How Can MSME Digitally Grow Business During Pandemic?

Srivaths Varadharajan | Friday, 18 December 2020, 07:29 IST

Srivaths Varadharajan, President & CIO, Niyogin

Pandemic has hit all segments of MSME. The smarter ones quickly understood how to transform their existing business from offline mode to online mode. To start the digital journey one must own their domain for websites and Commerce portal. This opens the opportunity to sell their products across pan India and across globe. One must ensure their website or portals are mobile responsive. This strategy ensures you can start their digital journey with minimum investments.

MSME after creating their digital identity must list their products online and promote them using coupon codes. Effective and selective promotions during occasions and festivals are very critical to stay engaged with the right target group. MSME must be a master of decision making for promotions and discount offerings based on their margins. One must avoid to bleed for the top line at the same time not be greedy for margins.

“MSME after creating their digital identity must list their products online and promote them using coupon codes”

One must ensure all digital payment options are available for customers. example: Payment Gateway, credit card, wallet, upi, qrcode, neft, rtgs etc. Ensure international currency access is available as well. If your transactions are heavy and high frequency take advantage of financing options available for smart cash flows. Ensure you have tools to record your purchaser/ supplier details. record your offline customer records it adds on to your database repository and productivity.

Create a repository of your Business transaction information both for offline and online business. Wherever possible introduce the KYC process to know your customers better. For large transactions ensure you check the financial health of your customers through tools like credit bureau, financial reports etc. Make full smart use of social media for promotion and communication. It is a must for extensive promotion in the digital world as it brings recognition to the product and adds to the brand value.

Have omni channel access made available to your customers. You should be reachable on the phone. website, chat, bots, telegram, whats app, linkedin, twitter, FB, FB messenger, blogs and all possible social media channels. Logistics tie up should be seamless and should be spread across length and breadth of the country. Ensure you have providers even across all international destinations. Create a smart and cost effective supply chain model. Use waterways for low cost delivery or electric vehicles for cost effective deliveries locally. Focus on employee productivity by giving them smart devices, systems, office automation products (need based).

Create a culture of access to work from anywhere and everywhere. Remember employees are brand representative hence empower and motivate them. One satisfied employee creates millions of satisfied customers. Effective Communication is key to any Business. ensure you reach out to your customers in minimum two languages as per the region or locality. Creating product materials, brochures in regional languages are very critical. It's absolutely ok to over communicate with your customers during pandemic. It takes you more closer to them.

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