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Last updated: 29 Dec, 2020  

Internet banking generic THMB Digitally empower your small business in 2021

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Bikky Khosla | 29 Dec, 2020

How much promise the Internet holds for small businesses? Why digital transformation matters? While the Internet has exponential potential as a channel of buying or selling, what is more important is that it is changing everything, including the way we learn and work. It has changed the fundamental way of doing business. This is a key learning from the pandemic-hit year, which reminds us the fact, again, that embracing these new age technologies is no longer an option, but a necessity.

Meanwhile, a latest survey shows that Micro and Small Enterprises (MSEs) have shown a "big digital shift" in pandemic times. Among the surveyed MSEs, 29 percent were using digital sales channels before the pandemic struck, and that number has shot up to 53 percent among small enterprises and 47 percent among micro enterprises as of November. Overall, 60 percent of the respondents adopting digital selling said it helped them weather the pandemic-induced stress, while the rest said it boosted sales.

Another survey shows that there is a sense of optimism among Small and Medium Enterprises (SMEs) as 30 percent of small businesses and 40 percent of medium businesses witnessed a rise in e-commerce sales since the lockdowns began. Also, 35 percent of small and 54 percent of medium businesses believe that e-commerce sales will improve their financial growth following Covid-19. Further, 76 percent of small and 60 percent of medium businesses are seeing a rise in digital payments received.  

Thus, while COVID-19 has acted as a great catalyst for our MSMEs in adoption of digital sales channels, it did come with a learning lesson that every business needs to be a digital business. We are in a time when denying to be a part of the Internet revolution can be catastrophic, and that's why, when we enter 2021, let's take a resolution this New Year to jump into the internet bandwagon and adopt transformative technologies and new age ways and means of doing business.

Wish you all a happy and prosperous New Year 2021.

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