41 percent MSMEs feel business is better this year than 2021: Survey

According to a survey done by the web hosting provider, Bluehost, 41 percent of the small and medium businesses (SMBs) in India feel that business is better in 2022 as compared to 2021. The global survey also revealed that India has the highest level of optimism followed by the US (32 percent) and then Australia and New Zealand (25 percent).

The survey is conducted every year to commemorate the World Micro, Small, and Medium-sized Enterprises (MSMEs) Day on June 27. The aim is to assess the sentiment toward digital adoption for business promotion and growth. This year’s survey included SMBs from countries such as the US, India, Australia, and New Zealand.

In India, MSMEs play a crucial role in driving the economy contributing about 30 percent to the GDP and 45 percent to the exports. The data released also showed that 69 percent of the SMBs have a positive sentiment towards the economy in the next 12 months.

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Another aspect highlighted by the survey was how the pandemic has accelerated digitisation. Almost 50 percent of businesses across the world would agree that selling online relieves cost pressure. Additionally, 75 percent of the businesses in India and the US and 50 percent in Australia and New Zealand feel that selling online promotes growth.

In India, WhatsApp is the most widely used digital tool (by 72 percent of the MSMEs) for selling followed by social media (56 percent), digital marketing (47 percent), online marketplaces (44 percent), and video conferencing (41 percent).

Mitika Kulshreshtha, Vice President of Marketing at Newfold Digital (parent company of Bluehost), said, "SMBs are major drivers of both economic growth and social development, as they foster competition and innovation. The COVID-19 crisis has pushed SMBs to promote and grow their businesses online and now with inflationary headwinds, SMBs continue to show remarkable resilience."