How Technology Empowers Small Businesses: Key Findings from the U.S. Chamber of Commerce

Technology continues to play a pivotal role in helping small businesses thrive. According to the U.S. Chamber of Commerce’s 2024 report, Empowering Small Business: The Impact of Technology, 99% of small businesses use at least one technology platform, with an increasing number adopting AI. Here are some key findings:

• Tech Adoption Fuels Growth: Small businesses that embrace technology are more likely to see growth in sales, profits, and employment. In fact, high-tech adopters grew faster than their low-tech peers in 2023.

• AI Use is Surging: 40% of small businesses now use AI, nearly double from the previous year. AI tools help with everything from customer insights to inventory management. A notable 91% of businesses believe AI will drive future growth.

• Technology as a Cost Saver: With inflation being a top concern, 79% of small businesses report that technology helps them avoid raising prices for customers by improving operational efficiency.

• Challenges and Opportunities: While technology provides immense benefits, 86% of small business owners worry that proposed regulations could harm their growth, especially around data and AI usage.

At OutfIT, we believe in the power of technology to level the playing field for small businesses. If you’re interested in exploring how emerging technologies can benefit your business, we’d be glad to help you navigate the path forward.

For more detailed insights, check out the full report here.