With more than 51 million small and medium businesses (SMBs) in India providing employment to over 80 million people, the sector is one of the most vibrant and dynamic ones in the Indian economy. At present, SMBs are contributing almost 37.54% to the economy and about 8% to the GDP of the country. From operational flexibility, low-investment requirements, high contribution to domestic production to considerable export earnings, SMBs play a significant role in building the economy of the nation. For any B2B company, India is a stimulating market with a sea of opportunities. The country is far ahead of many other developing economies in terms of opportunity, but a large part of the market still remains untapped.
The upscaling of SMB enterprises is hampered due to slow technology evolution and product innovation, limited capital and knowledge, non-availability of suitable technology and a lack of access to global markets. With the Indian economy touted to become a $5-trillion one by 2025, the SMBs in the country are aiming for a digital push to expand their reach in India as well as in the global markets.
However, in today’s digitized world, while SMBs are keen to explore the online opportunities and expand their reach with regular updates and lead generation services, the high commission charges, separate domestic and national shipping charges and fixed commission charges per order imposed upon them by large marketplaces are making SMBs think twice before switching online.
This is where a few innovative, single-platform e-commerce ecosystem providers have stepped in to empower the SMBs and help them navigate the online space minus the costs assigned with it by large marketplaces. Lastly, e-commerce is fast becoming an integral part of the Indian business ecosphere, with almost every business aiming to set up a strong virtual presence quickly. In such a scenario, waiting for third-party providers with long gestation periods and high costs, or affiliating with a large marketplace with hundreds of allied expenditure will not benefit the SMB entrepreneur. In order to escalate the position of a business quickly in the virtual domain, comprehensive single-platform e-commerce ecosystem providers are the way to go. As digital entrepreneurial spirit gets encouraged more in the country, these platforms, well comparable to maps of the e-commerce world, will guide SMB merchants to a position where they too can survive and thrive with the big fishes of the digital pool.