Top 10 Small Business Technology Trends 2023

Technology is an ever-evolving sector that has been increasing its footprint in every known industry. Organisations are going paperless and relying on digital tools to manage processes and operations. Data is stored, shared and received online without any physical transfer required through humans. With the emergence of Artificial Intelligence (AI) and machine learning, businesses are moving towards automation.

Human intervention is reducing, and data accuracy is soaring due to using machines for traditional tasks. Thus, entrepreneurs need to adopt the latest technology to stay on par with competitors and meet the expectations of the target audience. Here is a list of the top ten small business technology trends 2023 that must become a part of all entities in the digital era. Utilising them ensures the business doesn’t become outdated and stays relevant in the long run.

1. Penetration of User-Friendly Artificial Intelligence

Until now, AI was a term used by tech-savvy professionals and was considered jargon by most small businesses. However, with technological advancements, AI has become more intuitive and mainstream. The marketplace has been flooded with free AI tools in 2023 that are getting utilised by businesses across domains to boost productivity.

The high-level penetration of AI has become possible with the help of their user-friendly interfaces and no-code AI tools. These can be downloaded and used by novices to deliver results like experts. These tools offer diverse specialised services from programming to generating original graphics and website designs. Thus, businesses in Canada must implement the use of these tools to refine their processes.

2. Rising Popularity of ChatGPT Among Businesses

While Google's search engine created the first internet revolution, the second was created by the generative AI chatbot called ChatGPT. The chatbot uses machine learning to provide unique content for writing articles, blogs, books, etc. The free tool had one million users within five days of its launch in November 2022.

Content is the king in the digital world. Thus, when the business gets customised content in their tone and style, they do not need writers, copywriters and editors for the job. Also, it has reduced the time spent writing original content for social media marketing, website, internal communication, email marketing, blogs, etc.

3. Businesses Will Focus More on Cyber Security

Entrepreneurs who have purchased a business for sale in Canada must work on implementing cyber security measures in the organisation. With businesses becoming data-driven and cybercrimes increasing, it is necessary to prepare the organisation for cyber attacks.

Hackers are using highly advanced ways of virtual fraud that are hard to identify. Thus, cyber security has taken precedence even in small companies to ensure the safety of confidential customer data and business information.

4. Use of Voice Assistants for Customer Service

With automation taking over all human processes, customer service is also becoming digitised. Voice assistants like Siri, Alexa and Google Assistant are the internet of voice that answers voice-based searches of customers and help with engagement and interactions.

These devices are used by entrepreneurs who have bought businesses for sale in Canada to resolve customer problems, prepare calendars, track orders and provide on-site services to customers, besides helping with product information.

5. Utilisation of Big Data by Small Businesses

Big data is the technology that allows analysing massive volumes of data to identify patterns in customer buying behaviour and market trends. The insightful results retrieved with the help of technology are accurate and reduce the time spent on the evaluation of vast data sets.

Small businesses can use affordable big data tools to gather vital information about the customer base and meet their expectations. It helps gain a competitive advantage and boost sales. Technology is also beneficial for training employees to increase their output.

6. Taking A Leap Towards Green Technology

Over the years, businesses have been trying hard to reduce their carbon footprint through the use of renewable sources of energy and automation tools. Thus, the current trend is to utilise clean technology that produces minimal carbon emissions and reduces the cost of production while saving energy.

These green initiatives include using electric vehicles for business transportation, recycling and reusing old materials, composting food waste, rainwater harvesting, and green hydrogen.

7. Adoption of Quantum Computing by Small Ventures

Quantum Computing is the next step in the world of computing as it has helped create computers that can solve highly complex problems quickly as opposed to the current computing systems. It is already used in global companies like IBM, Google and Honeywell.

Small business owners can use it for data analytics, cryptography and data processing for the retail industry. The technology is evolving and will become easily available in the next ten years.

8. Extended Reality Will Become More Prominent

Many businesses use virtual, augmented, and mixed reality to attract buyers in retail stores. Gaming has already reached the next level through this technology that transports humans into a simulated world that seems almost real.

Virtual reality is also helping the real estate and tourism industry to provide life-like tours of properties and destinations. It helps to offer an immersive customer experience that can help retail businesses improve their in-store shopping experience.

9. High Demand For NFTs and Blockchain Technology

Blockchain technology has been around for a while and will gain momentum in 2023 because it decentralises data. Thus, instead of relying on cloud storage that puts everything in one place, blockchain helps to decentralise and encrypt all data sets to increase safety.

Non-fungible tokens (NFTs) are another blockchain asset used as an ownership certificate for a digital product like digital art or content. Its usage will increase in the current year as more and more people invest in NFTs. Entrepreneurs who have acquired a business for sale in Canada can invest in this technology to stay ahead of competitors.

10. Humanoid Robots Will Be Enhanced

Although robots have been used, they will become more human-like in their approach in 2023. Businesses will use them for customer services like hotel concierges and restaurant servers to serve food.

They are also beneficial in industries that require manufacturing-related tasks like the assembly of parts. Elon Musk has already built such humanoids and will put them up for sale in two-three years to help humans with various daily chores.

Wrapping Up

Technology is a dynamic field that keeps surprising people with something innovative. Customers are easily tempted to utilise the latest tech trends, and businesses need to be on their toes to meet their expectations.