The Big Picture Crowdsource Innovation A strong and sustained global recovery is only possible if small businesses can adapt to the post-COVID era. Digital technology will drive the recovery for small businesses. Online payment and marketing systems can help them reach a new, global customer base. Small businesses are the backbone of the global economy, accounting for 90% of businesses, 60 to 70% of employment and 50% of GDP worldwide. A strong and sustained global economic recovery is only possible if these businesses can successfully adapt to post-COVID consumer behavior. This is where digitalization is the great equalizer. Digital technology will drive the recovery for small businesses, for several reasons. First, the adoption of mobile devices has made it easier for people to experience the benefits of digitalization. The digital shift will only accelerate in the coming years, as the number of mobile device users in the world is expected to increase from 6.38 billion in 2021 to 7.52 billion in 2026. Have you read? Second, the way people shop has been changing for years. There will always be a role for bricks-and-mortar stores, but the future of shopping is increasingly online. In June, Morgan Stanley forecast that the […]
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