India's MSME sector is getting free from old thinking, digital is becoming a new weapon

India’s MSME sector is getting free from old thinking, digital is becoming a new weapon

Businesses adopted digital platforms three times more amid the pandemic, which is more focused on keeping businesses profitable in the current environment.

MSME sector of the country going digital

Micro, Small and Medium Enterprises (MSMEs) have long been a key driver of growth for many economies, including India. Today there are about 6.5 crore MSMEs which contribute 30 per cent to the Gross Domestic Product (GDP) of India. However, the COVID-19 pandemic has brought about a massive change in the MSMEs and their modes of operation. With the need to shift to a digital model, many small businesses are faced with the challenge of integrating technology into their business processes.

Moreover, lack of awareness about how to operate new technology and unavailability of custom tools for their business remains a major challenge for most of the small business. This further adds to the challenge of finding skilled talent to run these technologies at a moderate cost, which is essential to effectively build and manage the digital infrastructure.

India’s MSME sector going digital

NowFloats is digitizing MSMEs in different regions across India. With a mission to enable businesses to digitize easier and faster, and help small traders across the country, Nowflots is simplifying the digital journey of every business in India. Empowering over 35,000 businesses to grow online, its Boost360 business is focused on helping MSMEs across the country build their online presence, enabling them to stay relevant while digitizing the Indian MSME journey. In doing so Nowfloats is not only helping brands reach more customers but also connecting with customers across different geographies.

Increased competition even in small business

Nowfloats has been more relevant in helping many small businesses not only survive but also be able to stay competitive during the pandemic. The company observed that amidst the pandemic, businesses adopted digital platforms three times more, which is focused on keeping more businesses profitable in the current environment. Its Do-It-Yourself (DIY) capability allows any small business owner to integrate digital technology into their day-to-day operations without requiring any prior expertise, making it easy to adopt and use for anyone. It also becomes easier, which leads to the democratization of technology.

Corona pandemic changed the atmosphere

Speaking on this, Nitin Jain, Co-Founder of Nowfloats said that ‘The onset of the pandemic has changed the entire environment for many companies in the way they engage with customers. While many MSMEs are moving towards digital to stay relevant, many companies have become much more profitable in the digital model than in the traditional way. Our DIY model of enabling MSMEs to digitize is unique as it helps even micro and small businesses to switch to digital without any prior technical knowledge. We are committed to working with businesses across the country to help them move towards digital and further strengthen the tradition of innovation and new business in India.

All possible help to MSMEs

Founded in Hyderabad in May 2012 by Neeraj Sabharwal, Nitin Jain, Raunak Samantya and Jasminder Gulati, the brand has been serving customers across India since then. Nowfloats has not only enabled MSMEs to survive during the pandemic so far, but has also helped them become profitable during this time. By leveraging the power of digital, the company empowers its customers to connect with more customers digitally and help them grow their business. Boost 360’s focus is on helping SMBs set up, manage and grow their business online.

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