Small Biz Trends

2024 • Trends

Tip: As digital is increasingly considered all-powerful, the soft touch is even more important than before.

The Small Business Association (SBA) has released its trend predictions for 2024.The top five are:

1. ARTIFICIAL INTELLIGENCE (AI). No question, this is THE hot button issue for 2024. It’s a topic that is at the forefront of many sectors. In fact, according to Constant Contact’s Small Business Now Report, 91% of small businesses that already use AI say it has increased their business success in areas including marketing, operations, and more.
2. EMOTIONAL INTELLIGENCE. As digital is increasingly considered all-powerful, the soft touch is even more important than before. A study by Redpoint Global found that 77% of consumers surveyed feel that human interaction is imperative for a positive customer experience.
3. CUSTOMER EXPERIENCE. While product quality and price are always very important, the SBA states that, “The concept of the ‘customer experience economy’ reigns supreme. Meet the customer where they are, whether that’s online or in-person, and personalize their journey as much as possible.”
4. SUSTAINABILITY. A recent NielsenIQ study found that 78% of consumers surveyed find sustainability and a sustainable lifestyle are important. They also report frequenting businesses that agree.
5. SECURITY. According to Deloitte, 67% of consumers surveyed say they want to be certain their information is both secure and managed in a responsible manner, especially on their phones.

The SBA releases information including educational materials and research findings on a regular basis. One source is its Learning Platform (sba.gov/sba-learning-platform). Check it out for educational materials that may help you and your team.

Tell us what sort of business information you would find most helpful and share in the conversation on Facebook here.

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Erinn Morgan

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