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From Patna to Imphal, small businesses are increasingly selling online


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08 Jan 2021, 09:00 AM IST



What to expect in 2021


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What to expect in 2021



Apart from the doom and gloom that dominated 2020 it witnessed some interesting developments, with the pandemic changing the way businesses operate and interact with their users. In a country where more than 17% of the population is at an average age of 28 years, digital solutions and technology will define the year ahead. A study was done by Instamojo to understand the trends and developments in the e-commerce space. The report indicates that the digital entrepreneurs of today have the right kind of tools and support from the government and private sector to grow at a fast pace.

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The growth of Tier II and Tier III cities


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The growth of Tier II and Tier III cities



The report showed that entrepreneurs, particularly in the Tier II and Tier III cities, understand the power of having an online presence. There has been a 3X growth in unique businesses creating online stores. Businesses are prepared with lean and flexible models that operate in an online-offline mix. The focus will be on selling directly to the consumer in 2021. Patna, Guwahati, Imphal were some of the cities that topped the charts.

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Upskilling is a priority


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Upskilling is a priority



The pandemic paved the way for digitisation for many SMEs who were reluctant to join the fray earlier. Across 2020, there was a 9x growth in enrollments to understand digitisation and a 11x growth in the number of merchants getting digitally certified. Raniganj, Ratnagiri, and Kondotty, all Tier III cities topped the charts.

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Investing in businesses from smaller cities


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Investing in businesses from smaller cities



As more entrepreneurs emerge from smaller towns and cities in India, accelerators and incubators are expanding their services into markets to help nurture the upcoming businesses. Industry reports indicate that 40% of investors will come from Tier II and Tier III cities.

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Say yes to automation


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Say yes to automation



Online invoicing and single platform automation has now become mandatory for all businesses. Online accounting, invoicing, and inventory management will emerge as the first preference for the new age entrepreneur.

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Get hyper-personalised


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Get hyper-personalised



As the focus of digitisation is more on Tier II and Tier III cities, regional languages and dialects will help businesses gain a competitive edge. Customer support will become more tech driven with automated ticketing, live chatbots, advanced CRM and omnichannel support becoming the order of the day.

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Put it on Instagram


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Put it on Instagram



As a large number of businesses went online in 2020, they recognised the importance of a wide social media presence. The number of businesses updating their social media handles on their Instamojo online store went up an average of 30% Quarter over Quarter.

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Understanding the buying pattern


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Understanding the buying pattern



The pandemic showed that more people from small cities are going online to buy various products. Vocal for local call will get push with the more affluent buyers purchasing from local businesses. UPI is set to dominate the payments space as people start relying more on online payments. According to the data Instamojo saw a 135% year over year growth.

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From Patna to Imphal, small businesses are increasingly selling online From Patna to Imphal, small businesses are increasingly selling online Reviewed by TechCO on 1/08/2021 Rating: 5

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