Online space is full of growth opportunities for Indian MSMEs

The “World of Web” has lots to offer. Today due to advancement in technology and continuous government efforts the internet is available even to the common man residing in the remotest area. Everyone is connected to the world and this creates a pathway to development.

All the companies today have moved to tech-based activities for all of their traditional/manual transactions. World of the web has opened many opportunities in all spectrum and this statement holds true especially in case of MSME sector. It is a boon for MSME and SME as it allows them to tap not only local but global market as well.

If you ask any entrepreneur, what is the key factor for running a successful business? He’ll immediately say ‘Data’. Simply put data is information and as we all know knowledge is power. This data can be anything from your company and competitor activity to what are the current industry trends? In order to make informed business decisions, you need to have in-depth information on whats happening internally (within the organization) and externally (and around the globe in your sector).

The web has opened the gate for many businesses (e-commerce portals) and helped them earn billions and change the fate of retail stores. The web also allows MSME’s to promote their business. The Company website is like an e-brochure and unlike the printed brochures, the cost does not increase with the number. It also allows you to get the real-time update of any purchase made.

The web is a useful medium Not only for the sellers but also for the purchasers. The purchase decision makers want to develop vendor base so they can source required products and services competitively. This can be done through directories and trade magazines, however, to get up-to-date, free and timely information on vendors across the globe you need the web. On the web, they can find thousands of vendors that can connect with them to place their orders or get the bid.

The web is also an excellent tool to promote your business. As a MSME you will be short on resources and funds. Spending 5 Rs and above per mailer is a cost that can be avoided as the cost of sending bulk emails is 2;3 paise per email. Similarly, spending millions and billions on traditional means of advertising and branding is out of the question. Only MNC’s and industry giants invest in the traditional medium of promotions. However, it doesn’t mean that all hope is lost. The Web is the most economical medium which allows you to post an advertisement for hundred rupees on Facebook or for a thousand rupees on Google AdWords (on their product keywords).

MSME usually comprises of small staff however the owners are seldom in their cabins. They are out in the field, developing their business and it becomes really difficult to manage things. The web is his right hand. It helps him monitor the internal conditions in office and direct his people even from remote areas. After-sales services are what helps MSME stand out and differentiate themselves. With the help of the web, it is now possible for them to have the real-time update of delivery and even product failure through various processes. Predictive analytics can be used to monitor the usage data and to forecast the performance/possible failures of the product. This helps the MSME’s improve the quality of their service and optimize their resources and funds.

The World of Web is full of wonderful opportunities that can help the MSME’s grow and become the market leader.

The web also allows MSME’s to promote their business. The Company website is like an e-brochure and unlike the printed brochures, the cost does not increase with the number.

The author is Chairman and Managing Director, Jupiter Infomedia