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SMEs Registered 80% Loses During Covid Pandemic

SMEs Registered 80% Loses During Covid Pandemic

Small and Medium Enterprises (SMEs) registered 80% loses during covid pandemic a new survey by Innovations Village has unearthed.

According to the report, majority of them made considerable loses because they lacked innovations to provide services beyond physical presence.

The report further notes that during covid, consumers abandoned traditional retail shopping to online apart from accessing food stuff traditionally in the market.

According to the  report survey says online is the thing following strict standard operating procedures of accessing retail shops put up by ministry of health and risk of covid Infections.

“Our findings on retail business before and after covid reveals that considerable number of shops closed  business. Those that remained operating registered low sales because of traditional way of physical presence. Mean while those that innovated by introducing applications made quick sales during covid. Because customers opted for online shopping,” Oliga Kiconco lead researcher said.

What reports indicate;

According to the report, most affected businesses were SMEs that remained closed because they did not have innovations to keep them in business.

“With covid in our faces consumers have shifted to shopping online using available applications to avoid covid. Its there fore prudent for SMEs to invest in innovations and mobile applications to provide services to clients in need compared to physical presence “Oliga added.

Ck Japheth Chief Executive Officer of Innovations Village advised owners of small businesses to embrace technology to advise service provision since technology is taking shape of our daily life.

“Digitalization of services is the way to go. Consumers have shifted to online shopping. You can devise means and invest in applications to capitalize on this niche market. This is besides promotions and advertising your services on social media,” Japheth said.

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