Today, there are plenty of digital solutions that can help businesses, especially Micro, Small, and Medium Enterprises (MSMEs), grow and thrive in an increasingly competitive and challenging global market. This ranges from online marketplaces and secure payment gateways to specific productivity, computer applications, and cloud computing tools. Here are three reasons why MSMEs need to digitize and modernize their activities:
- Increased Productivity
In today’s business environment, technology is a major differentiator. How fast and cost-efficient a business carries out its operations depends significantly on how it deploys technological solutions.
Many computer applications can be very useful for MSMEs trying to manage projects, keep financial accounts, meet and communicate internally, leverage cloud storage, and ensure that their sensitive information is safe from cyberattacks. All these require some money but are worth it in the long-run.
2. Greater Market Reach
Traditional approaches to marketing, selling, and supply of goods are no longer enough for a business to thrive. The modern digital economy presents many opportunities for MSMEs to trade online and across borders, process payments seamlessly, and use eCommerce solutions.
It is also very important for these enterprises to be present online and engage actively with their existing and potential clients. This can come in the form of a well-designed and interactive website, social media engagement, online advertising, and more.
3. Flexible Payments
Many companies nowadays are struggling to stay in business, especially due to the damages caused by the recent COVID-19 pandemic. Thus, they must review their selling, buying, and operating strategies. We already know that businesses that accept digital payments are more resilient. Therefore, MSMEs need to broaden their payment options.
In order to survive in such a competitive environment, MSMEs will need to leverage digital payment solutions, digital trading platforms, and other digital technologies like blockchain in the near future.
Stay Tuned with Export Portal
At Export Portal, we believe in making international trade easy and ensuring our users have all the tools they need to trade confidently. That includes helping our users learn everything they need to know about global trade and connect with the right people. Join us and take advantage of all our benefits today!