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'Meeting customer expectations top challenge for SMEs'
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SME Times News Bureau | 13 Oct, 2020
The small and medium businesses (SMBs) in India find it challenging to
bring innovative offerings to market, personalise customer engagements
and keep up with demand when meeting customer expectations in the
pandemic, a new report said on Tuesday.
Financial management is
the top challenge SMB leader respondents personally face when growing
their business and maintaining financial growth is the top challenge
constraining future business growth, according to leading Cloud software
company Salesforce.
Meeting customer expectations is the top constraint on operations for SMB respondents in India.
While
reduced customer demand is the top constraint on future growth,
applying for financial assistance is the top consideration for the
future of the business for the SMBs in the country.
"Amid a
challenging business environment, SMB leaders have displayed remarkable
strength and resilience with only 16 per cent of SMB respondents in
India expecting an entirely new structure post the pandemic," said Sunil
Jose, Senior Vice President, Salesforce India. "This demonstrates that SMBs' in India are resilient and positive of business continuity ensuring they get back on track".
While
30 per cent of the SMB leader respondents in India expect business to
be as usual, 48 per cent believe it would be slightly modified.
In
addition to pre-pandemic challenges, SMB leaders are now faced with
operational restrictions, compliance mandates, and shifting customer
expectations.
However, SMB leaders remain optimistic about the future of their businesses globally.
Even
during the pandemic, SMBs are continuing to adopt new technology, with
at least one in five SMB respondents reporting they've implemented at
least one of the following technology solutions in the last six months,
including email marketing software, customer service software, project
task collaboration tools, or e-commerce software.
"Globally,
SMBs' are at a critical juncture. The key to accelerating consumer
demand and solving problems for scale, come down to how they leverage
technology to deliver the best customer experiences," Jose explained.
The survey was conducted online by The Harris Poll on behalf of Salesforce.
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