Business trends are shaped and driven by economic developments, customer incentives, and the competitive landscape. They’re also influenced by technology, regulatory and social factors that affect the world and people around it. Keeping up with the latest business trends can help small businesses stay ahead of the competition and identify opportunities to grow their revenue.
Multi-hyphenate businesses
Having two or more distinct sets of products or services under one brand is a trend that will continue into 2025. This strategy generates multiple revenue streams, drives loyalty through extensive offerings, and opens up new marketing routes for businesses. These strategies may include offering a subscription model, e-commerce, or leveraging platforms like TikTok to create video content.
Self-serve solutions
Consumers are increasingly interested in using self-serve options when they have questions or issues with a product or service. This includes websites that offer FAQs and wikis, chatbots that answer common queries, or apps that allow customers to resolve their own issues through text. Providing these solutions is a great way to reduce costs, boost customer satisfaction, and improve retention.
Sustainable practices
As a result of environmental, sustainability, and ethical concerns, consumers are increasingly willing to support businesses that use sustainable materials, source products from responsible suppliers, and take part in recycling or circular economies. This is a particularly important trend for small businesses that can use their local presence and often intimate customer relationships to emphasize their commitment to these initiatives.