Small Businesses Adopting AI Expect to Thrive Against Competitors.
| Published date | 03 April 2024 |
M2 PRESSWIRE-April 3, 2024-: Small Businesses Adopting AI Expect to Thrive Against Competitors
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New study from GoDaddy finds 75% of entrepreneurs believe generative AI gives them an edge
TEMPE, Ariz. -- New research from GoDaddy (NYSE: GDDY) shows that entrepreneurs are quickly embracing generative AI (GenAI) and increasingly using the rapidly evolving technology to run and grow their small businesses.
GoDaddy's January survey of over 500 U.S. small business owners found that they expect GenAI to give them a competitive edge over other small or similar-sized businesses (75%) and anticipate it will also allow them to better compete with larger businesses (68%).
GenAI usage among entrepreneurs is on the rise, with 73% of survey respondents indicating they have tried the technology, and 26% of those using it for business purposes. This is a drastic increase from GoDaddy's inaugural survey of U.S. small businesses on GenAI*, published in May 2023, which revealed only 38% of respondents had used GenAI at that time. Of those, only 11% had tried applying GenAI to their business.
In GoDaddy's 2024 survey, small business operators' satisfaction and consistency using GenAI for their business remained consistently high (78%) - the same as in 2023 (78%).
Small businesses are also experimenting with how they're using GenAI tools. Outside of content creation or marketing, entrepreneurs are increasingly leveraging it to help boost sales for their business (44% in 2024 vs 22% in 2023).
"We're at the beginning of the AI revolution and small businesses are already taking advantage of the technology, which is really unprecedented," said Amy Jennette, senior director of marketing at GoDaddy. "Small businesses usually lag big business in getting the most out of cutting-edge tech, but with easy-to-use GenAI and solutions like GoDaddy Airo, the playing field is finally leveling out."
Much has been written about concerns around AI technology, however GoDaddy's survey found that apprehension is low among small business owners. Only 1 in 10 respondents believed GenAI could do their job better than them. Similarly, 89% said they are not worried about negative consequences associated with using AI...
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