 billion in 2022 with an anticipated compound annual growth rate of 15%.
2. Adoption of Social Commerce
The role of social commerce in businesses is increasing with passage of time. It has been around for a few years. Companies are running face book ads to attract the customers despite diminishing returns.
The usage of social media app is increasing dramatically and consumers love to connect with brands on this platform. All size businesses are promoting their business via social media app.
Now the social media has become sales channel and the big way of social commerce. This trend go beyond rather than simply social media marketing. The shopping over the Facebook, instagram and selling over the TikTok along with in app and on platform checkout has become top trend. In 2023 global social commerce sales reached $728 billion and it is expected to reach $7 trillion by 2030.
To get the maximum benefits form these rising trends figure out which social platforms that suits you to reach your target customers. While targeting customers do not forget to enable in app shopping for all your social channels and also make sure integration of POS with ecommerce platform smooth.
3. AI Technology Adoption
We can ignore the role of Artificial intelligence (AI) in small businesses. it is surely has a recent surge of awareness. This awareness will get more attention of small business adoption of and investment in the technology.
The implementation of Ai technology in small business proves a great success and more than 90% of small business that currently use AI says that it proves a big contribution in success. About 80% of small business executives anticipate their companies to use AI technology by 2027. The Ai in retail market will expected to reach $85 billion by 2033.
The Ai can be used in several ways which you can add:
AI can be used in an endless number of ways, including:
- Personalization
- Segmentation
- Analytics
- Fraud prevention
- Search Generative Experience
4. Support for Working Parents
SMBs understand the challenges working parents face. There are countless number of working parents out there. As per different research report almost 73% of mothers with children under the age of 18 are working or looking for job.
In addition to this in the COVID-19 pandemic time period, many SMBs were faced to send workers home and adopt remote work policies where possible. Mostly employees are used to having this work-life balance and spend more time in home with their families. Finally when companies call them back into the office, many were faced with childcare related challenges.
5. Small Business Accounting Software Rising Demand
The demand of small business accounting software and invoicing software is increasing and this trend is replacing the accountants and other qualified small business finance professionals. This is expected that the market will reach $70 billion by 2030.
As per the different survey reports more than 34% of professionals are planning to invest in accounting and finance in the coming year. As the usage of accounting technology such as automated bookkeeping, planning budget, and managing payroll in rising.
This is not due to ease in access of technology but because there is actually fewer qualified accounting professionals to work with. That why it is a great idea to get help from small business accounting software in business
Bottom Line
As a small business entrepreneur, you must adopt the new trends and technology in businesses such as alternative financing, leveraging the power of social commerce to attract more customers, getting help from AI, supporting working parents, and investing in accounting software.
If you want to stay updated and challenging in the competitive market you must adopt these trends in your small business startups. By doing this you can find opportunities in innovation and ultimately achieve your career objectives in the short time period.
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