Over the past several years, digitalization has had a substantial and transformative impact on the growth of India’s Micro, Small, and Medium-sized Businesses (MSBEs). The way MSMBs function, compete, and expand in the Indian market has been completely transformed by digitalization, which is being pushed by technological improvements and the pervasive use of the internet.
Since the government has been intentionally advancing initiatives to support the growth of MSMEs in India, MSBs have benefited greatly from digitization, including a larger client base, less need for staff, production efficiency during a downturn in the economy, ease of facilitating transactions between buyers and sellers, and more.
40% of SMBs in India began the process of digitization over the last three years, according to a Capterra India survey conducted recently. According to the poll, 88% of businesses started their digitization initiatives in the last five years, and they have accelerated the process during and after the pandemic, which caused a change in consumer perception and behavior all over the world.
And now the survey suggests that 42% of SMBs in India are looking forward to digitalizing the process of marketing in the coming time, especially with the implementation of digital technologies including blockchain, IoT, 5G, cloud computing, AI, and data science.
This is exciting because embracing digitalization and consciously making an effort to move into that sector is going to benefit the SMEs of India to reach their full potential. From expanded Reach, Cost-Effectiveness, and Targeted Campaigns to Brand Visibility, measurable ROIs are a few benefits that the SMBs in India can take benefit from moving to digitalization.
In a globalized economy, SMBs need to compete not just with local players but also with international businesses. Digitalization empowers SMEs to compete on a global scale and expand their market share. The adoption of ever-evolving technologies has transformed the business landscape for SMBs, empowering them to become more agile, customer-centric, and competitive in a digital-first world.
With the help of Insperme’s Digital Enablement Services, SMBs in India can use technology to foster growth, innovation, and customer-centric strategies. This will help them stay competitive in a market that is rapidly changing, take advantage of new opportunities, and create a resilient and long-lasting business model. Connect with us at +91-9560923881
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