As the smartphone and internet penetration going up, millions of small businesses are moving online. A recent study, by consulting firm Zinnov, estimates that over $80 billion of digital services may be consumed by this new class of small and medium businesses (SMBs) in the country over the next five years. According to the report, there are 75 million SMBs at present and this number is expected to grow to 105 million by 2025.
Digitized SMEs are capable of diversifying consumer segment in a short period compared to offline businesses by increasing revenue, providing access to higher customer base, increasing operational efficiency and enhancing customer experience.
Some of the Challenges faced by SMEs in converting their business online are:
- Investment required to digitize small and medium business in general
- Investment on Hardware Devices such as Computers, Printers and UPS
- Fear about the learning process
- Concerns about data protection and Data security
- Poor Internet connectivity or low internet speed in some areas
Our startup creates a mobile application called mPos which is a user-friendly, cloud based solution for businesses and their digitized processes. Being completely cloud based, we do not require our own IT infrastructure for solutions. This saves computer hardware/server infrastructure and maintenance costs. The data is stored and managed by highly efficient cloud servers.
Furthermore, we have our tool mobile-based since the mobile solution can be used on -the-go via smartphones, tablets and web browsers. Another important aspect is that our app will be accessible by different employees at different locations.64