In this digital age, it is required for a small business to embrace emerging trends and technologies.
The future of small businesses can be dependent upon the technologies they utilize and what trends they adopt. With constant advancements in the business landscape, a small business needs to adapt to changes.
Adopting emerging trends and technologies provides a competitive advantage to small businesses as it can help the business reach an entirely new set of audiences, work efficiently, cost-cutting, and time-saving.
As technology plays a vital role in the growth and success of a business, it is extremely important to adopt emerging trends and technologies.
This article is a perfect solution for you if you want a detailed list of emerging trends and technologies. So, stay with us till the end of this article to gain valuable information about these trends and technologies and their importance.
A study by the U.S. Chamber of Commerce found that 86% of small business owners in the United States believe that technology platforms helped their businesses survive through COVID-19 and 87% believe technology has helped them grow in challenging conditions.
Emerging trends and technologies like blockchain, VR and AR, artificial intelligence, cybersecurity, 5G connectivity, and other trends not only allow small businesses to be some steps ahead of their competitors but also help save a lot of time and money.
The employees of these small businesses also get to learn new skills to better interact with the customers with these trends and technologies, which enhances the experience of the customers and increases the chance of retaining the customers.
Furthermore, these technologies have several other benefits too.
It helps in following a strategic approach for the business and portrays that your business is keeping up with the world and creates a reputable image which in turn may result in increased chances of collaborations and partnerships.
This creates a productive environment in the business and might also show an increase in sales of the company.
8 Emerging Trends and Technologies for Small Business in 2024
Here is a list of top emerging trends and technologies to embrace for a small business to make a promising future.
1. Artificial Intelligence (AI)
Artificial intelligence (AI) is transforming the way small businesses operate by offering powerful tools to automate processes, improve decision-making, and personalize customer interactions.
With AI, small businesses can automate time-consuming tasks, such as scheduling appointments, processing orders, and responding to customer emails. Through this automation, employees can focus on more strategic tasks that require human intuition and expertise.
Moreover, AI enhances decision-making by analyzing data to identify trends and patterns, helping small businesses make informed choices about marketing, pricing, and product development.
Additionally, AI can be used to track customer behavior and preferences, helping small businesses to personalize marketing messages and product recommendations.
Here are some specific examples of how AI is being used in small businesses:
A small restaurant can use AI to recommend dishes based on customers' past orders and preferences.
Similarly, a small retail store can track foot traffic and identify areas where more products need to be displayed.
AI can also be used by small marketing agencies to create personalized email campaigns. These campaigns are more likely to be opened and generate clicks.
Despite the many benefits, there are also some challenges associated with using AI.
Cost is a significant factor as AI implementation and maintenance can be expensive.
Additionally, there are data requirements and technical expertise needed to effectively use AI in small businesses.
With the potential to increase revenue, and improve efficiency and customer satisfaction, AI remains an important tool for small businesses looking to stay competitive.
According to Microsoft's Small Business State of Mind report 56% of small business owners believe that their businesses could benefit from artificial intelligence (AI) solutions to create more efficient operations. The most common areas of interest for AI-based solutions were analyzing customer data and trends (49%), and automating repetitive tasks such as order tracking and customer service (46%).
2. Customer Communication Tools
Small businesses have been utilizing customer communication technology for many years now, but the way in which they are using it is evolving.
In the past, customer communication tech was mainly used for resolving customer issues and providing support. However, today, these tools are being utilized for a much wider range of purposes.
Businesses are using them to build strong relationships with customers, generate leads and sales, and gather valuable feedback.
Providing personalized customer experiences has become a top priority, and customer communication tools are proving to be an invaluable asset in achieving this goal.
As small businesses evolve, so do customer communication tools. With an ever-expanding selection of options, businesses can find the perfect tool to fit their needs.
Popular options like live chat allow for real-time communication that can be invaluable for building relationships with customers.
Email marketing provides the opportunity to target specific customers with promotions and offers.
Social media platforms offer unique advantages for businesses looking to connect and engage with customers online.
Meanwhile, customer relationship management (CRM) software can help businesses track customer interactions and tailor their approach accordingly.
No matter the tool, small businesses have a wealth of options at their disposal to connect and engage with their customers like never before.
About 49% of small and medium-sized business (SMB) sales teams integrate their customer relationship management (CRM) software with customer service tools. - Source: Zendesk
3. Cloud Computing
Small businesses have always struggled with managing their IT infrastructure. It can be an expensive affair, and keeping up with the latest technology can be an important task.
This is where cloud computing comes in as a game-changing technology trend for small businesses.
First off, cloud computing can significantly reduce IT costs by eliminating the need for expensive hardware and software. This is a game-changer for small business owners who want to allocate more resources to other important aspects of their business.
Additionally, cloud computing allows for easier scaling up or down of IT resources, which means small businesses can react more quickly to changing market demands.
Cloud computing is also more secure than traditional on-premises systems. Not only that, but it simplifies accessibility to data and applications, allowing small businesses to work anytime, anywhere.
Lastly, cloud computing provides small businesses with access to advanced technologies that can drive innovation in their organization.
All in all, cloud computing is a critical tech trend that small businesses can't afford to ignore.
The adoption of cloud infrastructure or hosting among traditional small businesses is 44%, which is lower than the adoption rate of 66% among tech-based small businesses and 74% among enterprise companies. - Source: TechRepublic
4. CyberSecurity
The rise of technology has changed the way small businesses operate, and with it, the risk of cyberattacks has also increased.
Despite the size of the business, the cost of a cyberattack can be devastating and even if the attack is unsuccessful, it can still lead to reputational damage.
To mitigate against this, small businesses can educate their employees on cybersecurity risks and how to protect themselves.
They can use strong passwords and multi-factor authentication to protect their accounts from unauthorized access, as well as ensure their software is up to date with security patches.
Equally important is backing up data regularly and having a cybersecurity plan in place to deal with any incidents should they occur.
By taking these steps, small businesses can improve their cybersecurity posture and protect themselves against the ever-evolving threat of cyberattacks.
Cybercrime is expected to cost the world $10.5 trillion by 2025, according to cyber security research firm Cyber Ventures.
5. Virtual Reality (VR) and Augmented Reality (AR)
VR and AR are not only exciting technological trends but they also provide opportunities for small businesses to stand out in their industry and to offer unique and innovative services.
Here are some specific ways that VR and AR can be used in small businesses:
Virtual Reality or VR can create immersive experiences that allow customers to interact with products and services in a realistic way, opening up new avenues for training and marketing. For example, a furniture store could use VR to let customers "try out" different furniture in their own homes before making a purchase.
Augmented Reality or AR overlays digital information in the real world and can be used for training, education, and marketing purposes. Imagine a construction company that uses AR to help its workers visualize a building project and get a better understanding of what the end product will look like.
Beyond being immersive, VR and AR have educational purposes as well. Small businesses have begun using these technologies to improve their training and educational materials, allowing for more realistic and engaging learning experiences.
Further, VR and AR can significantly enhance customer service by providing more personalized experiences.
The possibilities of innovation with VR and AR are endless- business owners can leverage these technologies to create new products and services, or to improve their existing ones, making them stand out in the market.
The global extended reality (XR) market, which includes augmented reality (AR), virtual reality (VR), and mixed reality (MR), was valued at $29.26 billion in 2022 and is projected to reach over $100 billion by 2026. - Source: Statista
6. Blockchain
With its ability to create secure and transparent transactions, blockchain technology has become a popular choice for businesses that need to track goods or money movements.
Additionally, blockchain's decentralized applications (dApps) offer small businesses the opportunity to reduce their dependence on third-party platforms. The benefits of smart contracts, another blockchain feature, cannot be overlooked, as they offer businesses the ability to automate transactions while minimizing the risk of fraud.
Here are some specific ways that blockchain can be used in small businesses:
One of the ways it can be implemented is in supply chain management, by tracking the movement of goods and materials, this technology can help improve efficiency and transparency.
Blockchain technology could even be used in healthcare, by storing and sharing medical records to improve patient care and reduce fraud.
In addition to the healthcare industry, blockchain technology may be implemented in real estate, as it allows for the efficient tracking of property ownership.
All in all, blockchain has great potential for many small businesses and could make significant contributions to streamlining processes.
The benefits of using blockchain in small businesses include:
The most significant of these benefits is undoubtedly the security it provides, allowing businesses to keep their data and transactions safe from prying eyes.
Another crucial benefit is transparency, which fosters trust among customers and business partners.
Blockchain can help automate transactions, remove unnecessary paperwork, and enhance the efficiency of business processes.
It can also reduce expenses by cutting out intermediaries, which in turn can lead to savings in costs.
Moreover, blockchain technology has the potential to inspire innovation in small businesses by giving birth to novel products and services.
According to IBM, small businesses that use blockchain technology are more likely to be innovative and profitable.
7. 5G Connectivity
Small businesses are quickly embracing 5G connectivity as the latest tech trend.
With faster speeds than previous cellular networks, 5G is perfect for businesses that need to transfer large amounts of data. Additionally, lower latency ensures that data is transferred in real-time, making it perfect for businesses that require live streaming or remote collaboration.
What's more, the use of a wider range of frequencies makes 5G more reliable and less susceptible to interference; a feature that many businesses will find appealing in poor reception areas.
Here are some specific ways that 5G connectivity can be used in small businesses:
With 5G, remote work becomes easier than ever before, with reliable and fast internet connections available for employees who work from home.
Video streaming and remote collaboration also benefit from 5G connectivity, with high-quality content and fast connections making it easier for businesses to share information and work together.
And with the ability to connect IoT devices and even self-driving cars to the internet, the possibilities for small businesses are truly endless.
Global 5G mobile subscriptions are projected to surpass 1.5 billion by 2023, with growth in all regions. - Source: Ericsson Mobility Report
8. Voice Search
With voice search technology, users no longer need to type in their queries but instead, they can speak them into their devices.
Voice search is quickly gaining momentum because of its convenience, accuracy, and widespread availability.
It is not only making life easier for people but also helping small businesses reach new customers by improving their online visibility.
Here are some specific ways that voice search can be used in small businesses:
Voice search can be used as a customer service tool to provide support and resolve issues.
Marketing efforts can also benefit from voice search by targeting ads and promotions to the right people.
In addition, customers can use voice search to find products or navigate websites with ease.
Lastly, businesses can even use voice search to close deals by helping customers find the exact products or services they need.
With so many potential applications, it's clear that voice search is a trend that small businesses can't afford to ignore.
Wrapping Up
Technology is rapidly shifting the way small business owners interact with customers, manage finances, and store data.
As this article has attempted to demonstrate, the 8 top technology trends and each of these technology trends is a powerful tool that can help small businesses stay on top of their game.
However, in order to take advantage of them all successfully requires strategic planning and a full understanding of what each can do for their business.
Therefore it is vital that small business owners research these trends fully in order to maximize their benefits now and into the future.