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    Google survey says close to two-thirds of SMEs in India are undergoing revenue loss

    Synopsis

    It added that close to 93% businesses are facing customer related challenges and 50% businesses are facing a revenue loss due to consumers buying smaller quantities. Meanwhile around one-third of the businesses are open to adopting digital changes in order to boost their business in these challenging times.

    Google says over 26 million Indian SMEs have built their web presence on Google Maps and are easily discoverable on Google Search.
    Close to two-thirds of the small and medium enterprises (SME) in India are undergoing revenue loss due to lower demand and fewer customers, while over half of the businesses are facing challenges in meeting fixed costs, said a survey by Google India with research firm Kantar to assess the impact of Covid-19 on SMEs.

    It added that close to 93% businesses are facing customer related challenges and 50% businesses are facing a revenue loss due to consumers buying smaller quantities. Meanwhile around one-third of the businesses are open to adopting digital changes in order to boost their business in these challenging times.

    Shalini Girish, Director-India, Google Customer Solutions said that key take away from the study was that lots of 610 businesses were willing to adopt at least one digital solution, even if they haven't in the past right. It could be a social media strategy, starting online sales or spending a little bit on digital marketing. “So they're willing to figure out like what they need to do to adapt to the new model,” said Girish. And most of them wanted hand holding from tech companies in terms of digital solutions, she added. Google is taking cues from the study to design its strategy to SMBs which will include more support and skilling to such businesses.

    Google says over 26 million Indian SMEs have built their web presence on Google Maps and are easily discoverable on Google Search. It has also launched Grow with Google Small Business hub in India which is like a one-stop shop for SMEs to get access to all products and tools required to go digital. The site will soon be made available in Hindi and other regional languages, the company said.

    On Wednesday, it has also rolled out Nearby Stores Spot on Google Pay nationally which will help local businesses get discovered by customers in their vicinity. Establishments can state their operating hours, whether social distancing measures are in place and the essential goods presently in stock.

    Register for ETRise Top MSMEs Ranking Digital Felicitation Ceremony. Visit www.etrise.com/topmsmes

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