Businesses celebrate the unstoppable spirit of small enterprises this World MSME Day

June 27 marks the World MSME Day, a day dedicated to recognizing the critical role that micro, small, and medium enterprises (MSMEs) play in the global economy. These enterprises are the backbone of many economies, driving innovation, employment, and economic growth. In light of this important day, industry leaders shed light on how MSMEs can leverage loyalty programs to boost customer retention and drive business growth.

This MSME day, Tata TeleBusiness Services (TTBS) is celebrating the unstoppable spirit of MSMEs with their #DreamsSeNoSamjhauta campaign, comprising two thematic films that beautifully capture the essence of determination and resilience.

Speaking on the occasion, Vishal Rally, Senior Vice-President - Product and Marketing, Tata Teleservices, said, “MSMEs play pivotal role in driving country’s economic growth, creating employment opportunities while nurturing local communities. With digitalization advancing at an incredible pace, Indian MSMEs have achieved greater efficiency, maximized growth, and expanded market reach with the power of digital transformation. At Tata Tele Business Services (TTBS), we take pride in the fact that we are focused on empowering MSME segment by democratising technology and making them future-ready by providing advance digital solutions that drive agility, scalability, and unparalleled efficiency.”

On World MSME Day, UGRO Capital has unveiled its innovative campaign, ‘MSME Accha Hai’, which features a dedicated anthem celebrating the indispensable contributions of micro, small, and medium enterprises to India’s economy, which constitute approximately 30% of the GDP.

Shachindra Nath, Founder and Managing Director, UGRO Capital, said, “Since the very beginning, UGRO has focused its mind, body and soul on the MSME sector, and so naturally World MSME Day is quite dear to us. Through the ‘MSME Accha Hai’ campaign, we wanted to acknowledge their significant contributions and encourage MSMEs to step into the formal economy. At UGRO Capital, we believe in empowering MSMEs and with this anthem let’s amplify the voice of India’s MSMEs and support their journey toward greater growth and success.”

Industry Speak

Viren Choudary, CEO of Readywire:

"MSMEs are the backbone of the Indian economy. I hope the budget introduces policies that encourage the adoption of systemic digitisation and AI-driven technologies in this sector. Providing subsidies and other incentives to infuse tech into their processes will improve productivity and yield manifold returns to the economy."

Small Industries Development Bank of India (SIDBI):

“On this auspicious occasion of MSME Day, we celebrate the incredible contributions of Micro, Small, and Medium Enterprises (MSMEs) to our nation’s economy. These enterprises are the backbone of our industrial ecosystem, driving innovation, creating jobs, and fostering inclusive growth across India. In India, MSMEs account for 30% of India’s GDP and over 45% of the exports.

As we reflect on the resilience and determination of MSMEs, we reaffirm our commitment to supporting their growth and prosperity. At SIDBI, we recognize the vital role MSMEs play in our supply chain and ecosystem. We pledge to continue nurturing partnerships that empower these enterprises to thrive, innovate, and succeed.

As we navigate through unprecedented challenges, let us harness the spirit of collaboration and entrepreneurship to build a stronger, more resilient MSME sector. Together, we can create a brighter future for MSMEs in India and uphold their significance in our economic landscape.

Today, as we commemorate MSME Day, we celebrate the immense impact of Micro, Small, and Medium Enterprises (MSMEs) on our economy and society. These enterprises are not just economic engines but also catalysts for innovation, employment generation, and regional development.

In India, MSMEs contribute significantly towards employment and play a crucial role in realizing our nation's economic potential. They embody the entrepreneurial spirit and resilience that define our industrial landscape.

At SIDBI, we take pride in our association with MSMEs, recognizing them as invaluable partners in our journey of growth and success. Through collaborative efforts, we have tried to address their capacity to adapt, innovate, and thrive in diverse sectors, from manufacturing to services.

As we move forward, we shall address the challenges posed by global dynamics and technological advancements, it is imperative that we continue to support MSMEs with tailored initiatives, access to finance, skill development, and market linkages. These efforts not only enhance their competitiveness but also contribute to sustainable development goals and inclusive growth.

On this special day, let us renew our commitment to nurturing an enabling ecosystem for MSMEs, fostering a culture of entrepreneurship and harnessing digital technologies to unlock their full potential. Together, we can build a future where MSMEs flourish, driving equitable prosperity and socio-economic progress across India.”

Swati Sharma, Co-Founder and Chief Strategy Officer, Thriwe:

“For small and medium-sized companies, where customer acquisition budgets are constrained, investing in delighting and retaining existing customers through loyalty programs can incentivize repeat purchases, ensuring a stable revenue stream from a loyal customer base. Word-of-mouth from existing customers presents a parallel growth opportunity for organizations. Increasing customer retention by even 5% can boost profits by 25% or more. Many MSMEs shy away from such investments, assuming they are only relevant to larger companies. However, these initiatives help an organization be perceived as forward-thinking and customer-centric, providing long-term advantages.”

Suchana Sarkar, CBO, Makani Creatives:

“Loyalty programs have immense opportunities to benefit MSMEs, especially if the rewards are tailored to a customer use case. Many MSME brands add discount codes inside packaging, which often get trashed. Instead, auto-applying revisit discounts or engaging shoppers through content as innovative ways to enhance customer retention and drive repeat business. Incentivizing repeat purchases through personalized services can foster brand loyalty, but must be complemented with other engagement avenues to reap the full benefits.”

Smita Naram, Co-Founder, Ayushakti:

“Today, when customers have unlimited options, it is increasingly important to ensure they stay or come back. Customer loyalty is a key tool for any consumer-facing brand, making loyalty programs essential. These programs reward repeat clients, strengthening their connection to the brand and providing important insights into client behaviour, enabling targeted marketing. Dedicated clients become business developers, purchasing more and paying premiums. Loyalty programs also help acquire new clients through recommendations, boosting client lifetime value and resulting in continued revenue growth.”

Chaaya Baradhwaaj, Founder and MD, BC Web Wise:

“Loyalty programs are a win-win for MSMEs! The benefits of loyalty programs include increasing sales and strengthening customer relationships. Valuable data on buying habits helps MSMEs personalize offerings and target the right audience. Loyalty programs build a loyal community around MSMEs.”

Samyaak Jain, Head- Client Relations & Business Growth, Admatazz

"For Micro, Small, and Medium-Sized Businesses loyalty programs help retain customers and encourage repeat business. Through offering rewards for recurring purchases, these initiatives foster customer loyalty and increase long-term profitability. Enabling MSME’s to get important consumer information and targeted marketing campaigns that connect with the market. It not only sets a company apart from rivals but also develops a special value proposition. Unquestionably, a well-run loyalty program for customer satisfaction and engagement as well as resilience and sustained business growth in a competitive market and hence is a win-win for the brands."