7 Business Trends Indian SMEs Must Use to Grow in 2024

In today's fast-changing market, Indian small and medium enterprises (SMEs) must stay updated with current business trends to remain competitive and grow sustainably. Adopting the right strategies can help SMEs improve customer reach, streamline operations, and increase profitability. Here are seven actionable trends for 2024 that SME owners can implement effectively.

## Trend 1: Digital Payments Expansion
Digital payments continue to grow rapidly in India, driven by UPI, mobile wallets, and QR code acceptance.
- What it is: Offering customers multiple digital payment options beyond cash and cards.
- How to use it:
- Set up UPI QR codes at your store or website.
- Partner with popular wallets like Paytm or PhonePe.
- Promote digital payment discounts or cashback offers.
- Example: A local retailer in Bengaluru increased sales by 15% after enabling UPI payments and running festive cashback offers.

## Trend 2: Social Commerce via WhatsApp and Instagram
Social commerce leverages social media platforms to sell products directly.
- What it is: Using WhatsApp Business and Instagram Shops to showcase and sell products.
- How to use it:
- Create a WhatsApp Business profile with catalogs.
- Use Instagram Shopping tags and stories to highlight products.
- Engage customers through chat to answer queries instantly.
- Example: A Delhi-based handmade jewelry SME grew its customer base by 30% by actively selling on Instagram and offering personalized WhatsApp support.

## Trend 3: Hyperlocal Delivery Services
Speed and convenience are key; hyperlocal delivery meets these needs by serving customers within a small geographic area quickly.
- What it is: Providing same-day or next-hour delivery within a neighborhood or city.
- How to use it:
- Partner with local delivery startups or build an in-house delivery team.
- Use WhatsApp or SMS to confirm orders and deliver updates.
- Focus on fast delivery for perishable or essential goods.
- Example: A Chennai-based grocery store saw repeat orders increase after launching hyperlocal delivery with real-time tracking.

## Trend 4: Data-Driven Marketing
Using data analytics to understand customer behavior and tailor marketing efforts.
- What it is: Collecting and analyzing customer data from sales, social media, and website traffic.
- How to use it:
- Use affordable tools like Google Analytics and Facebook Insights.
- Segment customers by purchase history and preferences.
- Run targeted ads or personalized offers to increase conversions.
- Example: An Ahmedabad apparel SME optimized its ad spend by targeting specific age groups, resulting in a 20% rise in ROI.

## Trend 5: Sustainability and Eco-Friendly Practices
Customers increasingly prefer brands that care for the environment.
- What it is: Adopting eco-friendly materials, reducing waste, and promoting sustainability.
- How to use it:
- Switch to biodegradable packaging.
- Highlight your sustainable initiatives in marketing.
- Join local green business groups for support and visibility.
- Example: A Pune-based organic food brand gained loyal customers by switching to compostable packaging and sharing its story on social media.

## Trend 6: Remote Work and Flexible Staffing
SMEs can reduce costs and increase flexibility by adopting remote or hybrid work models.
- What it is: Allowing staff to work remotely or on flexible schedules.
- How to use it:
- Use communication tools like Slack or Microsoft Teams.
- Hire freelancers or part-time workers for specific tasks.
- Focus on output-based performance rather than hours worked.
- Example: A Hyderabad IT services SME expanded its talent pool and reduced overheads by hiring remote developers.

## Trend 7: Subscription and Membership Models
Generating predictable revenue streams through subscriptions or memberships.
- What it is: Offering customers products or services on a recurring basis.
- How to use it:
- Identify products suited for repeat purchase (e.g., coffee, personal care).
- Create subscription plans with discounts or perks.
- Use simple payment gateways to automate billing.
- Example: A Mumbai-based fitness center launched a monthly membership with online workout classes, increasing steady cash flow.

### Next Steps to Implement
Choose 1-2 trends most relevant to your business and create an action plan. For example, start by setting up digital payments or launching a WhatsApp Business profile this week. Test results, gather feedback, and expand gradually. Consistent, small improvements aligned with current trends will build growth over time.