Impact of artificial intelligence on small businesses with a reference to Indian retail sector

A new era has evolved in the past few years. Technological features such as artificial intelligence (AI), blockchain technology, big data analytics, and machine are increasingly having an impact on our daily lives. The result of this technological revolution has meant that we are going towards a revolution that incorporates AI-powered support and decision-making systems on both professional and personal fronts. AI can be engineered to undertake complex tasks that in the past could not be efficiently done by human beings. In the contemporary world, AI is incorporated to enhance business operations of financial, healthcare, aerospace, automotive, and many other industries. AI intelligence is taking over jobs. A report by the McKinley Global Institute, projected that more than 375 million jobs — approximately 14% of the global workforce, would be affected by AI. The workforce would hence be required to evolve their skills to adapt to the impacts of AI. The impacts of AI are unlimited and entire business operations may be influenced significantly by the new technological revolution. New technological platforms give small businesses a chance to survive in a competitive environment. AI technologies have significant impacts on various business outcomes. AI in the form of smart applications and devices is designed to understand consumer preferences, purchasing behavior, and needs in order to deliver customized experiences. Small businesses can reap big from the advances in AI and machine learning technologies. Due to their small-scale economies, small businesses face challenges such as marketing inefficiencies and less visibility. Such problems make it difficult for the business to compete in their respective industries; hence, a growing need for integration of AI into their operations. AI and other technological platforms enable small businesses to improve operations and competition efficiency.