- Study finds 96% of SMBs agree tech could help them reach new markets
- AI, digital marketing and ecommerce offer the biggest opportunities
- High costs and limited budgets highlight the need for removed barriers
Nearly all (96%) of the small and medium-sized businesses surveyed in a recent study by Shopify agree technology will help them to reach new markets in the next 12 months - but key hurdles are preventing them from full success.
Unsurprisingly, AI tools topped the list, with 43% seeing it as the most helpful for global expansion, but many raised cash concerns.
High costs and limited budgets (44%) and uncertainty around ROI (30%) are currently preventing SMBs from full rollout, while larger cash-backed enterprises are accelerating with a more trial-and-error approach.
SMBs are more cautious about tech rollouts
With larger companies proving that artificial intelligence investments can bring huge rewards, one in three (35%) UK SMBs are now taking more risks to gain an edge in a competitive landscape, with previous caution highlighting a gap between ambition and execution.
Shopify Head of Northern Europe Partnerships Matthias Kleven said: “SMBs are ready to innovate – but need clear pathways, affordable tools, and measurable outcomes to fully commit.”
Digital marketing tools (38%) and ecommerce platforms (36%) also emerged as key areas for investment among UK SMBs, with around three in five agreeing that their own website 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’s helping SMBs the most – customer-facing AI like chatbots and personalized marketing have the potential to create more tailored experiences, but automation and predictive analytics can help businesses do more with their data.
Looking ahead, SMBs could pilot technologies they’re not already using in certain areas to gauge ROI before fully deploying, taking lessons from larger enterprises that have already made these types of investments.
Shopify is also calling for the removal of barriers, enabling business owners to more easily access tech that delivers value.
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