Creating an authentic presence is necessary in our digitally inclined world. It helps attract the targeted audience, which will help the company have a consistent and reliable image in the market. Reliability is an important feature that will naturally help MSMEs expand in the digital space. Overcoming these issues will help various MSMEs survive the digital roadblock.
Importance of MSMEs for Indian Economy
The MSMEs have a 30 per cent share in India’s GDP & employment and act as the pillars of our economy. About 56 million MSMEs add products to address the specific needs of the nation and thus behave like entrepreneurs. MSMEs help to generate employment at the local level, and for a country like India, it’s the need of the hour.
India SME forum conducted a survey, which had 1,29,537 MSMEs respondents; the survey showed that around 50 per cent of MSME respondents claimed to know about the benefits of the usage of digital technologies. However, a shocking 70 per cent of MSMEs lack the knowledge and understanding about digital tools. The main obstacle cited was the lack of knowledge which restricted the wider adoption of technology.
The pandemic became the revolution phase for various MSME sectors. India SME ministry is working hard towards lowering the digital gap by conducting informative workshops to help these conventional companies spread their business and cope up in these tough times.
Factors Keeping MSMEs from Reaching Full Potential
This story is from the January 2022 edition of Business Of Fashion.
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This story is from the January 2022 edition of Business Of Fashion.
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