How e-commerce contributes to the expansion of MSME-Mudit Pareek

E-commerce has become one of the best examples of the use of technology that has transformed traditional business technique into a digital space. The transformation of technology has resulted in a significant increase in the number of Internet users. Electronic commerce or e-commerce is a process of exchanging goods and services through digital devices and internet networks. The change in the digital space is also rapidly influencing the current situation and trend in several aspects including academic, medical, banking, government and business.

The increasing use of the internet and the penetration of smartphones is constantly enabling e-commerce to transform the game of business in India. Among the e-commerce mediums, a website is considered to be the main platform that can provide competitive advantages and is one of the factors that can determine the success of e-commerce. Since 2014, the Indian government has announced various initiatives such as Digital India, Make in India, Start-up India, Skill India, Innovation Fund, etc. to accelerate the growth of electronic commerce in the country. The massive government investment in fiber optic network deployment for 5G is also expected to greatly improve e-commerce in India.

We, as one of the rapidly developing countries, recognize the growing importance of MSMEs as an opportunity to further improve our economic relevance by integrating them into e-commerce. The increased participation of MSMEs in e-commerce was also reflected by the International Trade Center (ITC). In one of ITC’s most recent surveys of 2,262 businesses, statistics indicated that among businesses that only engage in cross-border e-commerce, 82% are MSMEs. The growing dynamics of e-commerce platforms clearly suggests how these digital platforms can potentially drive the rapid inclusion of MSMEs in the market. Some major developments in the online shopping segment highlight how consumers prefer to shop online considering the simplicity of their process and their time efficiency. Market research suggests that the most preferred e-commerce mediums used by consumers are social media platforms like Facebook and Instagram due to their easy accessibility and direct communication with the seller.

MSMEs are now realizing the importance of having clearly defined and well-structured websites and applications that can boost their sales while building acceptance for their e-commerce platforms. These MSMEs now understand that the digital space demands privacy and security of user data in order to drive efficiency and growth. Moreover, with a clear and efficient digital navigation flow, users can easily access specific information or products on the website as per their requirement. The user interface and user experience on the website are considered important factors, MSMEs should keep in mind that the appearance of the website should easily provide or direct users to the information they are looking for.

In order to boost website engagement, which will later establish brand awareness, MSMEs can familiarize themselves with digital advertising tools such as Google Ads or post articles or trivia related to their business products, and also implement SEO on each web page and individual posts or advertisements. . The email embedded on the website can be used to provide up-to-date information to users. Having a subscription really helps MSMEs to do direct email marketing. The ongoing digital transformation suggests that the development of e-commerce platforms is the need of the hour to meet consumer needs and improve MSMEs. Obviously, e-commerce plays a vital role in the economy of many countries, mainly for MSMEs by increasing the number of businesses and enterprises.

Warning: The opinions expressed in the above article are those of the authors and do not necessarily represent or reflect the opinions of this publisher. Unless otherwise indicated, the author is writing in his personal capacity. They are not intended and should not be taken to represent any official ideas, attitudes or policies of any agency or institution.

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