Digital transactions can only complement the Economic, Social and Cultural shift happening in small businesses

There is no gainsaying that small scale manufacturing units need to shift their focus from traditional methods of conducting business as  they are faced with the worst existential crisis of the century. It’s high time they invested in the technology to expand their customer base as there is no other choice left for them. Digitalised transactions with customers, focus on trade corridors, and collaborative approach are vital aspects to creating value in following years.

According to a research, based on data from 20 million websites, found that these small-scale entrepreneurs can impart spillover benefits to their communities. The analysis also concluded that countries with more of these ventures experienced stronger recoveries from the last recession than elsewhere, suggesting that “these small web businesses can be an important buffer for individuals and local communities facing economic challenges.

As the value chains of manufacturing industries are largely domestic and most of them deal with unoraganised sector, the industries and government need to examine the trade corridors between regions to mobilise the foreign trade.

Cover Image from D’source