72 MSMEs favor digital payments over cash: survey

According to a survey by a web hosting solutions provider, Bluehost, Indian micro, small and medium enterprises (MSMEs) are prioritize digital payments over cash. The investigation further revealed that on 400 MSMEs who participated in the survey, 72 percent have made digital transactions compared to 28 percent who chose cash.

With the onset of COVID-19, businesses realized they couldn’t go on without take advantage of technology. In fact, it has accelerated the rate at which companies, especially MSMEs, are adopting technology. About 19% of MSMEs have created a website after the coronavirus pandemic hit India. The top reasons for creating a website cited by respondents were to present a professional facade, promote their brand and acquire new customers.

The survey also found that a majority of respondents (66%) claimed to have created their own website, while 34% said they had to outsource the services to an outside agency or freelance writer. 23 percent small and medium-sized businesses too registered on e-commerce platforms to strengthen the online presence of their companies or brands.

Commenting on the survey results, Manish Dalal, Managing Director of Bluehost India, said: “Many small businesses have experienced an accelerated digital transformation over the past year, and they are now exposed to a range of tools. that can help them grow and promote The use of digital technologies such as websites, digital payments and e-commerce have helped small businesses cope with social distancing measures and ensure business continuity .

Indian MSMEs contribute around 30 percent to the country’s GDP and 48 percent to exports. This sector which forms the backbone of the Indian economy continues to struggle and stay afloat as it recovers from the impact of the deadly two waves of the COVID-19 pandemic.

Bluehost conducted the survey in the first two weeks of June 2021 with MSMEs in segments such as Retail, Educational Services, Technology Services, Independent Bloggers, Consultants, Advertising and Marketing, travel and finance.

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