MSMEs (Micro, Small, and Medium Enterprises) face challenges in reaching the market, getting financial resources, managing things, and using technology, especially for new Ecommerce businesses and micro-entrepreneurs.
Every year on June 27th, the world celebrates International MSME Day to show how important MSMEs are and to recognize their big role in economies.
In India, MSMEs create almost one-third of the GDP, and their fast growth is really important to reach big economic development goals.
MSMEs deal with challenges like reaching the market, getting financial resources, managing things, and using technology, especially for new businesses and micro-entrepreneurs. Moreover, E-commerce platforms offer MSMEs many advantages.
How MSME can Benefit in eCommerce Business?
Ecommerce will be the motto for unlocking the potential of MSMEs in India, according to the Ministry of MSME. MSMEs may benefit from online platforms’ experience in areas such as simple export access, last-mile delivery solutions, warehousing and logistics help, and training and skill development programs.
First, they have a wide and diverse group of buyers, which helps MSMEs reach customers faster and with lower costs. These platforms also make it easier for both new and older businesses to connect with potential clients.
With e-commerce, MSMEs can get important feedback from customers, which helps them improve their products based on what people want. Also, as more people use digital payment methods in the country, using an e-commerce platform can help MSMEs get payments from customers in different digital ways.
Second, online platforms have helped entrepreneurship, especially with digital-only or digital-first businesses. Some of these platforms also offer training, skill development, and mentorship programs to help entrepreneurs succeed.
Third, using e-commerce platforms helps bridge the gap between urban and rural areas. It brings diversity and inclusion, which means more people can benefit. It also has positive effects on society and helps governments.
E-commerce is in a great position to help MSMEs grow because it benefits everyone involved. However, there are still challenges like awareness, on boarding, commission, and trust that need to be solved. To do that, everyone needs to work together.
This includes the government, MSMEs, e-commerce platforms, and academics. An important people said that e-commerce platforms can bring economic possibilities and create policies and initiatives that support MSMEs.
All these stakeholders can work together to create an environment that helps MSMEs grow and encourages new entrepreneurs. By combining their skills and resources, they can make it happen.
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