Small and medium businesses make up the major part of the Indian business ecosystem. Tasks to be managed are more while individuals to handle these tasks are few. So it is crucial that tasks in an SME are prioritized using the digital space and technology to achieve maximum and fruitful output in the shortest time period.
Trend 1 – Businesses turning Digital
Digitally-empowered SMBs are more successful than their offline counterparts. Rate of expansion is more because of the reach and speed of the digital platforms. So there’s ample scope of contributing more towards India’s GDP and thus channelizing towards the growth of the country as more and more SMEs turn digital by going online. Many Fintech companies are coming up with several online payment schemes, thus trying to empower and promote such small businesses.
Trend 2 – Improving Customer Service through Chatbots
Usage of chatbots cannot be neglected in today’s workflow especially when resources are limited. Enhancing customer experience is essential for every business and usage of chatbots enables an entrepreneur to look into and solve customer feedback and queries immediately. The success graph of SMEs utilizing the chatbot system is sure to lure the offline SMEs to adopt this technology to make their workflow more efficient and competitive in the coming years.
Trend 3 – Adapting to the changing Millennial Trends
The millennial trends which are varying at an incredible speed are projected to have the maximum progressing capacity of any generation. To achieve that, the online presence of SMEs on digital platforms becomes a crucial factor. Fintech and social media practices like mobile marketing, video content, influencer marketing, etc. are gradually being adopted by various small and large scale business owners who are registering and marking their online presence to stay in touch with the current competitive market.
Trend 4 – Social Media, a ruling tool for SMBs
Latest statistics show that nearly all of the SMBs are utilizing social media as a vital and essential tool for their marketing and promotions. Platforms like, Tiktok, Facebook, Instagram, etc. has enabled maximum engagement and massive reach with the audience because conveying message or advertising through this medium is less expensive than the traditional mediums of doing so. Opportunities to get connected with customers across different countries and regions are optimum. So this trend has marked its presence as the most essential part of the marketing strategies that every SMB are adopting for the growth of their business.
Trend 5 – Adaptation to Cloud
Adopting cloud technology has resulted in SMEs benefitting from it. The technology is a highly developed, sophisticated, affordable, and easy to use platform for which it has gained popularity and is widely accepted by all levels of industrialists and businessmen across the world. SMBs that face challenges with respect to CRM, management of passwords and mailing lists are moving to cloud to improve on their productivity and operations to a great extent thus leading them to gain an increase in their profit margins.