Washington DC– The American Chamber of Commerce announced today New national survey and economic analysis Measuring the impact of technology platforms on small businesses and the economy.
The analysis by I got caught.Not only have various technology platforms played a critical role in helping small business owners start, run, and grow their businesses—as well as survive the economic crisis—but even those small businesses that have fully embraced technology are competing and outperforming their peers. Optimistic about the future.
Despite historic inflation and two-quarters of negative economic growth, small business owners have been able to sustain themselves time and time again with the help of technology platforms such as digital advertising, business software and delivery apps and increasing customer reach. ” said Jordan Crenshaw, vice president of the American Chamber’s Center for Technology Engagement.
According to the analysis, small businesses can achieve tangible economic benefits when using technology. Small businesses that use technology platforms directly employ or support more than 99.8 million jobs in America and contribute $17.7 trillion to the economy annually.
“Small businesses using technology are playing an important role and are essential to the growth of the US economy. “Congress must prioritize policies that encourage the growth and adoption of technology to ensure America’s small businesses continue to innovate and serve their communities,” said Crenshaw.
Key findings
93 percent of today’s small business owners report using at least one technology platform to help run their business, and the average owner uses three different platforms. Of these, 85% report that technology platforms have helped them grow their business and 94% report that technology helps them do their jobs more effectively.
Eighty-six percent of small business owners in the US believe that technology platforms have helped their business survive during COVID-19, and 87% believe that technology has helped them grow during difficult times.
Small businesses that incorporate more technology platforms into their operations are more likely to see growth in sales, profits, and employment starting in 2020. Eighty-four percent of small business adopters (using 6+ technology platforms) increased profits, 82% increased sales, and 74% increased business compared to their low adopter peers (using 1 or fewer platforms) who were less likely to see growth in these areas, 65%, 59%. and 54%
In addition to economic benefits, small business owners are seeing personal benefits. About ten in ten (88%) small business owners agree that using technology platforms helps them find more joy in running their business, and 80% agree that it helps them have more time to spend away from their business. Their family, instead.
Future view
When it comes to the future, 89% of small businesses are very or somewhat optimistic – and this confidence is based on their use of technology. Small businesses that use technology heavily (6 or more platforms) are twice as likely to be very optimistic than those with low adoption (0 to 1 platforms). And small businesses that use more technology are expecting faster growth in everything from customer acquisition to sales to employment to profitability over the next two to three years, compared to businesses that have adopted less technology.
As a result, the majority of small businesses plan to continue investing in their use of technology, with 83 percent reporting that they will upgrade technology platforms in their operations in the next two to three years, and 63 percent planning to use more advanced technology. , from artificial intelligence to virtual reality.
Guidelines
Along with this analysis, the Chamber’s Center for Technology Engagement (C_TEC) developed recommendations for policymakers to encourage technology development and adoption to ensure small businesses continue to use digital tools and resources. Among C_TEC’s recommendations is to enact a smart national data privacy law that protects all Americans equally and promote the gig economy to avoid unnecessary restrictions on flexible working.
Visit to see the full analysis and C_TEC policy recommendations AmericanInnovators.com.
