Here's How SMBs Can Grow Their Businesses, Say Experts SMBs need to embrace technology, data and focus on changing consumer trends to stay ahead in the game
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In 2019, Indian Prime Minister Narendra Modi spoke about the goal to make India a $5-trillion economy in the next five years. In order to fulfill this, it is very important for our start-ups and small and medium businesses (SMBs) to grow. While technology and digitization has reached to urban businesses, it is yet to be adopted by small-sized companies and kiranas especially from the non-urban areas.
While addressing the audience at Amazon Smbhav, a two-day event organized by Amazon India for SMBs, experts said SMBs need to embrace technology and data including consumer reviews to grow their businesses. According to the panelists, businesses need to focus on changing consumer trends and then adopt the changing trends.
Embracing Technology and Digitization
Manish Chaturvedi, head of SMB, Google Pay India, said the scope of growing a business is limitless if digital services are adopted. "It completely depends on how far you actually digitize? Right from getting basic transaction, receive money from customer, all the way back to clearing principles and being able to order and stocking. So to my mind, whether it's about reducing costs, whether it's about operating more efficiently, or just being able to get more customers, all of that will only come because you're speaking the language of your consumers, your business partners, and your suppliers. So it is limitless, empowering and enabling," Chaturvedi said.
According to him, the growth is limitless if one can have a strong digitized business because you are already a part of an ecosystem which is much more efficient.
Speaking along the same lines, Amit Bali, executive director of Nielsen (south Asia), said that while technology adoption for some small-scale businesses may not always be easy but that in several large-sized businesses are coming up and helping them with tech inputs.
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While addressing the audience, Dale Vaz, head of engineering and AI at Swiggy, explained the importance of analyzing data. Citing example from Swiggy's ways to alter offering based on customer reviews, Vaz explained users will themselves give businesses the hint about how to move forward.
"Embracing the data by just reading your own customer experience and reviews whether they are talking about negative or positive about you will help your improve and grow," Vaz said.
Focusing On Consumer Trends
According to panelists, business owners need to be mindful about the changing consumer trends and they need to change and evolve their products on the basis of the consumption.
They also said that one does not need to build any extensive library to understand the trends as there are plenty of information floating around already. One just needs to be mindful of the information and grab the opportunities.
They also explained that if a business owner has correctly identified the need and has made a product which serves the need, then more than half of the work is done. Understanding the niche, focusing on the product and satisfying customers is one of the most crucial things.