Today’s digital advances, including advances in AI technology, are enabling small businesses to compete with larger companies. In some cases, the companies themselves even offer their own tools and programs to small businesses.
During a panel discussion at the U.S. Chamber of Commerce’s America’s Top Small Business Summit: Ready. set. Ashley Hubka, General Manager and Senior Vice President, Walmart Business, Scale, and Ciara McCoy, Head of North American Small Business Advocacy, Meta, are committed to leveraging their resources to help democratize the market. We discussed the growing role of technology, including: Read insights from our conversation with CO’s Editorial Director of Features, Barbara Thau. It also includes how the digital infrastructure of large enterprises can support small businesses, as well as Hubka and McCoy’s best advice for small business owners.
[Read More: Missed the Summit? Catch the replay here.]
Large corporate infrastructure and AI are driving the small business revolution
Meta and Walmart’s digital infrastructure, combined with advances in logistics, are helping small businesses compete with large corporations in a historically unprecedented way.
“[At] “Walmart, we are growing with small businesses, and we do that by operating as an ecosystem,” Hubka said.
By leveraging Walmart Marketplace and other digital fulfillment platforms, small businesses can reduce costs and operate at the same scale as companies with larger budgets and infrastructure.
Artificial intelligence (AI) could further enhance these trends, McCoy said.
“As technology advances…it really democratizes the ability for small businesses with bigger budgets to enter spaces that may have traditionally been reserved for large corporations,” she said. Told. “This is why I’m so excited about AI, because…AI has the ability to give businesses back time.” [and] …This allows you to … devote your mind to working on new things that have the potential to grow your business to the next level. ”
[Read More: How Artificial Intelligence (AI) Is Changing How Marketers Sell Everything From Food to Fashion]
Meta and Walmart are at the forefront of market democratization
With omnichannel digital services such as Walmart Business, Facebook Marketplace, and Facebook Groups, Walmart and Meta put the tools to reduce costs and expand services directly into the hands of small businesses around the world.
“What we built was [Walmart Business] I have about three ideas,” Fubka explained. “One, how can we simplify our company’s purchasing and save money? Second, how can we manage and maintain inventory? And… third, [how do we] How can we improve operational and growth efficiency?”
Omnichannel services, like those pioneered by Meta and Walmart, can help deliver tangible returns on investment for small businesses.
“55% of small business owners say inflation and costs are barriers to growth,” Hubka added. “So…the core and foundation of the Walmart business is bringing Walmart scale to small businesses through EDLP.” [Everyday Low Prices]”
[Read More: How Walmart Is Building a New Shopping Channel for Small Businesses]
With omnichannel digital services such as Walmart Business, Facebook Marketplace, and Facebook Groups, Walmart and Meta put the tools to reduce costs and expand services directly into the hands of small businesses around the world.
Planning ahead and finding a community can help your small business grow
Meta and Walmart provide a digital omnichannel platform and matching supply chain infrastructure that not only lowers costs and scales up so small businesses can compete with larger companies, but also help small businesses reach their customers. We are also building a digital ecosystem that allows us to interact with you. And to each other more directly.
“People do business with people,” McCoy said. “We continue to invest in ways to enable small businesses to tell their stories and connect with their customers in authentic ways.”
In addition to leveraging support from large corporations, small businesses and entrepreneurs can work together to achieve their goals and grow, McCoy added.
“Find a small business community,” she advised. “Go find other business owners. You’re not doing this alone. There’s a lot to learn from other business owners.”
Hubka concluded with one important piece of advice for small business owners. It’s all about planning.
“You probably won’t do it, but…you go through that thought and choose one option versus another, [will] Make what you choose better,” Fubuka elaborated. “If the first thing doesn’t work, we have fallbacks, but when we need to pivot, we’ve done some of that groundwork.”
[Read More: America’s Top Small Business Awards Gala 2023]
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