- Studies find that 96% of SMBs agree that tech could help them reach new markets
- AI, Digital Marketing and E -trade offer the greatest options
- High costs and limited budgets highlight the need for removed barriers
Almost all (96%) of the small and medium -sized companies that were investigated in a recent study of Shopify agree that technology will help them reach new markets in the next 12 months – but key barriers prevent them from full success.
Not surprisingly, AI tools peaked the list, where 43% saw it as the most useful for global expansion, but many raised cash concerns.
High costs and limited budgets (44%) and uncertainty about ROI (30%) are currently preventing SMBs in full roll-out, while larger cash-supported companies are accelerating with a more trial-and-failure approach.
SMBs are more cautious about tech rolls
With larger companies that prove that artificial intelligence investments can bring huge rewards, one in three (35%) UK SMBs now takes several risks of gaining an advantage in a competitive landscape, with previous caution that highlights a gap between ambitions and execution.
Shopify leader of Northern Europe partnerships Matthias Kleven said: “SMBs are ready to innovate – but need clear roads, affordable tools and measurable results to fully commit.”
Digital Marketing Tools (38%) and E trading platforms (36%) also emerged as key areas for investments among UK SMBs, where about three out of five agree that their own site allows for more personalized marketing strategies (57%) and allows them to build an emotional connection with customers (63%).
What the study fails to note is the type of AI that helps SMBs most-customer-facing AI as chatbots and personal marketing has the potential to create more tailor-made experiences, but automation and predictable analysis can help companies do more with their data.
Looking forward, SMBs could pilot technologies they do not already use in certain areas to measure ROI before fully implemented, taking lessons from larger companies that have already made these types of investment.
Shopify also calls for barriers removal, enabling business owners easier to access tech that provides value.
