A new survey by Goldman Sachs’ 10,000 Small Businesses program reveals that a majority of small businesses are turning to artificial intelligence (AI) to save time and money. The survey found that 69% of small businesses were using AI in 2024, a significant rise from 56% in 2023. Goldman Sachs’ program aims to help small business owners grow by providing education, financial support, and networking opportunities.
Asahi Pompey, the Global Head of Corporate Engagement at Goldman Sachs, emphasized two primary benefits AI brings to small business owners: time-saving and cost-saving. “Time is everything to a small business owner, and saving money is critical as they often pay themselves last,” Pompey stated.
Small businesses are finding innovative ways to utilize AI, such as using AI for coding, writing marketing content, screening job applicants, and managing bookkeeping and inventory. AI can also identify duplicate charges, offering further financial efficiency.
AI-Powered Scanner Boosts Efficiency at Thrift Store
One notable example comes from Andy Downard, CEO of Thriftly, a thrift store startup in Denver. Downard developed an AI-powered scanner that significantly reduces the time needed to tag inventory. What typically takes 20 minutes can now be done in just two minutes. The AI device reads an item’s category, brand, and size, then compares prices from similar items before printing out the appropriate price tag. This innovation has already shown promising results in increasing inventory efficiency.
Downard highlighted how AI is enabling his store to handle large volumes of donations more effectively. “Hours and hours of pricing work can be cut down with AI, allowing for faster, more accurate pricing,” he explained.
Since implementing the AI scanner, Thriftly has been able to increase productivity, with employees now tagging more than 100 items per hour compared to the typical 40 to 70 items per hour in a conventional thrift store. The increased efficiency also allows Downard to pay his employees above the minimum wage.
Small businesses across various sectors are continuing to explore AI’s potential to streamline operations, enhance customer service, and ultimately, drive growth.
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