How Can Digitalization Help MSMEs in Boosting Their Business Growth?

How Can Digitalization Help MSMEs in Boosting Their Business Growth?



MSMEs are facing hard times. Small Businesses are struggling to recover their losses after COVID-19. According to a Survey Done by  Dun and Bradstreet, 82% of Small Businesses are negatively impacted by COVID-19.

The Survey has highlighted the top three factors that can help Micro Small and Medium Enterprises in reviving their businesses are:



Digitalization, technology can be the game-changer in speeding up MSME growth. CISCO highlighted a statement based on a survey that 68% of Indian SMBs are seeking to showcase and introduce their new products and services digitally, which will help them to differentiate from competition in the market and business growth, 60% realized that their challenger is adopting the Digitalization and they must keep the pace. Moreover, 50% seek digital transformation due to customers' demands.


The most important and critical issue among MSMEs is Marketing. Today, many small companies have increased their marketing potential through various digital platforms like b2b portals, marketplaces, and e-commerce giants that are doing excellent business.

 In November 2020, CRISIL conducted a survey of firms with revenue less than 25 crores and found that smaller enterprises have seen a jump of 47% by adopting digital sales channels compared to 29% before the pandemic. 


Cloud Technologies, ICT Digital Services are also playing a vital role in accelerating the growth of MSMEs. Unlocking access to high-end modern technologies that were only accessed by large enterprises in the past The 'pay as you go' model of these cloud-based solutions is a cost-effective model for MSMEs.


For Providing Financial Support to MSMEs, The World Bank has approved a $500 million Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) program targeting 5.55 lakh firms. RAMP is the second intervention approved by the World Bank after the first intervention of the $750 million MSME Emergency Response Program, approved in July 2020 in the MSME sector. The RAMP program will support the efforts of the Government of India to increase the MSMEs productivity and tackle the financial issues that are holding back the business growth of the MSME sector.
Location: India

Comments

Post a Comment

Popular posts from this blog

Indian B2B Portal Help You to Grow Your Business in 2021

Image
MSME Global Mart is an Indian B2B Portal Launched by National Small Industries Corporation, NSIC (A Government of India Enterprise). The B2B Portal facilitates online marketing support to Micro, Small & Medium Enterprises (MSMEs) through increased visibility, connecting buyers & suppliers, trade leads & keyword-based unlimited tender alerts to grow their business. Interested Micro, Small, and Medium Business Units can register from the  MSME Global Mart Website  also access all services by downloading MSME Global Mart  Mobile Application From Google Play Store . MSME Global Mart Key Features Create your Company Page in Minutes:  Create your company webpage in minutes with advanced templates without any technical knowledge and get visible to millions of buyers and suppliers globally. MSME Tenders Information:  Get Information on  tenders  classified based on industry, location, business sectors like healthcare, medical equipment and supplies, and others. Members Receive keyw
Read more

Special Offer of 30% Discount on Annual Membership Fee of NSIC B2B Portal

MSMEs are the backbone of India’s Economy, they share about 48% of exports in our country, the government intends to increase to 60 percent by the financial year 2025 in order to make more MSMEs competitive across the world. The right approach and support can help MSMEs to grow their business in global markets. The biggest learning for the MSME sector from the pandemic is that businesses need to be on digital platforms if they want to survive and grow said Alka Nangia Arora, Joint Secretary (ARI Division), MSME Ministry, and CMD, National Small Industries Corporation (NSIC) on Financial Express Online’s The ScaleUp Summit. National Small Industries Corporation (NSIC), is an ISO 9001:2015 certified Government of India Enterprise under the Ministry of Micro, Small and Medium Enterprises (MSME) that facilitates online marketing services for MSMEs through its MSME Global Mart portal. MSME Global Mart   B2B Portal benefits   are available through the following types of membership: Basic Mem
Read more

Spices and Seasonings Importance in Growing Food Industry-MSME Global Mart Blog

What are Spices? The substances to add flavour to your food come from various parts of plants. You are widely using them to add flavours to the food and improve nutritional and health benefits called Spices. You also know spices and seasonings as the aromatic vegetable products commonly used in the seasoning and flavouring of foods. Herbs are usually available in powder and seed form in markets. About Market Size of Spices  India is leading the market of spices all over the world. In 2019, The global market size of spices was around USD 5.16 billion in valuation, and it is expected to expand its reach at around a compound annual growth rate of 6.5 (CAGR) from 2020 to 2027. In the Fiscal year 2021, the export value of spices from India was valued at over 295 billion rupees which was a significant increase in export value from about 78 billion rupees in 2011. India has approximately 50% trade volume from the total production of spices. Globally some spices are highly demanding, like tu
Read more