It’s that time when we look to the year ahead and wonder what’s in store for 2025. No-one knows for sure what’s to come for small businesses, but we can take a well-educated guess as we reflect on the data, insights and conversations our team at MYOB have gathered over the last year.
So here are our five predictions for the next 12 months.
Customer experience counts
In 2025, exceptional customer experience (CX) will be more important than ever. With our increasing reliance on digital platforms, customers will expect seamless, personalised and efficient interactions in the digital world and in-store.
If yours is a brick-and-mortar business, then consider how you can add value to the in-person customer experience. Think product demonstrations, one-on-one expert advice, and personalised recommendations to make their visit extra special.
For online businesses, look at how you could draw on customer data to tailor experiences, product recommendations and communication.
Prioritising customer experience and keeping it at the heart of every decision you make is the best way to create loyal customers who want to buy from you repeatedly, leave positive reviews, and refer you to their friends and family.
Beyond AI experimentation
If 2024 was the year when AI became an intriguing experiment for small business, then 2025 will be the year when AI becomes a small-business standard. This means moving from dabbling with experimental tools or throwing spaghetti at Chat GPT to see what sticks, to strategically looking at where AI processes could save time, reduce costs, and boost performance.
From AI-powered customer chatbots to tools that automate marketing campaigns, AI will become embedded in day-to-day operations. Businesses will need to create clear policies to ensure ethical, secure and transparent use of AI. Transparency will be vital to building trust with customers who want to know how AI is impacting their experience, and for employees who need to understand its implications.
Flexible payment options as standard
It might sound obvious, but making it easy – and safe – for customers to purchase from you is critical for business success. Consumers expect to be offered a range of payment options for speed and flexibility.
For small businesses, this means removing any barriers to purchase by offering a variety of payment options, including contactless payments, mobile wallets, and online payment services.
Purpose-driven purchases
Consumers will be even more driven by their own values and beliefs when choosing the brands they want to buy from, so in 2025, businesses that can demonstrate environmental responsibility, social impact and community connection will lead the pack.
Our recent MYOB data found that 61% of Australians are willing to pay more for local products and services, so if your business has local roots, sustainable or ethical practices, make sure potential customers can find this information easily when they’re thinking about buying from you.
Share your story, communicate your impact, and show customers how their spending contributes to something meaningful.
Being smart with spending
Cost of living is likely to continue to be at the forefront of the minds of consumers and business owners alike in 2025. Business owners will need to make careful decisions about their investments to ensure they drive optimal benefit.
This means taking the time to review business subscriptions and digital tools, to ensure they’re helping you drive productivity and efficiency. Business owners who can reduce the time they spend on admin and business back-end tasks can instead use that time to focus more on growth, innovation and customer experience.
Looking ahead
Change is a constant in business, but the businesses that succeed are those that embrace new trends as opportunities. If you can head into 2025 with an open mind on harnessing these trends while saving your team time on basic tasks, your future self will thank you.
This post was originally published on here
