CONCEPT TESTING RESEARCH AMONG SMEs

Client is a leading Indian payment gateway provider offering comprehensive solutions to businesses and consumers. Their extensive product suite enables seamless payment acceptance, disbursement, capital raising, and investment management

THE PROBLEM STATEMENT :

The client has developed a comprehensive application designed to streamline core banking and smart accounting processes for small and medium-sized enterprises (SMEs). Prior to launching the app, the client is seeking customer insights to ensure optimal alignment with user needs and preferences.
Our focus areas of research were:
- To Understand the demographic, financial, and operational characteristics of target SMEs
- To identify the key pain points and obstacles faced by SMEs in managing their finances and accounting
- To gather detailed user feedback on the app's usability, features, and potential benefits to SMEs

OUR RESEARCH APPROACH :

Novus Insights conducted a comprehensive 360-degree research study using qualitative methodologies. Our team of experts interviewed merchants across various transaction volume tiers (₹5 lakh - ₹5 crore per month, ₹5 lakh - ₹5 crore per month, ₹3 - ₹5 crore per month) from EdTech, Manufacturers, Modern Stores, and Modern Salon Chains
Focus areas of the research were:
- Detailed understanding of consumer profile (demographics, business model, turnover & financial activities).
- Assessment of financial and accounting pain points (current use of core banking and accounting software, features and limitations, cash flow challenges, operational challenges, technologies adoption)
- Feedback on application use (comprehension and appeal of the app, brand impact, uniqueness, credibility and others)
- Understand consumer willingness to try an app (easy user interface, impact of RBL, Ideal features of the app and others)

Key Takeaways of the Research:

The research finding revealed that seamless user experience from payment initiation to confirmation helped client understand the gap to bridge before launching the application in the market
Our researcher highlighted the key challenges, pain points, and priorities of SMEs in relation to core banking and smart accounting processes.
Our experts provided recommendations for the application'sfeatures, functionalities, and user interface to effectively address the identified needs and challenges of SMEs.

Geographic Coverage :

India: Metro and Tier I Cities

CONCEPT TESTING RESEARCH AMONG SMEs

THE PROBLEM STATEMENT :

OUR RESEARCH APPROACH :

Key Takeaways of the Research:

Geographic Coverage :

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