Verizon Business has released its fifth annual State of Small Business Survey, highlighting significant trends in technology adoption among small and midsize businesses (SMBs). Conducted by Morning Consult, the survey captures insights from 621 SMBs across the U.S. and underscores a growing reliance on technology, including artificial intelligence (AI), to drive operations and overcome economic pressures.
The survey revealed that the use of AI among SMBs has more than doubled, with 39% of respondents reporting active AI use in 2024 compared to just 14% in 2023. Increased familiarity with AI tools has contributed to this surge, as businesses explore automation to enhance efficiency and streamline tasks.
Technology investments have also grown significantly, driven by the need to support expanding online operations. In the past year, 38% of respondents added digital components to their businesses, and 66% upgraded their internet bandwidth to meet increased demands.
“Small business owners are getting the hang of AI, discovering how it can automate time-consuming tasks and enabling them to focus more on their core business operations,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, Verizon Business.
Despite economic challenges, including rising inflation and concerns about financial security, SMBs remain optimistic about their future. While 83% of respondents expressed anxiety about inflation, and 62% voiced concerns about their businesses’ financial stability, over half believe their financial situation will improve in the coming months.
Brick-and-mortar retailers are also anticipating a strong holiday season, with 52% preparing for an in-store-first approach—up 13 points from last year. Many are banking on increased demand during Small Business Saturday (59%) and throughout the holiday season (73%).
The survey found that SMBs are increasingly leveraging social media to engage customers and drive sales. Facebook remains the leading platform, with 84% of respondents using it for promotion and customer interaction. Other platforms gaining traction include Instagram (67%), LinkedIn (64%), YouTube (64%), TikTok (57%), and X/formerly Twitter (54%). Additionally, 39% of SMBs now operate social media storefronts.
To support SMBs, Verizon Business is offering a free “tech check” during Small Business Days from October 14-20. These one-on-one consultations aim to help businesses assess their technology needs and identify tailored solutions. Promotions during this period include free 5G phones for switching to Verizon Business and up to $300 off for bringing an existing number.
Additionally, Verizon’s Small Business Digital Ready platform provides free digital skills training and resources for SMBs, including over 50 courses on AI, marketing, and financial planning. The program, part of Verizon’s goal to support one million SMBs by 2030, has already helped over 360,000 businesses.
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