SMB INDUSTRY HAS THE POTENTIAL TO BE THE LARGEST GROWTH DRIVER FOR THE ECONOMY.

It is imperative for SMBs to ensure maximum output with minimum investment. Small business need to optimally utilize their resources for enhanced productivity. With the smart phone boom, mobile applications have become a standard business tool. SMB players need to focus on adopting specific applications which cater to their business needs and enhance operational excellence.

Analyses of data on the basis of consumer behavior patterns plays a vital role for companies to understand the need of their consumer and thereby realigning their marketing strategies. SMBs should adopt mobility solutions to foster growth and enhance consumer experience.

SMB players need to utilize services such as email, messaging, CRM, social media to ensure they reach out to their consumers and potential consumers. In India, mobility drives the holistic strategy of e-commerce success stories like Flipkart, Snapdeal and Jabong. Snapdeal has witnessed a 25-fold growth in mobile based transactions and more than 50% of their sales come from mobile devices in the last year.

Another strong development for upsurge of mobile-based payments is the greater adoption of mPOS (mobile point-of-sale) solutions. Modern mPOS solutions are convenient to use, ensuring the SMBs to convert their mobile into a POS device and drive transaction volumes by accepting cards anywhere, anytime. This would help the SMBs to increase sales, add value to customer experience and take small retailers community to a cashless route.

To conclude, the SMB industry has the potential to be the largest growth driver for the economy. The players need to move beyond traditional practices and adopt solutions which would give them the required impetus to script greater success stories in the coming years.

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