From SMBs adopting AI to MSMEs embracing digital, top picks of the week
From digital tools and technology trends in the MSME sector to growth stories of SMBs, here’s what SMBStory covered this week.
Generative AI (artificial intelligence) can be used to create many kinds of content including audio, code, graphics, text, simulations, and videos.
Though it is expected to change how people work, there are also concerns that it may knock millions out of jobs or be abused for disinformation, sparking a discussion about what regulations are required.
Recent advances in the field, such as ChatGPT, have raised concern over the risks associated with AI technologies.
While these debates are heating up, many SMBs are using AI tools to help them simplify routine tasks and engage with consumers in a targeted manner.
SMBs and AI
Stuti Gupta, Principal of Brand and Vision at Amrutam, has been using ChatGPT for the past few months to send proposal emails to celebrities and to create social media plans—at a fraction of the time these tasks used to take earlier.
Avimee Herbal, a herbal haircare and skincare brand from Surat, too has been using AI for the last few months. It has employed SemRush—an AI-powered content marketing/online visibility platform—to pick up keywords for brand marketing.
Avimee and Amrutam are among the many SMBs (small and medium businesses) that are turning to AI solutions for a variety of reasons—to simplify and automate tasks, gain customer insights, and engage with customers in a targeted manner.
According to the 'Small Business, Mighty Marketing' survey released recently by LinkedIn, 68% of Indian SMBs plan to increase their digital marketing spend; of these, one in three SMBs are inclined towards marketing automation, AI, and online communities in 2023.
MSMEs embracing digital tech
A recent survey, titled "MSME Digital Index 2023," revealed that over 80% of MSMEs acknowledged the positive impact of digital technology on their businesses and personal lives.
The survey by financial services network, PayNearby, also highlighted that small business owners between the ages of 18 and 30 were the most digitally proficient, with over 75% of them using smartphones to manage their business activities and access digital content.
Another intriguing finding was that around 55% of respondents used mobile hotspots for internet access, whereas just 30% used Wi-Fi routers. Furthermore, 73% of MSMEs used mobile internet at home to connect.
This trend underscores the vital role played by the internet in bridging infrastructure gaps and facilitating tech inclusion among MSMEs.
Other top picks of the week
Aakriti Art
Aakriti Art Creations employs a variety of traditional and folk-art forms. It blends them to create distinctive designs and produces lifestyle products across categories like furniture, handicrafts, home décor and utility items, jewellery, and so on.
Suman Sonthalia, the founder, grew up in a middle-class family in Bhagalpur, Bihar. She was expected to limit her dreams. Today she is the recipient of the President's National Award for Master Craftsperson (Shilp Guru) and has used her creativity to build a multi-crore company.
Aakriti showcases a fusion of regional arts from different states. These include Warli from Maharashtra, Madhubani from Bihar, Dhokra and Pattachitra from West Bengal, Kalamkari from Andhra Pradesh, Mandana from Rajasthan, and Gond from Chattisgarh.
Vini Toys
Vini's products
Vini Toys’ manufacturing facility in Hospet is built over an area of 24,000 sq.ft., with nine injection moulding machines that produce plastic components of ride-on toys.
Every month, the company produces 9,000 tricycles and 2,000 kick scooters and builds its bicycles—3,000 per month— in a facility not owned by it in Sonipat, Haryana.
In 2021, inspired by the Atmanirbhar initiative of the government, Santosh Nag Pathikonda, Managing Partner of Sai Pet Preforms, decided to diversify in the toy segment. Sai Pet produces liquor bottle caps for many alcohol brands. With a well-established production setup, he started manufacturing ride-on toys for kids.
“When I launched Vini Toys in 2021, I was confident on the production side because of my experience, and as per my market study, no manufacturer in South India was doing this,” Pathikonda says.
Vini Toys offers 22 SKUs in three product categories, including tricycles, bicycles, and kick scooters for children aged three to ten. According to the founder, the brand sells 4,500 to 5,000 ride-on toys per month.
Edited by Affirunisa Kankudti