Your SME’s Role In The Digital Economy

Small- to medium-sized enterprises (SMEs) play an important role in developing and sustaining the digital economy. With the modern capability to conduct cash transactions digitally, SMEs now have the power to trade like never before. While SMEs contribution to trade has always been somewhat limited owing to their relative size when compared against larger companies, the digital economy has provided a means for SMEs to play a much bigger role. Let’s take a look at two important roles that SMEs play in the digital economy.

Employment and Economic Growth

SMEs play an important role in creating employment opportunities and growing the economy. This has been amplified significantly with the rise of the digital economy, as SMEs can now trade further afield. At the end of 2022, there were 1.75-million SMEs in South Africa, accounting for roughly a third of the country’s total GDP and employment. These figures have only grown since then. Thanks to digital transaction capabilities, SMEs can now expand beyond the confines of their immediate geographical location to trade across the country and even across borders. This greater growth potential means that SMEs can employ more people and bring more money into the South African economy. In a country suffering from high unemployment and sluggish economic growth, this is a godsend.

Digital Trend Setting

One of the fascinating things about SMEs is their agility and ability to pivot quickly to accommodate change. Where larger companies tend to be slower to adapt, SMEs are in a unique position to be able to set trends that end up defining the way the digital economy evolves. SMEs are frequently early adopters of new technologies, driving widescale innovation that drives change. In many cases, large companies follow on the heels of SMEs, who act as digital pioneers, not afraid to try out new ways of doing business online and experiment with breakthrough technologies and concepts. Thanks to the important role that SMEs play in driving technological advancement and innovation, the digital economy has been able to grow from strength to strength. Have your SME take part in the digital economy by making use of OTT Mobile’s cash vouchers, which allow you to seamlessly transact with digitalised cash.