Digital Business – Bada Business

Indian Businesses Aim To Tap Consumers Directly in 2021 via Digital Platforms, Says Report

Bengaluru, January 7: As the economy limps back to normalcy, India’s focus will now be more on the digital side in terms of growing businesses. According to a new report, as the economy recovers from the lull caused by COVID-19 pandemic, businesses are preparing flexible models that operate in an online-offline mix. Moreover, the focus for digital platforms in India will be on selling directly to the consumers in 2021, the report said. “Small businesses in India are today evolving themselves as per the consumer and industry requirements”, it added.

According to the findings, entrepreneurs today understand the power of online presence and digital operations. “There has been a 3 times growth in unique businesses creating online stores,” the report mentioned. The payment gateway and ecommerce platform has on-boarded more than 2 lakh small businesses from tier II and tier III cities during the lockdown period. Akash Gehani COO & Co-founder, Instamojo, was quoted by IANS saying that small businesses are hungry for growth and much more resilient than we could’ve imagined. “Merchants have come to understand the diverse nature of consumers and that innovation is the key differentiator,” he said.

Instamojo had launched a report on the e-commerce outlook for 2021 which draws the experiences of more than a million small businesses across the country. Explaining how online presence has grown over the years, Gehani explained that small businesses owners are making necessary changes to their brands, to the way they operate, and also the way they deal with their customers online in order to survive in the growing e-commerce space. He said that more than 70 percent of these entrepreneurs had no prior online presence.

The report by IANS said that as a large number of businesses went online in 2020, they also recognised the importance of a wide social media presence. MojoVersity, Instamojo’s e-learning platform for entrepreneurs, saw a 9 times growth in enrolments and 11 times growth in the number of merchants getting digitally certified in 2020. The number of businesses updating their social media handles on their Instamojo online store went up an average of 30 percent (QoQ).

“As more entrepreneurs emerge from smaller towns and cities in India, accelerators and incubators are also expanding their services into markets to help nurture the upcoming businesses. Industry reports indicate that 40 percent of investors will come from Tier II and Tier III cities,” report added.

SMEs Shifted Towards Online Marketplace to Cope-Up with COVID-19 Pandemic, Says Report

Various businesses suffered huge losses this year owing to the COVID-19 outbreak and the consequent lockdown. All the economic activities, expect for essential items, came to a standstill. However, many businesses did find an alternate route to keep going – the online business platform. Firms increasingly took their businesses online and avoided the traditional physical marketplace. Small and Medium enterprises also entered the digital business spectrum. According to a survey report by CRISIL, smaller enterprises have shown a “big digital shift” to shore up sales in pandemic times. National Startup Awards 2021: DPIIT Invites Entries to Reward Outstanding Startups; Know Eligibility, Prize and How to Register Online at startupindia.gov.in.

The survey was undertaken in November with the aim to find out the level of change in digital activities and access of the small businesses owing to the COVID-19 pandemic. The survey concluded that, the adoption of digital sales channels among micro and small enterprises (MSEs) has increased significantly since the COVID-19 pandemic struck. According to the survey by CRISIL, around 60 per cent of the respondents adopting digital selling said it helped them weather the pandemic-induced stress, while the rest said it boosted sales. 5 Auspicious Dates in January 2021 to Kick-Start a Startup!

10 Lakh महीने तक कमाओ | Low Investment | Business Idea | Dr Vivek Bindra | IBC

“These respondents were also more positive about their near-term business situation compared with those that didn’t take the digital route,” said Bhushan Parekh, Director, CRISIL. “About 29 per cent of the MSEs surveyed were using digital sales channels such as online aggregators or market places, social media, and mobile marketing before the pandemic struck,” added Parekh.

“That number has shot up to 53 per cent among small enterprises and 47 per cent among micro enterprises as of November. Despite their limitations, micro enterprises are not very far from small enterprises in digital adoption. Also, many more are now saying they will take the digital route soon,” he said. “This underscores the fact that increasing digitalisation enlarges the footprint of MSEs, helping them tap newer markets and improving their access to credit,” said CRISIL’s director.

In the manufacturing industry, SMEs belonging to gems, jewellery and textile sector recorded the maximum improvement, as per the survey. Textile SMEs showed a massive jump of 38 percentage points in adoption of digital channels. Adoption in pharmaceuticals was unchanged at 29 per cent because of relatively higher offline demand during the COVID-19 pandemic.