Economy

Over 73% of small, medium businesses confident of bouncing back post-Covid: HP study

Hemani Sheth Mumbai | Updated on September 10, 2020 Published on September 10, 2020

Many are recalibrating their strategy with a focus on going digital

A majority of small and medium businesses in India are confident about a post-pandemic recovery, according to the HP Asia SMB Report 2020 report.

More than 73 per cent of SMBs in India are confident that their businesses will bounce back over post-Covid-19, the report said.

“This number is significantly higher than the regional average, which stood at 60 per cent,” it said.

The report is based on the responses from 1,600 SMBs in India surveyed between May and June.

As businesses recover, SMBs are recalibrating their strategy with a focus on going digital. According to the report, 64 per cent of the respondents believed that this time period poses a good opportunity for them to reformulate their business strategy, while 75 per cent believed digital adoption to be the key to success.

The study also outlined the challenges faced by these businesses which can prove to be a hurdle in the recovery.

“While global instability tops the list of concerns, it is less pronounced in India than the rest of the Asian countries surveyed,” the report said.

“SMBs are critical to our economy as they contribute to nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted SMBs as much as any other segment. But the agility and flexibility in their operations, coupled with the adaptability to changing business environment and customer needs means they can bounce back far more quickly. However, it is critical to discover their challenges and address their pain points, which was the primary motivation for HP to commission this study,” said Ketan Patel, Managing Director, HP India Market.

“A key finding from the research is that the more a company values digital transformation, the more positive they are about future growth, and nowhere in Asia is this reflected as strongly as in India,” he added.

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Published on September 10, 2020
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