As lakhs of small businesses are reeling under the unprecedented crisis, its about time they undertook the task of acquiring basic expertise to make most of what online platforms have to offer. In the current situation when virtual transactions are the order of the day technical expertise may prove to be the only way out to expand their reach among target customers.
According to a report by Dun & Bradstreet on the strategies for commercial viability of MSME sector, “Subdued domestic consumption demand and lower disposable income would keep the revival of demand constrained, global recession will limit the revival for export demand for the MSMEs. Moreover, lack of technical expertise might continue to be a hurdle for MSMEs to adopt digital technology to enable business online.MSMEs in the service sector such as the shift to teleworking would be higher for small businesses.”
Despite a significant chunk of financial stimulus of about 3.7 lakh crore, offered to MSME sector out of total of total 20 lakh crore economic package, sector still is still under financial crunch for barely 5 per cent of India’s MSMEs have access to institutional credit, a huge number of such businesses have not been able to benefit from the package.The beneficiaries of package are lamenting the sluggish demand which can only be spurred by targeting the right customers and online platforms can steer them towards the potential clients.
Cover image source: The News Minute