More than 71% of MSMEs in Retail Embrace Digital Technology : Report

Young MSME Retail Owners Embrace Digital Technology, Reveals PayNearby Report

According to a recent study by PayNearby, a branchless banking and network, MSMEs in the retail sector are increasingly adopting digital technology in their day-to-day operations. The study revealed that more than 71% of MSMEs in retail are now embracing digital technology in some capacity. This shift in attitude towards technological adoption is a positive sign for the growth of the MSME sector.

MSMEs Aged 18-30 Are the Most Technologically Savvy

The study also found that business owners between the age group of 18 and 30 were the most technologically savvy, with over 75% using smartphones to operate their daily operations and access digital content. This underscores the critical role that the internet can play in driving tech inclusion at the last mile by bringing MSMEs on board the digital bandwagon.

When asked about the benefits of technology on their enterprises, 32% said it has helped them grow by enhancing efficiency in business operations, while 28% said it has increased their sales and income. However, the study also highlighted some challenges in utilizing technology for business operations. Around 30% of business owners claimed they could not afford the high cost of technology, while 29% struggled with shoddy internet connectivity.

The Chief Marketing Officer of PayNearby, Ms. Jayatri Dasgupta, emphasized the need for MSMEs to have the necessary tools to get inducted into the fast-moving economy. She stated, “India is at the cusp of a tech revolution. However, for this to happen, MSMEs need the necessary tools to get inducted into this fast-moving economy. The MSME Digital Index is our effort to understand the uptake of technology in the MSME segment and highlight areas that need to evolve to bridge the digital divide in our industry.”

Overall, the PayNearby study highlights the positive impact of digital technology adoption among MSMEs and the need to address challenges in cost and connectivity to bridge the digital divide in the sector.

ThinkWithNiche News' conclusion

The recent study by PayNearby reveals that MSMEs in the retail sector are increasingly embracing digital technology in their daily operations. The study highlights the positive impact of technology adoption on MSMEs, particularly among business owners aged 18-30 who are the most technologically savvy and rely heavily on smartphones to access digital content. The study also highlights some challenges in utilizing technology for business operations, such as the high cost of technology and shoddy internet connectivity. The findings of the study emphasize the need to bridge the digital divide in the MSME sector and provide necessary tools to help MSMEs get inducted into the fast-moving economy.

Important News Tags and Headlines for Readers

Digital Technology Adoption on the Rise Among MSMEs in Retail: Study

Young MSME Retail Owners Embrace Digital Technology, Reveals PayNearby Report

PayNearby's MSME Digital Index 2023: Insights on Last-Mile Technology Use

Technology Boosts Efficiency and Sales for MSMEs, Says PayNearby Report

Bridging the Digital Divide: PayNearby Study Highlights Challenges and Opportunities for MSMEs in Retail