// PREDICTIVE INTELLIGENCE //

SumUp assists the SMEs by offering integrated payment systems together with allowing payments in shops and e-commerce . Nevertheless , for micro SMEs like sole proprietors and mom-and-pop shops , SumUp facilitates automation by enabling them to issue invoices and undertake sales analysis . Many small retailers who operate on the SumUp platform have improved sales and efficiency of their operations as the system allows them to accept payments from clients at the counter and remotely . Such flexibility has been very important for companies that are transitioning to new hybrid models of retailing .

Practical steps for small business entrepreneurs

SMEs need a definite roadmap to succeed in e-commerce . Here are a few applicable actionable steps :

1 . Leverage FinTech solutions : Affordable financial tools tailored to small businesses are offered by FinTech platforms like Moniepoint ( Nigeria ), Tala ( Kenya ) and SumUp ( Europe ). Examples that aid SME growth include platforms that provide payment solutions , loans and business analytics .

2 . Embrace scalable e-commerce tools : The secret is to start small and scale slowly . Services such as Shopify make it quick to build an online shop , WhatsApp Business facilitates direct contact with customers and Zoho Inventory helps monitor stock and sales metrics .

3 . Build digital skills : Educate yourself on e-commerce platforms and digital marketing ; invest time in training . Websites such as Coursera and Udemy offer inexpensive classes . There are government initiatives ( e . g ., Dubai SME ) that could serve as a great resource as well .

4 . Focus on customer engagement : The success of any e-commerce business hinges on engagement and understanding of its customer base . Customer loyalty is built through gimmicks such as targeted advertising , personalised offers and proactive customer service . Consider tools like Mailchimp and HubSpot to help optimise and automate customer interactions .

5 . Strengthen logistics : Reliable last-mile delivery is crucial . Consider partnering with established logistics providers like DHL or explore localised options such as GIG Logistics in Nigeria or Aramex in the Middle East .

Recommendations for financiers and policymakers

For financiers :

• Create a Digital Transformation loan product that covers the cost of website development , infrastructure upgrades , inventory enhancement , etc .

• Partner with FinTech companies to expand access to funding by lowering credit risk .

For policymakers :

• Relax regulatory bottlenecks for micro , small and medium enterprises ( MSMEs ) entering the e-commerce space .

• Offer tax breaks on investments in Digital Transformation like software subscriptions or logistics collaborations

• Fastrack policies that facilitate Internet infrastructure penetration and logistics networks , particularly in underserved areas .

The call to action

For entrepreneurs driving SMEs : There is no better time to act than now . Leverage digital tools , actively seek out FinTech solutions and build requisite skills to thrive in e-commerce . While challenges persist , the rewards of a thriving e-commerce business far outweigh any apparent risk .

For policymakers and financiers : Your role is critical . You can empower SMEs to unlock their potential by creating an enabling environment and tailored financial solutions . Supporting Digital Transformation across the EMEA region goes way beyond an economic imperative , it is a chance to foster inclusive growth .

Finally , e-commerce is the future of SME growth and not just a trend . The EMEA region can lead the way in building a robust and inclusive digital economy by embracing digital tools and fostering collaboration among policymakers , SMEs and FinTech . �

Charles Anyanwu , Managing Director / CEO , Bostocke Close Investment

THE SUCCESS OF ANY E-COMMERCE BUSINESS HINGES ON ENGAGEMENT AND UNDERSTANDING OF ITS CUSTOMER BASE .

Intelligent SME . tech

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