Recommendations For Existing Entrepreneurs

Insights and suggestions gathered from interviews and conversations with MSME proprietors and workers are presented in this section.

Embrace E-commerce

E-commerce helps MSMEs access a wider market, reduce costs, improves customer enagements, showcase their products, secure business loans easily and increase sales.

Promotion of Unique Selling Point (USP)

USP help MSME business to stand out. Consumers engage with promotional content on a daily basis, USPs help set the business apart and brings it above the competition. The better the USP, the better the reach.

Ensure Price Competitiveness

Competitive pricing allows businesses to set product prices based on market rates rather than production costs. This strategy is crucial for success in competitive markets and is a valuable tool in any sales strategy.

Improve Customer Feedback System

A Customer Feedback System provides valuable insights into the needs, preferences, and expectations of your customers.

Digitisation

Adoption of digital tools increases cost efficiency and eases customer management.

Effective Follow-up

Smart follow up of sales leads are an imperative aspect of improving sales in the business. It is a great way to sell more to existing customers and also get referrals of new customers.

Integrate Sustainability

MSMEs play a large role in achieving the SDGs, especially in the areas of poverty alleviation.

Leverage Technology

Invest in modern technology and digital tools to streamline operations, improve efficiency, and enhance customer engagement.

Expand Market Reach

Explore new domestic and international markets through e-commerce platforms and strategic partnerships to increase sales and diversify revenue streams

Enhance Innovation

Foster a culture of innovation by investing in research and development to stay competitive and adapt to changing market demands.

Strengthen Financial Management

Implement robust financial planning and management practices to improve cash flow, reduce costs, and ensure long-term sustainability

Focus on Quality

Prioritize quality control and continuous improvement to build a strong brand reputation and gain customer loyalty.

Invest in Employee Training

Provide regular training and development opportunities to enhance skills, boost productivity, and retain talented employees.

Build Strategic Partnerships

Collaborate with other businesses, suppliers, and industry associations to gain insights, share resources, and create new opportunities.

Optimize Supply Chain Management

Improve supply chain efficiency by adopting best practices, leveraging technology, and building strong relationships with suppliers.
Role of MSMEs in the Economic Development
How E- commerce helps the MSMEs Sector in Overcoming the Challenges
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