3 Ways Technology Is Changing Small Business

The world we live in is rapidly evolving.

Technological innovation is central to the way we function. Pretty much every facet of modern life has been impacted by new technologies in some way.

Much of this innovation is driven by market forces. Businesses are constantly working to create new technology so they can deliver better products and services in more convenient ways.

This isn’t news to anyone. Enormous companies like Apple, Google, and Amazon are built upon constant innovation.

Less attention is paid to the ways technology impacts smaller businesses. But modern tech is changing small businesses just as much as big ones.

Here are 3 major examples of how new tech is changing small business.

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1: E-Commerce Only Stores

One of the biggest changes small business has seen is a major shift toward online sales.

The traditional image of a small business is a mom-and-pop store on the corner. Small business use be associated with small storefronts or offices.

Nowadays though, small businesses are mostly online. The shift to online platforms has allowed small business owners to reach more people and to save immense amounts of money.

Without the need to rent expensive physical stores, small business owners can start their businesses with much lower overhead costs. They pretty much just need the money to register and to purchase the raw materials for their products. As such, there are more online-only small businesses than ever before.

This paradigm shift has profoundly impacted the way we think of small business. In most cases, it makes far more sense for entrepreneurs to launch online first.

2: Digital Marketing

In the same vein, the increased prevalence and importance of digital marketing has shifted small business operations significantly.

Digital marketing is far and away the most powerful and cost-effective way to market for most businesses. It allows businesses to connect with their target audience on a personal and highly specific way.

This has further shifted the way small businesses operate. Where once small businesses were largely defined by their local status, now small businesses are marketing to people across the country.

Gone are the days of the local billboard on the corner. Instead, small businesses are now using Facebook and Instagram ads to sell their products or services in a wide range of geographic locations.

This development is beneficial for both consumers and small business owners.

Consumers can find the perfect products for their particular needs with more ease than ever. The fact that they can discover small businesses across the globe means they don’t have to settle for generic products anymore.

Likewise, small businesses can grow much faster than in previous times. They don’t have to be huge to develop a large following or customer base. This means they can launch and become profitable with ease.

3: Artificial Intelligence

The last thing impacting the business landscape is the increased use of artificial intelligence in small businesses.

Artificial intelligence has numerous beneficial applications for small businesses.

Small business owners can use AI in their marketing to better target the right people. They can easily and effectively connect with the consumers most likely to need their products, without having to spend hours researching and guessing.

AI also helps small business owners with more logistical tasks. Software can help with everything from taxes to payroll to workflow organization.

This means small business owners can operate on their own much more effectively, helping them grow without having to hire numerous employees right off the bat.