The Impact of Technology on U.S. Small Business
August 02, 2022
- The most prevalent use of technology across American small businesses is the use of social media platforms such as Facebook, Twitter, and Instagram.
- Women, minority, and veteran-owned businesses have high adoption rates of tech and are highly optimistic about the role technology will play in their businesses’ futures.
- Small businesses plan to continue to increase investments in their use of technology platforms across their business in the next two to three years.
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American small business owners have weathered cascading economic storms over the past 5 years: COVID-19, supply chain disruptions, staffing shortages, inflation, and more. But through these challenges, small business owners have found paths to resilience in part due to the edge provided by the technology platforms that empower efficiency, access to customers, deep insights, and the ability to thrive. This technology-enabled success has made meaningful contributions to communities and the broader U.S. economy.
- 93%Amount of small businesses are using at least one technology platform
- 86%Amount of small businesses who say technology helped their business survive during COVID.
To measure the effect that a diverse range of technology platforms has had on small businesses and the economy, the Chamber Technology Engagement Center (C_TEC), working with Teneo Research, conducted a nation-wide survey and econometric analysis of the U.S. small business ecosystem. What we found is that technology is a driver of economic success for small businesses and that policymakers must encourage an environment that enables all businesses to succeed with digital tools.
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