Artificial Intelligence

44.8% of Businesses Reported Their Current Performance as Average

Biweekly Business Trends – United States – October 9 – 22, 2023​

• The U.S. Census Bureau’s recent Business Trends and Outlook Survey provides insights into small businesses’ perceptions of their current and future performance.

• Respondents generally viewed their current business performance as “Average,” with a more optimistic outlook for the future, where “Average” performance is expected to continue.

• The survey also indicates that a majority of small businesses were not using Artificial Intelligence in their operations in the last two weeks, and a significant proportion do not anticipate AI integration in their business processes in the near future.

By Richard S. Kim & Company, ago

Retail eCommerce Sales Increased 1.1% in September 2023

Monthly Retail eCommerce – United States – September 2023

• In September 2023, the Retail Trade sector in the United States recorded total sales of $613.02 billion, with a 0.7% month-over-month (MoM) increase and a 3.0% year-over-year (YoY) growth, indicating a positive trend for small businesses in this sector.

• Nonstore Retailers, including e-commerce businesses, reported total sales of $118.02 billion in the same month, showing a robust 1.1% MoM increase and an impressive 8.4% YoY growth, underlining the sector’s resilience and potential for expansion.

• Small businesses in Retail Trade and Nonstore Retailers should consider these insights to fine-tune their strategies and leverage the market dynamics, especially the growth potential in the e-commerce sector, as consumers continue to prefer online shopping.

By Richard S. Kim & Company, ago

47.7% of Businesses Reported Their Current Performance as Average in August 28 – September 10, 2023

Biweekly Business Trends – United States – August 28 – September 10, 2023

• The Business Trends and Outlook Survey by the U.S. Census Bureau reveals that a significant portion of businesses in the U.S. currently report average performance, with some performing above and below average.

• Looking ahead, businesses are cautiously optimistic, with a majority anticipating an average performance six months from the provided date, but there is also a segment expecting above-average and excellent performance.

• Businesses vary in their forecast horizons, with a notable number planning for the mid-term (7-12 months) and even longer-term (more than 12 months), showcasing diverse approaches to strategic planning among small businesses in the U.S.

By Richard S. Kim & Company, ago

Retail eCommerce Sales Remained Constant in August 2023

Monthly Retail eCommerce – United States – August 2023

• In August 2023, Retail Trade in the U.S. saw a 0.6% increase in sales, reaching $606.8 billion, indicating robust consumer spending and a positive outlook for small businesses in this sector.

• Nonstore Retailers, which include e-commerce businesses, maintained steady sales at $116.1 billion, with no change from the previous month. Small businesses in this sector should focus on competition, adaptability, and customer experience.

• Small retailers should consider seasonal factors, expand their online presence, and monitor emerging trends to stay competitive in the retail industry, taking into account the data from the U.S. Census Bureau’s Advance Monthly Sales report.

By Richard S. Kim & Company, ago