A literature review of MSME success: Acceptance and use of technology, financial access, and strategic cooperation

Abstract

MSMEs require a variety of tools and resources to succeed. The most significant barriers to the success and long-term expansion of MSMEs are those that prevent them from employing information technology, accessing digital marketing, and getting outside investment. Validating business actors and studying literacy more deeply will produce data analysis and strategic recommendations for MSME growth. The adoption of technology and the application of information technology are proven to increase efficiency and expand the market reach of business actors. MSMEs gain access to resources (external knowledge and funding sources), which are important determinants of market success. Their success depends mainly on how they adapt and utilize technology, effective marketing strategies, and obtaining the proper support, especially regarding access to funding. Collaborative efforts between MSMEs and external parties (such as financial institutions and government) and industry experts must be improved to ensure that MSMEs can compete and succeed in an increasingly competitive digital era.