Today a strong compoundbetween consumers and business accomplishments is eCommerce. Businesses and Consumers have gained lots of advantages, relationship between them works great when the medium is on web.
Customers desire about use of e commerce.
Why? Product transactions are faster, user friendly and could be tracked. Definitely consumers are enjoying the flare of shopping through vial of ecommerce.
SME’s are the key contributors towards the growth of Indian economy. Per the latest survey, as in today, we have more than 48 million SME’s contributing more than 45% of India’s industrial output, 40% of country’s export. However, SME’s do struggle on multiple grounds.
Hurdles faced by SME’s.
Capital and competing in the market are one of the most critical barriers for an SME in our country. Challenges in raising funds from the banks, insufficient infrastructure are hampering there growth.
Do they have resources easily available?
Unfortunately, SME’s lack in shared resource for marketing strategy, tools and testing.
Plan of Action.
“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort. – Paul J. Meyer.”
Hindrance to the SME’s business expansion is result of improper planning and strategy. In case of debt, forecasting the turnover helps in working the associates; bankers, suppliers, and employees.
Work with Technology.
Entity could succeed or fail depending on the custom of technology. Production has to be updated with the latest technology for better results. Older machinery requires more manpower, turnaround time and yet results in lower production. With the use of modern technology in business, entities can be competitive in the market.
New Product Development.
Innovation is at most of importance in this competitive market. Every day is a new day; hence the consumers. In India, SME’s are bound to follow the designs given by foreign buyers. Layback on the design and development stage of businesses has direct implication to the profit margins and productivity.
Hindrance in effective Man power.
Appropriate education and developmental trainings to the staff results in effective human resource and productivity. At most optimization of Human resource is a challenge for SME’s. Hiring a right staff and encouraging them with continuous learning results would be one of the key factorsin expansion of business.
If the sales report numbers have to be on a higher side; then consumers should know about you. Absence of marketing expertise in the organization or inability to hire a third party to work on marketing is dominant concern for SME. In B2B business, entities can portray there business at zero cost and leverage the use of internet.
Emergence of ecommerce into SME’s has been a boon for Business to Business entities. Some of the common issue faced by SME’s like third parties involvement, pricing of business goods, accessibility threats, inability to market to potential clients. These ambiguities are now being persisted with the initiation of B2B e-commerce platforms in the country. Smarter technology has helped SME’sto explore plentyprospects with the help of the Internet.