India’s small-scale companies have now begun to benefit from the festive financial system from the growth in India’s e-commerce sector, stated Vinod Kumar, President, Indian SME Discussion board, in an interplay on Tuesday.
In a Twitter House dialogue hosted by The Plunge Day by day, Vinod Kumar stated, “The essence of any business is: can I do something better at a lower cost? That makes you competitive and part of the whole ecosystem. You’re not cribbing about a big platform, but saying “Yes, I can take advantage of it!. And small-scale businesses are taking advantage of this boom.”
The session, anchored by Ashutosh Bhattacharya, was additionally attended by Dr Avik Sarkar, Professor, Indian Faculty of Enterprise (ISB) and former Head of Information Analytics Cell, Niti Aayog. Sarkar stated that the e-commerce sector has begun to the touch upon the lives of thousands and thousands of Indians. “It is a interesting sector because it has been growing at a very fast pace. We are talking about $810 billion worth of the Indian market, the fourth largest in the world. We are quickly evolving to include sizable e-commerce plus retail component and an e-commerce-based retail component. We are talking about an online shopper base of 140 million people. That’s only a little behind China and the US,” stated Sarkar.
Sarkar, an information scientist who has labored with a number of multinational firms, added that e-commerce has democratized purchasing and supplied a level-playing subject to small entrepreneurs. “When it comes to sellers, and especially small sellers, e-commerce has democratized shopping by providing access to more than 95 per cent of India’s pin codes. That has empowered India’s micro or small entrepreneurs and sellers to be able to grow from brick-and-mortar stores and market barriers. They can create their own brands while creating employment for millions of people in the country,” stated Sarkar.
Throughout the interplay, Kumar identified many success tales he had come throughout throughout his tenure as president of the Indian SME Discussion board (ISF). He additionally emphasised what number of Indian small-scale sellers are steadily discovering that the e-commerce platforms, in actual fact, find yourself fixing lots of their logistical issues. “The bigger platform spends less than if the seller delivered the same item from their own warehouse. There would have been packaging costs and other costs involved in terms of delivery and the delivery agents. So I think they can bypass all that cost and deliver the same item at a much lower amount. If you are doing business, I think that’s the thing that you’re looking at the end of the day,” stated Kumar.
Interacting with the proprietor of Sindhi Dry Fruits, a small family-run enterprise, Kumar stated that e-commerce has made it simpler for businessmen like him to capitalize on their logos. “Your trademark is the best thing to have because that is the only value that you will be able to derive from your business. Everything else you might have, your machinery, your plant, or anything else is going to depreciate month after month, year after year. The only thing that you will survive is that it is a trademark. The government has also made getting trademarks very easy for everybody,” stated Kumar.
Later, Sarkar stated that whereas working for ISB (Indian Faculty of Enterprise), he has been organizing workshops for small enterprise homeowners main as much as the festive season and educating them to successfully use the medium. “E-commerce offers a great education and training tool for every entrepreneur. Whether it’s handling logistics (as during festive seasons you can have a spike in sales up to three times) or learning to manage stocks, the right price to fulfil offline and online business requirements and managing credit and capital at the same time. How do you use a cost-benefit approach? How do you analyze data of your competitors or other sellers and showcase your own products so that you can get an upside in your business?”, stated Sarkar. “Now all of these factors are easily possible through e-commerce. A seller who is not online would not have been able to do this,” he added.
Kumar, who requested the Indian authorities to take measures to make e-commerce accessible for each Indian, stated it’s additionally the duty of small sellers who’re on-line to coach their counterparts about the benefits of having a digital presence. “It’s up to people like us, you and us that need to take this to people and tell them that it is imperative to get your business trademark. Don’t be working alone in silos. Try to get bigger, create a brand name, have the right quality, get tested and be in the white, not be in the black and build your business from then onwards,” stated Kumar.