An increasing number of customers from urban as well as rural India, and also from across the world now prefer to browse, shop and transact online. There is no denying the fact that small businesses need to adopt technology to establish their footprints in the market. If your business is not online, it is as good as non-existent for customers. The good news is that technology can not only create an online presence for small businesses but also grow their revenues and customer base by leaps and bounds.
According to a study published by Google and KPMG, small businesses in India with a digital presence increased their revenues twice as fast as those that do not have one in 2016. Further, 51% of digitally-enabled small businesses sold to customers beyond city boundaries in comparison to just 29% of their offline counterparts. In spite of the benefits that technology and digitization offer, only 32% of small businesses have an online presence.
However, it wouldn’t be long before the remaining small businesses move online. There are various operations for which they can embrace technology:
- Automate business operations by installing machines and deploying Customer Relationship Management (CRM), Supply Chain Management, accounting and invoicing software systems and other cloud-based technologies.
- Set up an e-commerce store, website or social media pages.
- Accept payments from customers electronically via e-wallets and payment gateways.
- Access and conduct all banking transactions online.
- Apply for online, quick and small business loans from digital lending platforms such as FlexiLoans. All you have to do is fill up an application form and upload KYC documents online. These online lenders use innovative technology and algorithms to disburse loans up to Rs 1 crore in less than 48 hours. You can utilize these loans for any business purpose you deem necessary – asset/equipment purchase, business expansion, vendor financing, working capital or even make your business technology-savvy.
Technology and digitization are the sure shot ways for small businesses to gain a competitive edge in the market!