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Small businesses optimistic about their recovery: Survey

Around 80 percent of Indian small business owners are optimistic that their business will survive the Covid-19 pandemic and 71 percent say that they are confident of the measures taken to gain consumer trust, according to the survey by American Express.

Further, the survey also showed that around 63 percent of consumers are optimistic about resuming their pre-COVID shopping habits in the next 3-6 months.

The survey examined the impact of the pandemic on the country’s small businesses, and their plans for business continuity by adopting new approaches aligned with the changing consumer preferences.

“Contactless payment and delivery methods, social media marketing and communication and in-store safety and hygiene stand out as focus areas for small businesses to build business resilience and trust with consumers,” an American Express statement said.

Manoj Adlakha, SVP, and CEO, American Express Banking Corp India said, “With the lockdown restrictions easing it is heartening to see small businesses and consumers being optimistic about returning to pre-COVID shopping levels while taking appropriate safety measures.”

The survey reveals that 70 percent of consumers are likely to prioritize shopping from local small businesses as they open.

The CEO, however, said: “While people are starting to head out again, small businesses are still facing the challenge of getting consumers to return at the levels they need. We have launched a ‘Shop Small’ campaign to encourage shoppers to support the nation’s resilient small businesses and accelerate their recovery.”

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