CNBC's Jim Cramer on Monday lauded the success of e-commerce merchants during Black Friday, suggesting that new technology and online services has helped small and medium-sized businesses turn profits.
Cramer cited data from Shopify President Harley Finkelstein, who said the e-commerce platform saw $4.1 billion in sales on Black Friday, up 22% from last year. Shopify helps merchants build online stores, offering a variety of services, including shipping and inventory management, for around $39 per month.
Owners are are empowered by new, fairly accessible tools that help them succeed despite an economy burdened by the Federal Reserve's rate hikes, Cramer said.
"This is not an underground economy," he added. "It's an economy that gives you enough tools to change just about everything in commerce."
There are a number of companies that allow small businesses compete with larger ones by offering services at reasonable prices, such as website designer Wix.com, Cramer said. Intuit helps owners with their accounting, while Twilio helps them communicate and stay in touch with their clients. Social media platforms also allow these businesses to advertise at a large scale.
"I can go on and on and on about all of the new ways it's become easier to run a small business, but the main thing is you're now free to actually create something that someone else will buy," Cramer said. "You're unencumbered, thanks to technology, and artificial intelligence is just going to make it that much easier to figure out what people want, making your business even more valuable."
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