{"id":31436,"date":"2021-06-03T12:05:19","date_gmt":"2021-06-03T06:35:19","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=31436"},"modified":"2021-06-03T12:05:21","modified_gmt":"2021-06-03T06:35:21","slug":"msme-smalls-business-scale-up-business-online","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/msme-smalls-business-scale-up-business-online\/","title":{"rendered":"How can MSME &#038; Small Businesses Scale-up Business Online?"},"content":{"rendered":"\n<p class=\"has-drop-cap\">At a time when businesses were thriving owing to online presence, India\u2019s&nbsp;<a href=\"https:\/\/corpbiz.io\/msme-registration\"><strong>MSME<\/strong><\/a>&nbsp;sector has grappled to leverage this digital boom. Failure to adopt this new normal has left these industries in a lurch. Inadequate funding is the primary deterrent to digital transformation for these industries. This blog will show you how can How can MSME &amp; Smalls Business Scale-up Business Online. <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/msme-smalls-business-scale-up-business-online\/#How_digitization_will_benefit_MSME_Sector_and_smalls_businesses\" >How digitization will benefit MSME Sector and smalls businesses?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/msme-smalls-business-scale-up-business-online\/#Steps_to_transform_MSMSSmall_Business_Online\" >Steps to transform MSMS\/Small Business Online<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/msme-smalls-business-scale-up-business-online\/#Establish_Social_Media_Accounts_for_better_customers_interaction_retention\" >Establish Social Media Accounts for better customer\u2019s\ninteraction &amp; retention<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/msme-smalls-business-scale-up-business-online\/#Key_digital_trends_impacting_MSMEs_and_Small_Businesses\" >Key digital trends impacting MSMEs and Small&nbsp; Businesses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/msme-smalls-business-scale-up-business-online\/#Bottom_Line\" >Bottom Line<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_digitization_will_benefit_MSME_Sector_and_smalls_businesses\"><\/span>How digitization will benefit MSME Sector and smalls businesses?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ideally,\na business with an online presence is more likely to gain sustainable growth\nunlike the one with an offline presence. Such a change can render a much-needed\nboost to your company, and all othersuch small industries operating pan India.<\/p>\n\n\n\n<p>Here\u2019s\nhow digitization can help the MSME sector grow<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Improved Customer Service<\/h3>\n\n\n\n<p>With features such as AI, chatbots &amp; more, firms with a strong web-based presence can easily offer great <em><strong>customer service<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Customer_service\"><em><strong>[1]<\/strong><\/em><\/a><\/sup> to their prospects. Over time, this can assist in streamlining the company\u2019s services.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Low Production Costs<\/h3>\n\n\n\n<p>With ML i.e. Machine learning &amp;predictive\nbusiness analysis, an online platform can help minimize expense relating to\nproduction. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Increased Profit Generation<\/h3>\n\n\n\n<p>Scaling small businesses online is\ncumbersome. But, if you do it somehow, considerable dividends will wait for\nyour company. Usage of the latest tech results in improved products, which\neventually crank up your profitability to new heights. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Improved Data Collection<\/h3>\n\n\n\n<p>Knowing what end-users wish &amp; how\nthey observe the company\u2019s offerings, is a benefit predominately accessible to\nweb-based firms. Furthermore, you can gather data from your rivals, increase\nyour sales, &amp; most importantly, render insights into the production &amp;\nmarketing department of your firm. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fencing of potential Errors<\/h3>\n\n\n\n<p>With the technological up-gradation\nof MSMEs, human errors can be minimized, thereby putting brakes on mistakes.\nAutomation &amp; web-based integration is the key to achieve an effective\nbusiness model, with almost no room for mistakes. <\/p>\n\n\n\n<p>Nonetheless, the initial cost of establishing a web-based model often demotivates smalls business owners from making such a decision. Although the advantages far outweigh the expenses, smalls businesses simply lack the capital imperative for such a transformation. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/msme-registration-status-and-process\/\">MSME Registration status and process: All you need to know <\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Steps_to_transform_MSMSSmall_Business_Online\"><\/span>Steps to transform MSMS\/Small Business Online<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/06\/Steps-to-transform-MSMS-Small-Business-Online.png\" alt=\"Steps to transform MSMS\/Small Business Online\" class=\"wp-image-31463\" width=\"490\" height=\"490\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/06\/Steps-to-transform-MSMS-Small-Business-Online.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/06\/Steps-to-transform-MSMS-Small-Business-Online-150x150.png 150w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/06\/Steps-to-transform-MSMS-Small-Business-Online-300x300.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/06\/Steps-to-transform-MSMS-Small-Business-Online-768x768.png 768w\" sizes=\"(max-width: 490px) 100vw, 490px\" \/><\/figure><\/div>\n\n\n\n<p>When\nthe capital crunch is no longer a trouble, you can plan to transform your\nbusiness into a web-based entity. The following can assist you in the process<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Obtain a domain name &amp;set up a website <\/h3>\n\n\n\n<p>Your site &amp; domain are the two vital things when establishing an online <strong><em>business<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Business\"><strong><em>[1]<\/em><\/strong><\/a><\/sup> model. Plan every detail about your name for your domain and website. Keep in mind that this is the initial point of contact between your firm and the end used users. The impressive &amp; optimized site can give a boost toonline traffic, thereby increasing sales and revenue.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Create user-friendly content &amp; optimize the site\naccordingly <\/h3>\n\n\n\n<p>Create\nsite pages that inform end-users about the type of service you render. You can\nalso make them aware of various aspects of your firm. But, drawing an adequate\namount of online traffic to a page can still be daunting, if your SEO is\nlacking. Luckily, you can outsource such projects to a legit third party to\nensure better rankings in Google search results. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Establish_Social_Media_Accounts_for_better_customers_interaction_retention\"><\/span>Establish Social Media Accounts for better customer\u2019s\ninteraction &amp; retention<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Operating\nFacebook, WhatsApp, Instagram, etc. accounts for a firm is more than a\nnecessity today for businesses seeking online success. Apart from sharing\nregular notifications regarding discounts, offers, &amp; other detail, such\nsocial media handles can also let firms correspond directly with clients. <\/p>\n\n\n\n<p>It\nevident from above that each of these steps seeksa substantial pool of capital\nfrom business owners. Procuring funds for such purposes can be extremely\ndaunting for small and micro-enterprises. Invoice discounting &amp; other\ncapital solutions can come in handy for such establishments to meet liabilities\neffectively.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_digital_trends_impacting_MSMEs_and_Small_Businesses\"><\/span>Key digital trends impacting MSMEs and Small&nbsp; Businesses <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here are some important digital trends that will have significance on MSMEs and Smalls Business. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">More small businesses shall adopt digital space<\/h3>\n\n\n\n<p>The recent study manifests that while more the 60% of MSME\nsurveyed would like to go online, approximately 5% of them have done so. Nearly\n80% of digitally-empowered MSMEs showed overall positive online experiences.\nAccording to another survey, the digitized smaller firms have grown twofold\ncompared to their one that operates offline. Both surveys manifest large-scale\nonline adoption amongst small firms is beyond imminent. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Small businesses leveraging cloud-based solutions<\/h3>\n\n\n\n<p>60% of MSME-based firms have cloud-based technologies rejoice\ncompetitive advantage &amp; improved productivity. Solutions on offer are\nmodern yet cheap, adaptable to all sorts of establishments, and yield economies\nof scale. Key solutions they choose include CRM, password management, &amp; managing\nmailing lists.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Government promoting small businesses to scale up via\ncloud-based technologies<\/h3>\n\n\n\n<p>One of the stated priorities of GOI is to assist MSME leverage\nthe digital technologies to thrive &amp; scale to increase the sector\u2019s share\nof the GDP from 35%-50% over the next 5-6 years. It has commenced 18 training\navenues or tool rooms to aid MSMEs adopt &amp; learn technology and aims to\nincrease the footprint of such centers. It is also extending subsidies to firms\nadopting information technologies &amp; cloud-based communication via the\ndirect benefit transfer route. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Social media to becomes the center stage of marketing for small business<\/h3>\n\n\n\n<p>As per the latest marketing data, nearly 95% of small firms are\nleveraging social media platforms in their marketing strategy. Facebook has\nproofed its prowess in the marketing realm as far as the reach, impact, &amp;\nconversion. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Chatbots will have a remarkable impact on small business<\/h3>\n\n\n\n<p>Around 45% of small firms believe optimal customer service is\ncrucial for revenue growth. As they continue to adopt the digital space, given\ntheir limited resources, automation will likely play an important role in\nimproving end-user experiences, while also streamlining their operations. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bottom_Line\"><\/span>Bottom Line<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you wish to transform your smalls business online, be ready to arrange considerable corpus in deploying such a change. The digital wave has already taken the world by storm and is likely to stay prominent for years to come. Therefore, the non-adoption of such a technology can put the future of any business in danger. Erstwhile business practices will become dated sooner or later. Thus, it would be better to leverage technologies that matter most for the company. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/government-helping-msmes-not-to-get-liquidated-under-ibc\/\">Underlining Government Efforts to Prevent MSMEs from getting Liquidated under IBC amid Covid19 <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At a time when businesses were thriving owing to online presence, India\u2019s&nbsp;MSME&nbsp;sector has grappled to leverage this digital boom. Failure to adopt this new normal has left these industries in a lurch. Inadequate funding is the primary deterrent to digital transformation for these industries. This blog will show you how can How can MSME &amp; [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":31462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[176],"tags":[764],"acf":{"service_id":"71"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":4458,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/31436"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=31436"}],"version-history":[{"count":14,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/31436\/revisions"}],"predecessor-version":[{"id":31465,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/31436\/revisions\/31465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/31462"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=31436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=31436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=31436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}