Hey Toronto! Let’s talk about two big trends shaking up small businesses: AI’s rising role and what our younger shoppers want.
AI is a Game Changer for Small Businesses
Did you know that nearly half of small businesses jumped on the AI bandwagon just last year? That’s right, according to the Small Business & Entrepreneurship Council, 48% of small businesses started using AI in 2023. And why? Because it’s a time and money saver! We’re talking about an astonishing 6.33 billion hours and $273.5 billion saved annually.
Small businesses are using AI for all sorts of things: chatbots for customer service, data crunching for insights, and even predictive modeling to make smarter decisions. It’s helping them stay competitive and tackle big challenges like inflation and finding skilled workers.
What Do Younger Shoppers Want?
Now, let’s switch gears to our younger shoppers. A GoDaddy survey showed a reality check for small businesses. While 91% of small biz owners think they’re nailing the online experience, only 21% of consumers agree – and it drops to 19% for Gen-Z! So, what’s missing?
- Contactless Payments: Gen-Z and Millennials love them, but only a fraction of small businesses offer this.
- More Delivery Options: Free shipping, anyone? Many small businesses aren’t covering this yet.
- Buy Online, Pick Up In-Store: It’s a big hit with younger consumers, but not widely available.
What Can Toronto’s Small Businesses Do?
It’s all about adapting and staying flexible. Start by exploring AI solutions that can save you time and money. Then, focus on beefing up your online experience – think contactless payments and diverse delivery options.
Embracing AI and meeting the evolving needs of younger consumers are key for small businesses in Toronto to thrive. It’s not just about keeping up; it’s about leading the way in a tech-savvy, consumer-driven market.
Remember, the world of small business is always evolving, and staying ahead of the curve is what sets the best apart. Let’s make Toronto a leader in small business innovation! Check out our blog on the 10 Key Benefits of AI Chatbots.