We are forever proud of our wegg Board member Kati Suominen who is one of the co-authors on this insightful report: APEC Micro and Small Enterprises: Digitizing Toward a Resilient and Sustainable Future, published by Visa Economic Empower Institute (VEEI).
The report offers an extensive study of micro and small enterprises (MSES) around the world. The authors turn their lens to a sample of the Asia-Pacific Economic Cooperation (APEC) economies. They surveyed more than 5,000 firms in nine APEC economies in a quest to assess MSEs’ performance over the past few years, identify contributors to their success, and pinpoint areas where they may require assistance to continue growing.
According to the authors, the survey results give ample reason to be optimistic, especially as everyone works together to craft a sound ecosystem for MSE success.
Key findings: Online platforms and digital payments enable even the smallest firms to reach customers in other parts of the world. Digital trade offers MSEs a springboard into global value chains by reducing the trade costs that are traditionally particularly burdensome for smaller businesses. Online commerce also requires relatively less capital—a long-standing constraint for small businesses.
Access the report here and discover lessons of digitization, growth, and outward expansion.