Indian MSME sector shifting towards cross border trade: PayPal Survey
New Delhi, Jan 20 (KNN) As per PayPal Survey on MSME Digital Readiness, MSMEs in India are focusing on cross border trade and social selling to stabilise their businesses in the post pandemic market.
Adoption of technology for a seamless checkout experience which would lead to a greater share of consumer wallets has also been a growing business strategy, the survey revealed.
To understand the online presence of MSMEs and their approach towards digitalisation to tap global opportunities was the key objective of the survey.
For the survey, 250 senior officials of SMEs were interviewed between the month of October and November last year.
Those SMEs belong to different sectors such as the Services (36 per cent), Production (28 per cent) and Retail & Hospitality (16 per cent) sector.
Commenting on the findings of the survey, Nath Parameswaran, Senior Director at PayPal India said approximately 94 per cent respondents agreed that growth is seen due to transcending borders and have made it their priority in business.
Before the pandemic 64 per cent of the merchants had adopted cross-border, while 35 per cent after the pandemic, he said.
In view of global success, 86 per cent MSMEs claimed that they saw growth in cross border trade during the pandemic.
Expressing their interest in investment in more payment options, 98 per cent of the MSME respondents are willing to explore that area.
Consumers share of wallets has increased competitiveness among businesses for which 49 per cent of Indian MSMEs surveyed will invest in technology to offer a better customer experience.