India has a robust ecosystem of startups with around six crore MSMEs. According to a GoDaddy Global Entrepreneurship Survey 2019, entrepreneurs in India were optimistic about their business expanding globally by at least 50 percent in the next 3 to 5 years.
However, with the pandemic-induced chaos and breakdowns unleashed by the COVID 19, the future seems daunting. According to the State of Small Business report, ’51% of operational SMBs on Facebook India reported they were making at least a quarter of their sales digitally. The numbers mentioned here are substantial considering that there are around 60 million small businesses across India’.
As most of the small businesses are moving towards digitalization, we can expect a stronger, greater, and rapidly growing economy. However, some trends are likely to emerge in 2021. Here is a list of key small business trends that we are likely to see this year:
- Small Business will move Online
The trend of online-purchasing is going to strengthen in this pandemic-stricken world. According to a joint report by Boston Consulting Group (BCG) and Facebook, the digitally influenced purchases had increased up to 15-20% for key categories in urban consumers within three months after the pandemic hit the world.
- Businesses in Tier II & III cities will Embrace Digitalization
The digitalization process that became a rage especially during the pandemic has made small business owners from small towns and cities realize its importance. Small business owners have finally realized the power of digital acceleration.
From Instagram to Facebook, young entrepreneurs are now using these social media platforms to reach new and potential customers across India.
- A Stronger Small Business Ecosystem
How White Hat Jr. became a $300 million company in just 10 months? Apart from their innovative approach and scalable ideas, a large part of their growth came from advertising on Facebook and Instagram.
India has a growing startup ecosystem, a large population of internet users, and a strong entrepreneurial zeal that is getting powered up by digitalization.
The year 2021 has not just taught us some invaluable business lessons but has also carved a pathway that will lead us to recovery. Want to know how you too can contribute to economic growth? Simply by bringing innovative concepts and creative solutions to your target market.
Join our Everything about Entrepreneurship course to know how exactly you can grow your business despite the pandemic with the help of massive digital acceleration. To know more about the course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads