Several small and medium businesses (SMBs) in Asia, especially their Indian counterparts, are batting for adoption of digital tools to weather the COVID-19 impact, a recent report has revealed.
Nearly 75 percent of the respondents in the survey recognised the significance of a switch to digital in order to revive business.
The HP Asia SMB Report 2020 highlights that about 73 percent of such businesses in India are confident of recovery in the post-pandemic scenario.
Over 60 percent of the respondents from India also see this period as a good opportunity to revisit and reformulate their business strategy.
SMBs, in India and across the world, have taken a severe hit due to the coronavirus pandemic-led economic disruption, with many even facing shutdown due to the drastic drop in their revenues amid the lockdowns.
"SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted SMBs as much as any other segment. But the agility and flexibility in their operations, coupled with the adaptability to changing business environment and customer needs means they can bounce back far more quickly. However, it is critical to discover their challenges and address their pain points, which was the primary motivation for HP to commission this study," said Ketan Patel, managing director, HP India Market.
The report also notes certain key challenges faced by these businesses across the continent on their road to recovery, global instability being a major one. However, its impact was felt to be less pronounced among Indian SMBs. Other challenges included adequate cash flow, access to finance and leveraging digital.
About 1,600 SMBs were surveyed between May 26 and June 7, 2020. This comprised of 200 interviews in each of the markets: Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
