Small and Medium Business (SMBs) in India are looking to bounce back after facing stiff challenges due to the ongoing pandemic. The HP Asia SMB Report 2020 – a study conducted among SMBs in the region has revealed that over 73% of SMBs in India are confident that they will survive and bounce back post COVID-19. This number is significantly higher than the regional average, which stood at 60%.
This confidence is reflected in the fact that almost two-thirds (64%) of respondents from India believe that this period presents a good opportunity to reformulate the business strategy. And half of the sample believe that the pandemic will ultimately bring opportunity but in the longer term. More importantly, SMBs in India recognize the importance of going digital to revive their businesses. Three-quarters (75%) of the surveyed businesses believe that digital adoption is essential or very important to their success. The survey also touched upon key challenges that Indian SMBs have identified as roadblocks on the road to recovery. While global instability tops the list of concerns, it is less pronounced in India than the rest of the Asian countries surveyed. In addition, the research shows that growth correlates with how a company values digital adoption for its success. Of SMBs that reported good business growth in the past year, 56% see digital as a lever for success, with only 14% considering it of low importance.
