The yearly study carried out on micro, small, and medium enterprises (MSMEs) revealed substantial advantages for those who embrace e-commerce platforms. MSME use digi wallet benefits a lot and let us understand the latest findings through this article.
Digital Wallets and E-commerce Integration: Boosting MSME Prosperity in India
A recent study by The India Council for Research on International Economic Relations (ICRIER) found that digital wallets and mobile payments are the primary mode of conducting business transactions for about 69% of micro, small, and medium enterprises (MSMEs).
The study also found that MSMEs like you that integrated with e-commerce channels experienced significant benefits, including:
- Increased sales and profits: Over 85% of participating enterprises reported a surge in both total sales and profit margins, with many witnessing growth of up to 30%.
- Workforce expansion: About 14% of integrated firms mentioned that they had expanded their workforce.
Other Significant Benefits of Taking Business Online
- The study also found that MSMEs that integrated with e-commerce channels were able to reach new customers and markets, both domestically and internationally.
- E-commerce integration also helped MSMEs to improve their operational efficiency and reduce costs.
Thus, now is the time to solve all your payment & invoicing problems and integrate the latest technology of Instabill in your business.
Unlocking MSME Potential in E-commerce: Challenges and Solutions
The report also suggested that E-commerce integration has had a positive impact on MSMEs.
However, online sales still represent a small portion of overall sales compared to traditional methods.
This means that MSMEs still have significant potential to increase their online sales.
The ICRIER study found that the biggest challenges faced by MSMEs in online sales are
- Market access,
- Customer retention,
- and effective product marketing.
This can be easily improved and boost the business through investing in the technology, certifications and getting right guidance from the professionals.
MSMEs surveyed emphasized the need for streamlined coordination between central and state governments, as well as a comprehensive MSME policy that consolidates all policy incentives and programs into one accessible source.
They also stressed the need for governments at all levels to raise awareness about the various incentives and programs available to encourage higher participation in online sales.
Moreover, If you want any other guidance relating to MSME Most Frequently Use Digi Wallets, Mobile Payments, please feel free to talk to our business advisors at 8881-069-069.
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