Small business owners are increasingly turning to artificial intelligence to gain a competitive advantage in the market, new research has claimed.
A GoDaddy study of over 500 US entrepreneurs found a growing confidence in the power of generative AI tools to drive business success.
The findings indicate a positive shift in attitude towards AI among small and medium-sized businesses. Three in four believe that GenAI will give them an edge over similar-sized competitors. More than two-thirds (68%) also see AI as enabling them to compete better with larger enterprises.
GenAI is helping SMBs
Nearly three-quarters (73%) said that they’ve already experimented with the technology, and more than a quarter (26%) already use AI for business purposes – up from 11% in the year before.
Generative AI really took off back in November 2022 when ChatGPT hit public preview, but SMBs are now expanding their use cases beyond simple content generation. More than two in five (44%) now use AI to enhance sales performance – twice as many as in 2023.
Amy Jennette, Senior Director of Marketing at GoDaddy, commented on the trend, stating: “We’re at the beginning of the AI revolution and small businesses are already taking advantage of the technology, which is really unprecedented.”
Despite initial concerns about AI potentially replacing human jobs, the survey found very low levels of concern among SMBs – only one in 10 believed that GenAI could outperform them in their roles, and the majority (89%) expressed confidence that AI would have a positive impact on their business.
Jennette also highlighted the tangible benefits of deploying AI across the SMB landscape, revealing that small businesses could save over $4,000 and 300 hours of work annually, underscoring the potential cost-saving benefits of productivity tools that use artificial intelligence.