SMEs learn from each other in digital environment: Survey

New Delhi : A large number of small and medium businesses are taking to mobile technology to connect with and find new customers, sell products or services online, locate new employees and activate mobile marketing campaigns says a new survey.

According to a Facebook study in collaboration with the OECD and the World Bank, 38 per cent of SMEs indicated that they rely on each other to learn, especially the new mobile environment.

The Future of Business Survey has till date involved nearly 200,000 SMEs in more than 40 countries and in March this year a new module about education was introduced to understand how businesses are learning and what are the gaps.

Ankhi Das, Director of Public Policy for Facebook India and South Asia said that to help businesses succeed in today’s digital economy, there is a need to understand the current and future economic environments in which these businesses operate. “This edition of our Future of Business survey shows connections matter. Small businesses are turning to each other to learn and share ideas in today’s digital economy. And the more they connect, the more confident they are about the road ahead. This is a time to connect more,” she added.

The survey also found that in the contenxt of India, that close to half (41%) of businesses in India that are confident about the economy are learning from other businesses, whereas over half (56%) of unconfident businesses do not. Also, businesses that trade internationally learn from more sources and have a higher than average number of business-related educational interests. They are also two and a half times more likely to cite educational interest in better information on international trade.

It also found that almost 41% and 39% respectively of businesses that have added jobs in the past six months or plan to in the next six months also learned from other businesses.

In a report released in August 2016, it was found that small businesses contribute 45% of India’s GDP which is three times of what Corporate India contributed.

Source: Economic Times

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