New Delhi, November 24: Indian MSMEs realised the importance of digitisation amid the coronavirus crisis. Infact, digitisation opened the gates for many local businesses and helped them strengthen their operations and cope better with stressful times.
However, there are some roadblocks on the path of Indian MSMEs which needs to be cleared to achieve success.
Limited growth capital: MSMEs have limited growth capital that makes technology adoption and digital transformation demanding.
Expensive: Digitisation is an expensive affair, from buying the latest smart devices, strong internet services, to getting skilled employees to manage the system.
Unaware of digital impact: Indian MSMEs are still unaware of digitisation and they fail to create customer loyalty and retention.
India’s micro-, small- and medium-sized enterprise sector is a vital contributor to the country’s growth story. According to a 2019 study conducted by YES Bank, it revealed that over 50 percent of digitally-empowered MSMEs improved their profits, operational efficiencies, as well as customer engagement. In addition to this, the Narendra Modi government has pushed out several initiatives to boost the sector.
MSMEs are not alone in their journey to digitisation, e-commerce companies like Amazon and Flipkart to corporates like Mastercard all have been doling out initiatives to help the MSME sector. Also, several startups like Khatabook, FarEye, Udaan, and others are dolling out several initiatives to help MSMEs in the digitisation journey.
