- The study reveals that 96% of SMEs agree that technology could help them reach new markets
- AI, digital marketing and electronic commerce offer the greatest opportunities
- High costs and limited budgets highlight the need for barriers removed
Almost all (96%) of the small and medium -sized enterprises interviewed in a recent study by Shopify Convention Technology will help them reach new markets in the next 12 months – but key obstacles prevent them from succeeding.
Unsurprisingly, AI tools dominated the list, 43% considering it as the most useful for global expansion, but many cash problems have increased.
High costs and limited budgets (44%) and uncertainty around return on investment (30%) currently prevent complete deployment SMEs, while larger businesses on cash flow accelerate with a more trial and error approach.
SMEs are more cautious about technological deployments
With large companies proving that investments in artificial intelligence can bring enormous awards, one in three British SMEs now takes more risks to gain an advantage in a competitive landscape, previous prudence highlighting a gap between ambition and execution.
Matthias Kleven, head of Shopify, head of partnerships in Northern Europe, said: “SMEs are ready to innovate – but need clear paths, affordable tools and measurable results to fully commit.”
Digital marketing tools (38%) and electronic commerce platforms (36%) have also emerged as key investment areas between British SMEs, with around three out of five agreeing that their own website allows more personalized marketing strategies (57%) and allows them to create an emotional link with customers (63%).
What the study does not note is the type of AI that helps the most SMEs – Chatbots, chatbots and personalized marketing, have the potential to create more suitable experiences, but automation and predictive analysis can help companies do more with their data.
For the future, SMEs could pilot technologies that they do not already use in certain areas to assess the return on investment before fully deployment, taking lessons from larger companies that have already made these types of investments.
Shopify also requests the abolition of obstacles, allowing business owners to more easily access technology that offers value.
