7 Business Trends Indian SMEs Must Use to Grow in 2024

In today’s fast-changing market, staying updated with business trends is essential for Indian small and medium enterprises (SMEs) to compete and grow. Leveraging the latest trends can improve efficiency, customer reach, and profitability. Here are seven practical trends every SME should consider in 2024.

## Trend 1: Digital Payments and UPI Expansion
India’s digital payments ecosystem continues to grow rapidly, driven by UPI and mobile wallets.
- What it is: Unified Payments Interface (UPI) allows instant money transfers via mobile apps.
- How to use it:
- Integrate UPI and popular digital wallets into your payment options.
- Promote contactless payments to improve customer convenience.
- Use payment data to track customer buying patterns.
Example: A local retailer in Mumbai adopted UPI, reducing cash handling and increasing sales by offering easy EMI options.

## Trend 2: Leveraging Social Commerce
Social media platforms like Instagram and WhatsApp are becoming direct sales channels.
- What it is: Selling products directly through social media apps.
- How to use it:
- Set up a business profile on Instagram/Facebook Shop.
- Use WhatsApp Business to connect personally with customers.
- Share product demos, customer reviews, and promotions regularly.
Example: A handcrafted jewelry SME in Jaipur boosted revenue by 30% by selling through Instagram Shops combined with WhatsApp customer support.

## Trend 3: Cloud-Based Business Operations
Cloud tools offer flexibility and reduce upfront IT costs.
- What it is: Using cloud software for accounting, CRM, inventory, and collaboration.
- How to use it:
- Move accounting and invoicing to cloud platforms like Zoho Books or Tally ERP.
- Use cloud CRM tools to manage customer relationships.
- Collaborate remotely with teams using Google Workspace or Microsoft 365.
Example: A Bangalore-based IT services SME streamlined operations by shifting to cloud CRM, improving client follow-ups and project tracking.

## Trend 4: Sustainable and Ethical Business Practices
Consumers increasingly prefer brands that consider environmental and social impact.
- What it is: Adopting eco-friendly materials, reducing waste, and fair labor practices.
- How to use it:
- Source sustainable materials locally.
- Reduce packaging waste and promote recycling.
- Communicate these efforts transparently to customers.
Example: A Delhi-based organic food SME tripled customer loyalty by highlighting its sustainable sourcing and plastic-free packaging.

## Trend 5: Personalized Customer Experiences Using AI Tools
AI can help SMEs tailor services and marketing.
- What it is: Using AI-powered chatbots, recommendation engines, and analytics.
- How to use it:
- Implement AI chatbots on websites or WhatsApp to answer FAQs.
- Use AI tools to analyze customer data and send personalized offers.
- Automate follow-ups based on purchase history.
Example: An apparel SME in Chennai used chatbots to handle basic queries, freeing staff for personalized customer service.

## Trend 6: Skill Development and Upskilling
Investing in employee skills boosts productivity and innovation.
- What it is: Providing training and learning opportunities for staff.
- How to use it:
- Use online platforms like Coursera or Udemy for relevant courses.
- Encourage cross-skilling to cover multiple roles.
- Align training with business goals such as digital marketing or customer service.
Example: A Pune-based manufacturing SME improved product quality by training workers in new quality control techniques.

## Trend 7: Omni-channel Presence
Customers expect seamless experiences across offline and online channels.
- What it is: Integrating physical stores, websites, social media, and marketplaces.
- How to use it:
- Maintain consistent pricing and branding across channels.
- Use inventory management tools to sync stock.
- Offer click-and-collect or easy returns.
Example: A Kerala-based furniture SME increased sales by creating a website and linking it with their physical showroom and WhatsApp sales.

### What to do in the next 7 days:
Choose 1-2 trends from above that fit your business model. Start by researching tools or partners to implement these changes. For example, set up UPI payments or create a social commerce profile. Small steps now can build momentum for growth throughout 2024.