MSMEs that use online platforms are five times more likely to export: International Chamber of Commerce

When the industries are coming to terms with pandemic, it has become indispensable for MSMEs to assimilate digital-first culture to interact with customers in the export market and navigate through the crisis.

NITI Aayog also lay emphasis in its export preparedness index 2020 recently about the the importance of exports, MSME and role of the Central Government and states in growing exports and supporting this sector as MSME sector is one of the chief drivers of economic growth,contributing to around 40 per cent of India’s export and supporting millions of direct and indirect jobs.

Digitalization seems to be the key to exploring new opportunities in international markets and increasing the consumer base, it is also instrumental for sustainable growth of the sector which contributes close to 30 per cent towards GDP.

According to a research report by the International Chamber of Commerce, MSMEs that use online platforms are five times more likely to export than those who are still reluctant to use it. Research also indicates that companies which are connected to global value chains and international consumer communities are more productive and are more likely to succeed. Through digital adoption their produce can cleave into the global market with relative ease than traditional ways of showcasing it.