GoDaddy’s Apurva Palnitkar on how the SMB industry in India is shaping up in 2023

The first half of the year 2023 has been a rollercoaster note, with an accelerated adoption of generative AI, AI chatbots, and digital innovations. This is bringing in new operational efficiencies, stronger strategies, a far greater emphasis on building deep bonds with various stakeholders and consumers. In keeping with the current market ecosystem, technology and a human approach are seen as going hand in hand.

Adgully’s TRENDING NOW series has been presenting important insights from key industry leaders, who highlight the major trends and developments that they see dominating the industry in the current times.

In conversation with Adgully, Apurva Palnitkar, Senior Director Marketing, GoDaddy India, speaks about the key trends dominating the SMB industry in India in 2023, the necessity for businesses to adapt to the digital landscape, empowering small businesses in India, and more.

Key trends dominating the SMB industry in 2023

In 2023, GoDaddy witnessed several key trends that are shaping the small business industry. One prominent trend is the increasing reliance on online channels for SMBs. According to our 2023 GoDaddy Observatory results, 62% of Indian small businesses use a website, online store, e-commerce platform or combination of all these channels as their main sales channel. This trend emphasises the need for businesses to prioritise website development and optimization to attract and engage customers effectively.

Another significant trend is the varying relevance of sales channels across different regions. For instance, in India, social media has emerged as a highly relevant sales channel, with 55% of SMBs attributing its significance. Additionally, we believe that the affordability of smartphones in the country is helping to optimise the role of online platforms. Interestingly in India, the phone is a valuable sales channel in the country, with 46% of SMBs considering it an effective tool in comparison to several other countries across the world.

These trends highlight the necessity for businesses to adapt to the digital landscape, invest in website development, and prioritise personalised customer interactions through various channels to help, stay competitive and succeed in the evolving industry landscape.

Major expectations from this year

We have high expectations for the growth and evolution of the SMB sector online. One major expectation is the continued emphasis on digital transformation among businesses, particularly SMBs in India. As the importance of websites and complimentary digital tools as a sales channel becomes more evident, we expect an increase in business investing in their online presence to help enhance customer engagement and help drive sales.

In India, 65% of our survey respondents said they make up to half of their revenue from online sales, and the other 36% said they make over 50% of their revenue from online sales. We are excited to continue to support these entrepreneurs in the coming year with tools like GoDaddy Online Store and content creator tool, GoDaddy Studio, to help have a successful online journey.

Key focus areas for GoDaddy in 2023

GoDaddy’s focus remains on key offerings that empower small businesses in India.

Citing rapid digitalisation under the government’s Digital India programme, we aim to empower businesses with significant digital solutions, including offers for domains to help entrepreneurs get off to the right start. GoDaddy continues to provide all the tools to scale a business online, and of course, offering resources like our customer care so that they can be successful at every step of the way.