The future of fleet management: Trends for small business owners

As technology continues to evolve, embracing the latest trends in fleet payment methods will keep you competitive while curbing operational expenses. Small businesses with a fleet of commercial vehicles wanting to gain a competitive edge and optimize cash flow should adapt with the times. 

Five hottest trends predicted by U.S. Small Business Administration for 2024

1. Artificial intelligence

AI was the buzzword of 2023. And with its capabilities spanning way past the tech industry, into almost every market, AI is leading the charge in optimization. 

The Small Business and Entrepreneurship Council (SBEC) surveyed small businesses across the U.S. and found that nearly half of them started using AI tools this year, and 93% of them agreed that AI has improved profitability and driven cost-efficiency. Consider what potential AI has for your business and how it can be used to save time and money. 

2. Sustainability

Environmental impacts and operating sustainably are a priority for younger and older generations alike. Since Millennials and Gen Z are in the workforce, and also make up a percentage of today’s consumers, what they value should be considered when making business decisions. Evolving your fleet to include electric vehicles or renewable energy could influence consumers while in their buying journey.

3. Customer service skills

Customers are an important focus, now more than ever. With online reviews and social media story-sharing, a story of a customer’s bad experience can spread quickly. In fact, a Hiver study showed that 36% of consumers will actively share their negative customer service experience, while 34.5% won’t recommend the brand if they have a bad experience and 18% will leave a negative review. 

It’s important to make customers feel good during an interaction. This means businesses need to prioritize customer service skills and communication. Consider training your employees on their interpersonal skills, communication, and problem solving capabilities to leave customers satisfied after every interaction.

4. User experience (UX) and consumer experience (CX)

UX and CX are rising areas of focus in the digital world. Creating an online experience is important as every step in your customer’s journey can impact their purchase decision or affect a customer’s loyalty to your business. Clear and consistent messaging is key and a professional and functional website is a must.

5. Cybersecurity

Privacy and security are major global concerns. Ensuring your customers’ information stays protected is important. As AI is on the rise, so are AI phishing and manipulation tactics. Stay aware of scams and identify possible pitfalls within your business. Use best practices to avoid falling victim to hackers and scammers.

Focus on building your small business in 2024 by incorporating fleet cards

Fleet cards offer more to your small business than what you would get from a mainstream credit card. Fleet cards are designed for businesses managing a fleet of commercial vehicles. They offer businesses of all sizes the tools to track and manage spending, with a focus on savings, transparency, and security. 

In recent years we’ve seen a gradual shift in fleet card uses to embrace the evolving trends in business, including:

• Enhanced security
• Real-time tracking
• Widely available acceptance
• Contactless payments
• Comprehensive expense management
• Data analytics and reporting

Coming business trends we’ll see in 2024 look to be reshaping fleet management to accommodate more than just business expenses. Take advantage of the extras that come with fleet cards to support your business needs. With the added security in purchases, small business owners can focus on matching the needs of their customers, while staying ahead of the competition.

WEX is a leading, global fintech solutions provider, simplifying payments and back-end business processes in the fleet management, benefits management, and corporate payments areas. To learn more, please visit the company’s About WEX page.

Apply for a fleet card today!

Sources:
U.S. Small Business Administration
Small Business and Entrepreneurship Council
Hiver