New study from GoDaddy finds 75% of entrepreneurs
believe generative AI gives them an edge
TEMPE,
Ariz., March 26, 2024 /PRNewswire/ -- 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
technology for their business – a rise from May 2023 (83%).
Looking ahead, entrepreneurs are feeling optimistic about the
future, with 47% sharing enthusiasm about their business
overall.
"Small business owners expect to save more than $4,000 and 300 hours of work this year using
generative AI," Jennette said. "The best part about this is we're
at the tip of the iceberg when it comes to what's possible with
GenAI."
On Feb. 26, GoDaddy unveiled its
AI-powered solution that makes leveraging the power of AI easy for
anyone. In mere minutes, GoDaddy Airo™ can help entrepreneurs start
a business or take their existing one to the next level, with no
tech skills required, by automatically generating a logo, website,
email, payment capabilities, social posts and more.
To learn more about GoDaddy Airo™, visit
www.godaddy.com/airo.
To explore the survey results, visit
www.godaddy.com/ventureforward/spring-2024-generative-ai-survey-results.
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow and
scale their businesses. People come to GoDaddy to name their idea,
build a professional website, attract customers, sell their
products and services and accept payments online and in-person.
GoDaddy's easy-to-use tools help small business owners manage
everything in one place and its expert guides are available to
provide assistance 24/7. To learn more about the company, visit
www.GoDaddy.com.
*January 2024 (Total Surveyed:
504) and April 2023 (Total Surveyed:
1,003)
Source: GoDaddy Inc.
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SOURCE GoDaddy Inc.