From generative AI tools to digital payments, small businesses are adopting the latest technologies faster than ever before. These emerging tools help entrepreneurs scale smarter and faster to bridge the gap with large enterprises.
during CO—100 Small Business ForumSenior Features Editor Barbara Thao He sat down with Byron Wertz, Technical Sales Manager atInteland Sid Coelho Prabhu, Senior Director of Product Management at CoinbaseTo explore how AI and cryptocurrencies are opening up new opportunities for small business owners. Their discussion focused on practical, real-world solutions, from marketing automation and simplifying technology management to reducing payment fees and reaching global customers.
AI levels the playing field for small businesses
It’s no surprise that Wirtz calls AI the biggest technology revolution in recent years, because it helps companies of any size innovate and compete. He noted that companies like Intel and Dell are now integrating AI directly into laptops and devices, making technology management easier for teams with limited IT support.
On the front end, small businesses are using generative AI to create marketing content. Wirtz noted that many small business owners use these tools to compose emails, design ad campaigns or even brainstorm new offers in a fraction of the time it used to take, freeing up employees to focus on core operations.
“Any time you can help move the focus from dealing with technology to dealing with your own business… that’s a win,” he said.
Anytime you can help shift the focus from dealing with technology to handling your own business… that’s a win.
Byron Wirtz, Technical Sales Manager, Intel
[Read more: AI for Small Businesses: How to Stay Competitive]
Cryptocurrency is redefining payments and global access
Another technological innovation that has come to the fore recently is cryptocurrency, which is currently used by one in five small businesses.
Coelho Prabhu noted that many of these companies use stablecoins such as USDC, which runs on the blockchain and is pegged 1:1 to the US dollar. Stablecoins allow you to send money anywhere in the world in less than one second, for a fee of less than a penny, thus reducing dependence on banks and payment networks.
“If you take your money and make it fast, global and free, that represents an immediate cost change,” Coelho-Prabhu said. “It changes your cost structure. It allows you to serve more markets [and] …More customers…from different places in the world.
Aside from their greater global reach, lower transaction fees for cryptocurrencies can have a significant impact on profit margins.
“Instead of paying the 3% admission fee [for traditional card payments] …You can take that money and … reinvest it in your growth [and] … Hire global talent,” Coelho Prabhu told CO—.
[Read more: The Pros and Cons of Accepting Cryptocurrency as Payment]
Practical resources for leveraging emerging technology
Although AI and cryptocurrencies may seem complicated, small businesses can easily access these technologies and apply them in practical ways with the right strategies.
To help small businesses adopt AI responsibly, Intel and Dale Offers free startup programs that include workshops, expert mentoring, and discounts on commercial hardware. These programs are designed to help business owners focus on areas where AI can actually solve problems in their daily operations, rather than using AI for the sake of it.
“If you have questions about how to do this [you] Technology can be applied to make them [your] Manage business better [and] “…Help achieve your business goals in a better way, and these programs are available to you for exactly that reason,” Wertz explained.
On the cryptocurrency side, the latest is Coinbase Shopify Partnership It allows any new or existing merchant on the platform to accept payments in cryptocurrencies. This opens up small businesses to a larger global audience, especially young consumers who prefer cryptocurrency payments, Coelho-Prabhu said.
“This… makes every business more global,” he added. “[It] It makes it easier for them to scale when they can create a Shopify store and start accepting payments from… anyone in the world.
Coelho-Prabhu also discussed the launch Business CoinbaseIt is a new platform that helps businesses expand their reach and reduce operating costs through digital payments.
“People are seeing that there is a very real problem being solved with fees,” he said. “Demand has been very strong.”
CO — aims to inspire you from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
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