Small business owners aged 18-30 most digitally adept: Survey

financialexpress.com:

The MSME sector in India is experiencing significant growth, with a notable shift in small business owners’ perspectives towards adopting technology in recent years, according to a report by PayNearby. As per the report, over 65% of micro, small, and medium enterprises (MSMEs) utilise some form of digital technology for their daily operations.

The report also emphasised that 68% of MSMEs acknowledged the growth and beneficial impact of adopting digital technology on both their businesses and personal lives. The insight was shared as part of a detailed survey titled ‘MSME Digital Index 2024,’ a Pan-India report showcasing technology consumption by MSMEs at the last mile.

When asked about the positive impact of technology on their businesses, 31% indicated that it has enhanced business growth by improving operational efficiency, while 27% reported increased sales and income due to technology adoption. As for the main challenges in using technology for business operations, 36% cited resistance to adopting new technology, and 18% struggled with the high costs associated with its implementation. Interestingly, 52% favoured English as their preferred language for understanding technology and conducting business transactions, followed by Hindi at 21%.

Also Read: Step-Up vs Top-Up Home Loan: Know the differences to make a well-informed decision

In the financial services category, UPI at 43% and Aadhaar banking at 38% were the two most popular banking services used by MSMEs at the last mile. Additionally, WhatsApp and WhatsApp Business were collectively the most widely used messaging apps, with a usage rate of 97%.

In its second edition, the report was prepared based on a nationwide survey conducted by the company among 10,000+