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Over 30,000 SMEs have closed in 2020; many more have “yet to digitalize”.

SME closed down

Over 30,000 SMEs have closed down due to the global pandemic in 2020 alone, according to a research by organizers of upcoming digitalization conference, DATA Asia.

A large number of SMEs have also yet to digitalise their businesses, and are struggling to do so.

Key Highlights

  • Despite a surge of digital adoption among consumers, small-and-medium-sized enterprises (SMEs) are slow to catch up.
  • In 2020 alone, over 30,000 SMEs have closed down due to decline in business and inability to cope with overhead costs.
  • Most SMEs that have closed down were slow to adopt digitalisation.

Why It Matters

  • Digitalization conference, DATA Asia, aims to help SMEs with their digitalization, as well as assist them in sourcing for clients and solutions to reduce their costs.
  • There is still a lot of fear among the SME community to adopt new technologies, mainly due to insufficient understanding on available technologies, coupled with lack of funding to deploy them.
  • A large number of SMEs are also unaware of more affordable solutions available in the market that can immediately be deployed for very affordable rates.
Jia Suriyanto
Indonesian Journalist at News Asia Today. I cover the latest news and stories on Indonesia, particularly on business.