Technology is continually evolving and digital advancements have reshaped consumer behaviour at large.
Until recently, many Indian businesses have been following a traditional approach due to a lack of education, awareness, and resources in adopting new technologies. However, in the past few years, when startups disrupted these businesses across sectors, it became clear that the SMBs of India have to take the digital route to thrive and survive.
The outbreak of the COVID-19 pandemic and the imposition of a nationwide lockdown also made digitisation an ‘urgent measure’ for entrepreneurs looking to pivot to new opportunities for their survival.
The rapid proliferation of digital tools such as mobile, social media and cloud technology has enabled local businesses to join the digital ecosystem, and improve their ease of doing business.
Attracting millennial users
Local businesses are adopting technologies that are enabling them to deliver cost-effective products and services and in a faster and simpler way. They are also able to target the millennial customer base, who are highly tech savvy.
From offering an engaging customer experience in retail to making digital payments, to buying grocery, stationery, initiating returns and exchanges, ordering food, and more every business is enticing millennial users with the deployment of tech in their business, and experiencing significant growth.
Millennials eat, sleep, and thrive on using digital technologies, and businesses keep a close watch on everything that influences their buying experience. According to a Morgan Stanley report, India is on track to become the youngest country in the world by 2020, with a median age of 29, highlighting the potential role millennials can play is spurring growth.
According to analyticsindia, small and medium businesses in India include 63.4 million units and accounts for nearly 30 percent of India's GDP, employing about 460 million people. The study also found that digitisation of SMEs could expand their contribution to India's GDP by 10 percentage points, pushing it up to 46-48 percent by 2020.
Going the digital way
Digital transformation refers to the integration of digital technology into businesses to change the way they operate and deliver value to customers.
Digitisation gives a competitive advantage to customers and the year 2020 has brought a major shift in the way Indian business operates and has majorly influenced millennial consumer behaviour patterns. Even local stores have jumped on the social media bandwagon to woo customers, where 52.3 percent of social media results come from millennials.
With SaaS, artificial intelligence, and machine learning here trend to stay, local businesses are opting these measures in a smart way to stay afloat in the business world capturing the buying behaviour and demands of the millennial customers.
The industry thrives on the philosophy of ‘customer is king’. Businesses leave no stone unturned to meet consumer expectations, and with the advent of the internet, the way customers engage and transact with businesses have evolved over time.
Right from making product choices, to making payments, digital solutions are providing a hassle-free experience for entrepreneurs and millennial consumers on many fronts.
Entrepreneurs can reach out to their targeted customers more effectively through social media platforms, ecommerce, influencers, digital business solutions like CRM, digital accounting, and more. Such advancements are allowing local businesses to up their game in providing good customer experience even in non-metro cities.
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Link : https://yourstory.com/2020/10/local-businesses-tech-savvy-millennials-digital-adoption
Author :- Team YS ( )
October 05, 2020 at 10:56AM
YourStory