SME Times News Bureau | 31 Jul, 2019
Indian
small and medium enterprises (SMEs) are more inclined towards building an
online presence compared to their global peers, showed a new survey.
Almost one-third of the total Indian small businesses surveyed reported that
they already have a website and about 19 per cent responded that they plan to
build a website soon as compared to only 16 per cent of their global
counterparts, find the survey conducted by Internet names and registrations
management major GoDaddy.
"Owing to the massive growth of digital economy in India, entrepreneurs and
small business owners are showing increased optimism towards creating an online
identity that can prove critical for their long-term growth and
expansion," Nikhil Arora, Vice President and Managing Director, GoDaddy
India, said in a statement.
The survey included over 4,500 small business owners across 10 countries
including India, Australia, Canada, and the US, among others.
The survey also delves into the swirl of challenges faced by Indian small and
medium-sized businesses (SMBs), which require them to adapt, in order to
flourish.
Over 40 per cent of the Indian small businesses surveyed cited their inability
to invest sufficiently in the business as a major growth challenge.
Other external challenges included societal turbulence (35 per cent) and
failure to keep up with the technological advancements (23 per cent).
Cyber-attack is another concern that 21 per cent of the Indian entrepreneurs
cited as a potential challenge to their success.
Even with these challenges, small business owners in India remained optimistic,
with 46 per cent reporting that they expect to grow at least 50 per cent in the
next three to five years, which is 1.7 times more as compared to the global
counterparts (27 per cent), the findings showed.