The acronym SMEs stands for Small Medium Enterprises, which are medium-sized businesses that are owned by individual citizens and not the government.
Following the economic turmoil caused by the 1st wave of Covid-19 in late 2019, SMEs operations changed. As a result, business owners had to shift their businesses from physical operations to working online.
Technology has come to our aid; tech companies have positioned themselves by creating e-commerce platforms at affordable prices. This has led to businesses leveraging on the great importance of technology as highlighted below.
Facilitates easier decision making
Several websites have pages allocated for testimonials. I have an inward drive to always leave my feedback or ratings on every application that I download and use from the play store.
This is an important gesture as owners of the business will obtain both internal and external views about their services, which will help them to improve their current state.
SMEs can review their business sales for a certain period, thus aiding in making decisions such as assessing whether there are losses or profits in a business.
Saves on freakish costs
Having to shop whilst at the comfort of your couch at home, is quite fascinating, unlike visiting the market physically. Today SMEs are adopting delivery services upon payment via online platforms.
This saves on costs that might have been incurred when you travel physically to meet the service provider.
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Progression of SMEs despite the pandemic
Business owners have continued to concentrate on getting hold of the target clients, despite stiff guidelines placed by governments in the fight against Covid-19.
The advancement of technology is quite evident unlike in the historic past, where barter trade was the only market in existence. Whenever there were crises such as droughts and heavy rains no trade could occur.
Adoption of e-payment
The e-commerce platform has a number of systems that are integrated by tech companies to enhance a trusted medium of payment.
These include Mpesa, Airtel money, Pesa pal, and debit and credit cards. This allows for a client to settle his or her bills anytime, at
their convenience. It is safer to carry cash digitally as opposed to physically which is very risky as you are prone to robbery.
Creates a rapport between buyer and seller
Communication is a key factor in the success of any business. An e-commerce store is designed in such a way that it communicates clearly to the buyer, thus highlighting the aspect of good communication.
By mention, Brainverse Technologies’s ChatBot is helping SMEs to leverage Technology on selling their services and products online by adding a chat feature on their e-platforms, that enables businesses to chat with their customers instantaneously.