Viewpoint

What does this mean for Small Businesses?

• Payment Methods will Change: As India starts to move towards a digital economy, new transactional methods like UPI payments (Bhim, Google Pay), Whatsapp payments, digital currency and vouchers (e-Rupi), and payment methods like ‘Buy Now, Pay Later (BNPL)’ will replace traditional cash or card payments. This will mean that Small Businesses (SMBs) need to have access to payment portals to provide a more wholesome customer experience.
• Personalization and Customization will Become Important: With more and more shoppers online, standing out from the competition is what will lead to success. SMBs who can provide shopper-specific products or services can expect more customer loyalty and therefore increased revenue. In the time of digitization, the ability to take custom orders and offer a more personal experience will lead to a greater brand value.
• Fintech, Government, and Private Sectors will Offer Lending: A host of stimulus packages, credit lending, and solutions to delayed payments will become available to SMBs. This is because the success of MSMEs is also linked to increased employment, exports, and the rural economy. If SMBs and MSMEs can take advantage of the wave of digitization and make use of technology, they will also be able to modernize their businesses and create digital records. With even the RBI now accepting digital business records, MSMEs can soon get access to flexible, low-cost credit faster.

Our Final Viewpoint

Online activity for MSMEs is set to take a huge jump. MSMEs who are smart at adopting new technology will emerge as the winners in the next few years. New digital solutions can support SMBs to manage remote transactions, shipping and deliveries, and even access to financial services. Using them, small businesses will be able to benefit from new revenue streams, reduce costs, and eliminate their technological pain points.

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