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.