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Uncovering the Rise of AI in Small Business
The latest Verizon Business survey reveals an impressive trend: the adoption of artificial intelligence (AI) among small and midsize businesses (SMBs) in the United States has skyrocketed. With 39% of surveyed businesses utilizing AI in 2024—up from a mere 14% in 2023—it's clear that the potential of AI is being recognized and embraced. This transition is largely due to a growing familiarity with AI tools and their remarkable capacity to automate tedious tasks, allowing entrepreneurs to redirect their energy toward expanding their core operations.
Why Technology is Essential for Survival
Given today's economic landscape marked by inflation and uncertainty, it's no surprise that technology is seen as a lifeline for many businesses. The survey conducted by Morning Consult highlighted that 38% of small businesses have added digital components to their offerings over the past year. Likewise, 66% have seen fit to upgrade their internet bandwidth to satisfy increasing online operational demands. Technology investments are no longer an option; they are now fundamental to maintaining a competitive edge.
Social Media—The New Marketplace
As SMBs navigate this challenging environment, they are turning to social media to interact with customers and increase sales. A staggering 84% of respondents use Facebook for promotion, while platforms like Instagram and TikTok are also becoming indispensable. This pivot towards social media is not merely for trend-following; it reflects a strategic response to changing consumer behavior, especially as online presence becomes critical in reaching wider audiences.
A Bright Outlook Despite Challenges
Despite challenges like rising inflation and financial uncertainties—83% of respondents expressed concerns about inflation—optimism prevails among small business owners. More than half of the surveyed businesses believe their financial situations will improve in the coming months, showing that a proactive approach in leveraging technology is a key to resilience. In particular, brick-and-mortar businesses are refreshing their strategies, with many preparing for a strong holiday season.
Investing in the Future
To further support these efforts, Verizon Business is offering a free “tech check” during their Small Business Days, allowing entrepreneurs to assess their technology needs. The push is also reflected in Verizon's Small Business Digital Ready platform, providing essential digital skill training. This comprehensive approach aims not only to enhance immediate operational capabilities but to prepare small businesses for future growth and stability.
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