India is experiencing a rapid spread of technology, which is assisting in addressing issues with accessibility, affordability, and quality. Even while adoption of new technology is still in its early stages, it is being quickly acquired and applied. The last two years have seen technology and digital adoption play a crucial role in aiding several companies and business sectors on their journey to recovery from the global pandemic.

By 2030, India’s digital economy is expected to witness exponential growth to $800 billion led by increased income and rising internet penetration. However, the journey to digitalisation comes with a set of challenges and opportunities. And the case of the SMB community stands tall, especially during the pandemic phase.

SMBs faced extreme challenges by the pandemic, but also showed remarkable resilience in the face of this disruption. SMBs are essential to the expansion and development of economies around the world. They make up more than 90% of all businesses and play a big part in the manufacturing sector. SME‘s are capable of producing 7,500 different types of products and are employing 25 crore people through 3 crore enterprises. Hence, it is imperative to ensure the survival and growth of this sector to ensure economic growth.

Digitalisation has played the most significant role in keeping SMBs afloat during the pandemic and has further propelled them towards scalable and continued growth. Consumer behaviour has changed as a result of digitalisation, which has also created a potential to tap into underserved or unserved markets, increase supply chain efficiency, create economies of scale, and reduce prices. All of this has been made possible by the improvements made over the last ten years, including the expansion of digital infrastructure, a sharp decline in data prices, and a surge in the use of smartphones.

In a masterclass on ‘Digitising Your Business’, Raghavendran Balasubramaniam, Head of SMB segment, India and South Asia, AISPL said, “The pandemic challenged organisations to scale at a speed they were never prepared for or were used to. It made businesses realise that digitisation was no longer optional. Today, it’s probably the most critical or the only channel to reach their customers”. He also talked about the recent NASSCOM report which stated that 60% of the SMBs have begun using cloud either directly or indirectly and would account for 28-30% of the Indian cloud market.

With initiatives like UPI, e-taxation, Aadhar and a push for going cashless, the Indian government is also giving an impetus to tech adoption and digital infrastructure. Dr. Arun Singh, Global Chief Economist, Dun and Bradstreet India, spoke about the key factors that have led to a digital imperative in the current business scenario. In his concluding statements in the masterclass, he emphasised the need for businesses to continue on the digital adoption journey.

The new normal or the next normal is here to stay. The digital transformation journey, though accelerated during the pandemic, will continue far into the future. It’s important for businesses to be a part of this journey to stay ahead of the game and survive in a post-pandemic world.

CNBCTV18.com presents Digital Bharat 2.0 in association with AWS is an initiative to enhance digital capabilities of businesses and help them develop a robust tech-backed infrastructure. The series aims to empower small and medium businesses (SMBs) by fostering digitalisation and creating new opportunities to pivot them towards growth.

Cloud computing has been at the forefront in this digitalisation journey. It has given businesses the chance to expand their growth and boost future readiness in a digital-first environment. By offering specialised and distinctive tech-solutions, AWS has assisted businesses across all industries in their digital transformations. Puneet Chandok, President India & South Asia, AISPL spoke about the ‘digitalisation storm’ that was brought about by COVID and said, “SMBs have traditionally not used technology in a meaningful way but the COVID-19 crisis has started to change that. I now see SMBs leverage technology looking at e-commerce to expand their customer base or utilising technology to get their employees to be productive and effective wherever they are.”

As the country and the SME community treads the path of digitalisation, stay tuned to CNBCTV18.com presents Digital Bharat 2.0 in association with AWS for all the latest tech and new advancements in this space.