Indian small businesses prioritise cross-border trade: PayPal study
Hyderabad: Adoption of cross-border trade in India is increasing. A latest study conducted by PayPal in partnership with Edelman Data and Intelligence shows that 86 per cent MSMEs that sell globally claimed they recorded growth in cross border trade during Covid-19. This can be attributed to the reopening of other economies and positive sentiment from […]
Hyderabad: Adoption of cross-border trade in India is increasing. A latest study conducted by PayPal in partnership with Edelman Data and Intelligence shows that 86 per cent MSMEs that sell globally claimed they recorded growth in cross border trade during Covid-19. This can be attributed to the reopening of other economies and positive sentiment from global consumers.
Almost 94 per cent of the businesses recognised that transcending borders results in growth and are making cross-border trade a business priority moving forward.
Conducted between October and November 2021, PayPal’s MSME Digital Readiness Survey assesses the impact of Covid-19 on small businesses that have an online presence. The results are based on interviews with 250 business decision markers of India’s MSMEs, with annual turnover of Rs 5 crore to Rs 250 crore. The sample represents services (36 per cent), production (28 per cent), retail, and hospitality (16 per cent) sector.
The survey showed 52 per cent of Indian MSMEs saw a positive business impact post pandemic, while 29 per cent of the MSMEs found that the business environment in India became more favourable for online sales and for 31 per cent the cross-border opportunity was promising.
MSMEs have positively seen a 65 per cent increase in online buying from customers and close to 80 per cent shared that their consumers are more receptive to using different payments options.
MSMEs have shown resilience and tenacity to overcome the downfalls of Covid-19 by leveraging the digital opportunity and increasing their online presence. Currently, 66 per cent of MSMEs use social media as an online selling channel, followed by marketplace (62 per cent), company owned platforms i.e. app (61 per cent), own ecommerce website (54 per cent) and third party ecommerce platforms (54 per cent).
About 98 per cent of the surveyed businesses have expressed an interest to invest in more payment options. Of this, 95 per cent are looking to introduce newer ways of payment and 89 per cent are keen on optimising card payments.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .
