This year as we celebrate SMB Month across PayPal, V. Chandramouliswaran, Sr Director & India Site Lead, sheds light on tech disruptors that will create a positive impact for SMBs.
Technology adoption has accelerated across sectors since the pandemic, and we have seen this firsthand in the small businesses. The MSME sector has been quick to embrace latest technology to ensure business continuity. As the world reverts to older ways, small businesses are expected to increase their dependency on technology for driving better business outcomes.
Technology is helping MSMEs enhance customer experience at every touch point and to keep up with evolving consumer needs. With consumers pivoting towards secure and seamless ways to pay, several MSMEs have invested in digital payment options to provide a safe, frictionless check-out experience.
The steady rise in use of digital payments has also created the space for cross border trade. Businesses can now widen their reach and access a global consumer base beyond India. Nearly 30% of the MSMEs found that the business environment in India has become more favorable for online sales while 31% felt that there is a huge opportunity in cross border1, thanks to technology.
1 Indian MSMEs keen on investing in more digital payment options: Survey