To stay competitive every business is going through rapid changes and digital makeover remains the buzzword for MSMEs. Technology enabled digital tools alter the entire landscape for business in this competitive era.
Report by FIRST shows 72.5% retails in MSME sector are open to adoption of digital tools to improve store offerings even as 53% retailers are using digitization to improve collaboration across departments.
The Forum for Internet Retailers, Sellers & Traders, India (FIRST India) hosted ‘Future Proofing of Indian Enterprises,’ a digitization workshop in Chennai aimed at creating awareness and supporting small businesses on the opportunities that will help them go digital and become self-reliant.
The workshop saw participation from Kanimozhi Karunanidhi, MP, sellers’ industry body representatives from Tamil Nadu like Chennai Jewelers’ Association, Tamil Nadu Small and Tiny Industries Association, and Federation of All India Vyapar Mandal, besides industry players such as Amazon Pay, Tata AIA, Movin.
Chennai, which accounts for nearly 15.24% of India’s micro-enterprises, has emerged as a hub for omnichannel retail. Omnichannel retail stores also incorporate several other channels like apps, online platforms, brick and mortar etc.
The city’s thriving retail sector, known for its innovative and early adoption practices, has successfully established chains of stores that combine physical and digital retail experiences.
For retail based MSME’s in Chennai the approach for digital based implementation to improve operations is a positive step.
According to a report by FIRST, 72.5% of retailers have high acceptability for adoption of digital tools for digital makeover to improve store offerings with 53% retailers using it to improve collaboration across departments.
Addressing the event, Kanimozhi Karunanidhi, said, “The state government stands in support of the transformative journey for the MSMEs, ready to facilitate their progress by seamlessly integrating traditional retail with the power of e-commerce.
We have made significant investments, exceeding Rs 900 cr. so far, emphasizing our commitment to the growth of the sector.
We recognize the pivotal role that TN’s vibrant MSME ecosystem plays in driving employment opportunities for more than 1 crore individuals and making substantial contributions to the state’s overall economy.
Read More: https://smeventure.com/promoting-womentrepreneurs-in-msmes-success-stories-and-challenges/
To fully unleash the potential of these MSMEs, there is a pressing need to promote the adoption of hybrid retail models, strategically leveraging the abundant opportunities presented by e-commerce.” Vinod Kumar, president, India SME Forum, and Trustee & president, FIRST India said, “Our mission is to empower MSMEs in Chennai by fostering digital literacy and equipping them with the necessary tools to leverage the lucrative $7 billion e-commerce market.
(Image Courtesy: www.indianretailer.com)