Due to the nature of the trade, it is challenging to research the factors of the dynamics of financial performance and trade efficiency in Serbia. With this in mind, this paper measures and analyses the dynamics of financial performance and trade efficiency in Serbia using the IFTOPSI and TOPSIS methods. The results obtained from empirical research show that according to the IFTOPSIS method, the top five years in order include: 2004, 2020, 2015, 2007 and 2017. The worst year is 2006; and according to the TOPSIS method, the top five years in order include: 2020, 2019, 2017, 2018 and 2011. The worst year is 2002. Recently, according to both methods, the financial performance and efficiency of trade in Serbia have improved. This was influenced by: economic climate, inflation, exchange rate, inflow of foreign direct investments, management of human resources, assets, capital, sales and profit, implementation of new business models (multichannel sales, sales of organic products, private label), cost management (for example, costing by activity), customers and product categories. The digitisation of the entire business has a significant role in this. The impact of the COVID-19 pandemic has been mitigated with e-commerce. Adequate control of these and other factors can influence the achievement of the target financial performance and trade efficiency in Serbia.