To highlight PayPal’s role as an SMB champion, Abid Murshed, Head- Inside Sales, PayPal, shares his views on the untapped ecommerce and cross border opportunity and PayPal’s role in helping Indian businesses leverage the same.
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Through all the challenges brought by the pandemic, the one thing which stood out was the resilience of the Indian small businesses. MSMEs displayed great agility in their ability to adopt digital and shift their business online- going where the consumer was.
Digital adoption also blurred boundaries and helped these businesses sell to a global consumer base. By selling directly to customers, brands have been able to establish stronger relationships and with the ability to obtain data, offer customized products to meet their specific needs. This has helped in an increase in revenue complementing their existing B2C and/or B2B retail and marketplace channels. D2C continues to see adoption especially among Millennial and Gen Z consumers and in the services sectors- telemedicine, ed tech, IT and Healthcare.
Digital platforms are enabling transactions across borders and between two buyers and sellers. This is where players like PayPal play a key role enabling a safe and seamless transaction.
By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 426 million consumers and merchants across 200 markets to join and thrive in the global economy.
There is no doubt that digital adoption and accessing a global consumer base will be a key growth area for MSMEs going forward.