Authorities, whether or not of any state or Centre, on numerous platforms, has all the time accepted the potential of Micro, Small and Medium Enterprises (MSMEs) in India and the pivotal position they play within the Indian economic system. It doesn’t matter what the trade or area is however MSMEs all the time contribute a significant position within the development of the actual sector. However, with the arrival of the web, the MSMEs have gained muscle like by no means earlier than by catering to a web-based viewers. Web was as soon as the weak spot of MSMEs in India however with the passage of time, the weak spot became the power of MSMEs and ultimately e-commerce proved to be a gamechanger for Indian MSMEs. Raghunandan Saraf, Founder & CEO, WoodenStreet, shares his information on how e-commerce has been a gamechanger for Indian MSMEs.
“The strong impression of e-commerce development on MSMEs in India was certain to occur. Furthermore, the spine of Indian economic system i.e. MSMEs is witnessing an enormous growth because the e-commerce trade has been straight impacting the MSME sector on account of help from numerous allied forces like finance and know-how. The e-commerce market is already rising in leaps and bounds, and therefore MSMEs too have been on an upward development trajectory. Because of the e-commerce growth in India, the beneficial cascading impact has additionally been seen,” Raghunandan Saraf mentioned.
Saraf explains, “What all actually mattered for MSMEs when it comes to e-commerce have been on-line funds, native degree logistics help on account of tech-driven processes, knowledge analytics to grasp, interact and retain clients. Not solely this, however the unprecedented development out there measurement of e-commerce additionally gave a lift to employment, overwhelming enhancement of revenues and what not.”
Additional, he provides, “The e-commerce trade for the previous a few years has been exhibiting its optimistic impression on MSMEs. The emergence of on-line marketplaces by way of e-commerce acted as nothing lower than a catalyst for development and attaining momentum to proceed in future as properly. MSMEs and e-commerce have been appearing as the 2 wheels of the identical chariot.”
“With the help of e-commerce, MSMEs acted because the engine of development and financial improvement in India. Now, when any enterprise entity prepares for a setup, principally it first opts for on-line after which offline, and such is the facility of e-commerce for MSMEs. MSMEs have been adopting e-commerce channel to register themselves and create their very own area of interest of their respective enterprise domains,” says Saraf.
“By way of e-commerce, even small degree MSMEs get to showcase their merchandise, gadgets, and so forth throughout the globe with out spending a lot quantity on growth and alter of location. For MSMEs, e-commerce has turn out to be synonymous with financial development and sustainability. E-commerce has helped MSMEs to do away with all of the enterprise hurdles, which in flip get them a bigger viewers and ultimately rise in revenues.”
Saraf believes, “Persevering with with the positives that the MSME sector has acquired previously on account of e-commerce boon, it’s anticipated to fetch likewise returns in future as properly. In accordance to a knowledge cited by IBEF, the e-commerce market measurement in India on a never-before form of run in India and if the identical development persists with upward development trajectory, the US might be surpassed by India to turn out to be the second-largest e-commerce market on the planet by 2034. And, in flip, MSMEs too will get an enormous shot within the arm for his or her income era.”
“In line with Statista, the e-commerce market in India is predicted to achieve $84 billion in 2021 owing to unprecedented and ever-growing web customers in India. Furthermore, if we speak about internet buyers in India, as a result of beneficial market circumstances, the scale is poised to achieve 300-350 million measurement by 2025. As per a report by Bain & Firm and Flipkart, on account of by no means earlier than like push within the e-commerce market in India, 30 per cent CAGR of gross merchandise worth of the e-retail market is more likely to be witnessed from $30 billion in FY20 to $100-120 billion by FY25. This implies the stage is about for practically 400% development for MSMEs as properly,” concludes Saraf.