Borzo report backs MSME; highlights sustainability rethink
Borzo data reveals 56% MSMEs reported using sustainable packaging materials. Also customer acquisition, recruitment, packaging, and inventory management has emerged as the top challenges faced by MSMEs. 16% of MSMEs cite customer acquisition as a significant pain point, while 13% struggle with recruitment.
19 Apr 2024 | By Abhay Avadhani
MSMEs cater to multiple cities, with significant shipping volumes within the same city
A report compiled by Borzo (formerly WeFast) that sheds light on the current state of Micro, Small, and Medium-Sized Enterprises (MSMEs) in India. At the heart of the Indian economy lies the Micro, Small, and Medium-Sized Enterprises - MSME segment, playing a vital role in India's overall GDP as a driving force of growth and innovation.
One of the highlights of the report is, since last year, 56% of MSMEs have experienced a business growth of 20-30%, debunking the slowdown debate. According to the Borzo report, the average shipment value of MSMEs stands at Rs 1.4 million per month.
Meanwhile a staggering majority (66.6%) of MSMEs reported using sustainable packaging materials, indicating a growing emphasis on environmental responsibility within the business community. 33.3% MSMEs have not yet transitioned towards eco-friendly packaging materials.
The other interesting insight is how the MSMEs cater to multiple cities, with significant shipping volumes within the same city. Notable smart cities, Tier 2, and Tier 3 cities gaining momentum among MSMEs include Vadodara, Nagpur, Kochi, and Jammu. Diverse product categories such as food & beverages (23.1%), apparels and fashion (13.6%), and pharma are represented.
Borzo (erstwhile WeFast), a global intra-city delivery service, has conducted a comprehensive study aimed at gaining insights into the operational dynamics of Micro, Small, and Medium Enterprises (MSMEs), their pain points, their business metrics and delivery requirements.
As per a Borzo press note, the group is organising Borzo Connect, a large-scale MSME meet in Mumbai on 21 June, 2024. "This event aims to bring together MSMEs and corporations to explore solutions and opportunities in the sector."