Small businesses are learning to use AI to boost profits and attract customers

Posted under: SMB
Date: 2023-12-26
Small businesses are learning to use AI to boost profits and attract customers

Arion Herbert and his wife, Erica, started a recreational sports-league business in 2016 and have since grown to make nearly $500,000 in annual revenue. The success of the business is partly due to generative artificial-intelligence tools, such as hiring assistance through Fiverr to create AI-generated marketing materials. Small businesses are learning that AI tools help them complete tasks they wouldn't otherwise be able to afford. Around 60% of small businesses in the U.S. that currently use AI in their marketing say they have saved time, with 33% estimating they save more than 40 minutes per week on marketing by using AI. Breakthroughs in generative AI could potentially drive a 7%, or close to $7 trillion, increase in global GDP and increase productivity growth by 1.5 percentage points over the next decade. Research from Forrester predicts that 2.4 million jobs in the U.S. are expected to be replaced by generative AI by 2030.

Read more at: www.marketwatch.com