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Small traders expect easier finance post MSME tag
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SME Times News Bureau | 15 Sep, 2021
Small traders expect easier finance and more growth going ahead post the
government's move to classify retail and wholesale trade under the MSME
category, as per a survey report.
The American Express survey
also showed small merchants are embracing new digital payment methods
and innovative strategies to survive during the pandemic and as economy
recovers.
More than half the small merchants surveyed by American
Express for its 2021 report feel that the government's new MSME
guidelines will yield better financial opportunities and open doors to
better schemes.
"A substantial majority of the merchants surveyed
across the country believe that the government's move to include retail
and wholesale businesses in the MSME sector will enable them to engage
with the formal financial sector leading to an industry-wide overhaul
with better business prospects," said an American Express statement.
As
merchants look forward to more sectoral legitimacy by getting the MSME
classification, they are also confident of their economic resilience in
the wake of a potential third wave of the pandemic, it said.
Further,
over 50 per cent of the merchants have accelerated the use of digital
payment and 46 per cent have adopted safety measures and maintain
cleanliness inside the stores.
Nearly half of the merchants
surveyed highlighted that they have improved their direct communication
with customers using SMS, WhatsApp, and social media.
Cashless
payments, new delivery methods, increased efforts to advertise, and
in-store safety measures and hygiene have become critical for consumer
trust and business continuity. By adopting such measures, the report
cites that 64 percent of the small merchants are confident that their
businesses will survive amid speculations of the third wave of Covid-19.
"The
resilience shown by small businesses during these times is admirable.
They have constantly invested in new ways to improve their business
model and communication with the customers. This fact is also recognised
by 82 per cent of surveyed customers who stated that local shops and
small businesses established new ways of interacting with them which
were not available pre-pandemic," American Express Banking Corp India
SVP and CEO Manoj Adlakha said.
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