CRISIL conducted a survey of ~540 respondents to gauge the impact of digital transformation. The results indicate that more than ~65% of respondent MSEs adopted/upgraded their digital landscape amid the pandemic.

Digitalisation was more rampant among micro enterprises, with ~55% of these moving to the digital space compared with ~45% of small enterprises. These enterprises placed sharper focus on f inancial transactions, with ~68% extensively adopting payment wallets and net banking, whereas procurement/inventory management accounted for only ~4%.

The growing demand for digitalisation has prompted MSEs to transition f rom manual book-keeping to new-age methods, and simplif ied book-keeping and inventory management tools. About 45% of respondents have adopted accounts management tools.

Moreover, Covid-19 has changed the way MSEs market/sell their products/services — today, about 52% of the respondent use social media to market their products.