Digital adoption helps SMBs stay afloat amid headwinds
A recent study on small and medium businesses (SMBs) conducted by Bluehost, a web hosting provider specializing in WordPress, found a sentiment in favor of digital adoption for business promotion and growth. The survey is conducted every year on small and medium-sized enterprises (MSMEs) day, June 27.
The pandemic and inflation worldwide have led to various businesses and startups shutting down. Despite the continual efforts from governments, many businesses tend to move towards closure and shut down due to less capital or high debts. The 2022 survey revealed the opinions about the digital adoption of SMBs in the United States, India, Australia, and New Zealand.
SMBs play a significant role in economies across the world and account for the majority of businesses worldwide. As significant contributors to job creation, the optimistic perspective towards the economy they operate in, despite the risks from the pandemic and inflation, speaks of their resilience in keeping the economy buoyant.
In countries like the US, 15 percent of people have a positive outlook on the economy while other countries like Australia, New Zealand, and India have 33 percent, 33 percent, and 69 percent, respectively, according to the survey.
The survey also revealed that all the SMBs have concluded that inflation is the key reason behind the cost rise in recent years. Henceforth, SMBs worldwide plan to go digital due to the rising labor cost.
Further, they are also aware that they use tools to perform essential duties to make business operations more professional and customer-centric.
“SMBs are major economic growth and social development drivers, 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,” said Mitika Kulshreshtha, Vice President of Marketing at Newfold Digital, parent company of Bluehost.
Bluehost administered an online questionnaire to SMBs across the US, India, Australia, and New Zealand.