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Why Having a Digital Store is Important for SMEs?

By Tanuja A Akkannavar

 

Indian e-commerce is undergoing a great transformation and the way of running a successful business in today’s market has completed changed. The industry is shifting from physical store to digital store, the country has come a long way, especially the SMEs. With the easy accessibility of the internet and smartphones, the customers are shifting towards digital stores, as it is much more flexible than going to market and searching for an item for hours. Indian e-commerce is estimated of growing to $200 billion by 2026 and the revenue is expected to boost from $39 billion in 2017 to $120 billion in 2020, with an annual growth rate of 51 percent, which is considered as the highest in the world.

Today, technology is playing a key role in every industry and working according to the changing market trends is one of the major necessary factors for every business or company. According to the present mantra to popularize your business and the services offered is to have a digital store. Having a digital store has become an elementary factor in every sector. If your business or company is not available online it is equal to the non-existing firm. Especially, when you have an SME that is offering products or services and with an ultimate aim to grow and flourish in the market, the customers should be very well aware of the products you sell or the services and solutions your company offers.

In today’s time in every 4 out of 5 people will be using smartphones and 4g networks, and for every minute product to major services, people are searching them online which are available on one tap. And as Jeff Bezos, Founder of Amazon.com said, “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful”. So, to provide great experience to your customers they should be made familiar with the functioning of the products and services you offer to them and how it does benefit them personally or professionally. Today there are many companies available that will create websites for SMEs within affordable prices, for example, GoDaddy.com.

The SMEs should mark a strong presence in the market and among the customers. Even though they are unable to create websites they can make use of various social media platforms to promote their products and services. Under, the Government of India program Digital India an initiative to promote the digital platform and to digitalize the country in every possible aspect the government has launched a B2B network called Udaan. This B2B online trade platform designed specifically for Indian SMEs, with the power of technology Udaan has more than 1, 50,000 buyers and sellers from 29 states and 80 cities and delivering products to over 500 cities across the country.

Currently, electronics is the biggest online selling sector in India, with a share of 48 percent followed by apparel with a 29 percent share. Some of the leading companies that began its journey by making extremely great use of technology are Paytm, Flipkart and Amazon. With the changing market trends and the expectations of customers, having a digital store is the best way for SMEs to reach the maximum number of consumers.

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