SURE, E-COMMERCE BUILDS THE ECONOMY OF THE NATION!

E-Commerce meaning Electronic Commerce is the term used to describe the business activities of various companies and industries world over done thru' internet using computers and smart phones as well as tablets. Almost every item and service are available on E-Commerce Platform including banking and stock trading..

As we look at the various Micro, Small and Medium Enterprises (MSMEs) of the country, they forever remain the backbone of the country's economy as these Enterprises employ major manpower of the country both skilled and unskilled..

But, the MSMEs have basically 3 problems..

• They don't often have proper storage facilities of finished products like space requirements, suitable climatic conditions, cleanliness of the areas etc..
• They can't directly reach consumers all by themselves..
• They don't have time too to set up these facilities 

As

• Their productions are continuous,
• The weaker section labor need at many places immediate wages and
• The sale prices are optimized with min profits as
• they often do not carry the brand concept of their own..

Here sure, E-Commerce comes to their rescue as these platforms remain the live stop gap arrangement between these Enterprises and direct users/consumers..

The E-Commerce facilities sure are a boon to people too as these alone became the real suppliers of basic needs during indefinite lockdowns imposed due to the spread of covid infection the rest playing low operations and beyond continue..

Since 2014, the Govt of India has bought out initiatives such as Digital India, Make in India, Start-up India etc. to accelerate E-Commerce growth equally encouraging MSMEs to sell their products thru' these sites..

These platforms carried transactions worth of about Rs 55 crores till end of Sept' 20. As part of Digital India initiative, the Ministry of MSME undertook numerous initiatives to digitize entire MSME system, wherein all of their offices have been digitally empowered and efforts have been made to spread awareness on benefits of digital payment solutions..

MSME businesses have unprecedented opportunity to embrace digital transformation with the support built by the current Govt..

In recent years, the rise and emergence of online markets thru' E-Commerce has boosted and had a positive impact on MSMEs. By adopting E-Commerce, MSMEs stand to gain significant advantages such as

• Increased revenues and margins,
• Improved markets,
• Reach access to new markets,
• Savings in marketing spending,
• Customer acquisition and
• Enhanced customer experience

And helped a lot in carrying out timely business activities of certain MSMEs in spite of continuous lockdowns imposed in the country..

Advantages of E Commerce facilities:

• Faster buying as well as selling support,
• Varied payment modes,
• Effective cost control,
• Cheaper advertising and marketing advantage,
• Flexibility for customers,
• Customers having access to the E-Commerce Platform 24x7,
• Customers having good access to know what other users talk of the product plus and minus,
• Price slash for regular customers,
• A boon for busy customers who can't take off from their work easily,
• Timely access in spite of bad weather conditions, curfews, lock downs and other temporary dislocations of life around,
• Timely supply of essentials to door step,
• Highly helpful for Seniors and other people who cannot venture out easily,
• Hassle free payments and many secured ways of paying and
• A sort of assured customer base for MSMEs thru' E-Commerce platform registered accounts.

No doubt, few disadvantages too co exist side by side like,

• A few times, the product seen on web page is different from what is received,
• Loss of items in transit or wrong addressee deliveries
• Confusions on return policy,
• Card payment frauds etc which of course, if customer is not attentive can occur in direct selling/buying too and
• A sort of loss of rapport between the buyer and the seller.

In conclusion, we can emphatically say that in spite of few draw backs of e-platforms functioning, the innumerable advantages overweigh the few disadvantages and seen thus it is imperative in today's market conditions, for MSMEs and E-Commerce Platforms travel together both continuously remaining as the true back bone of the Nation's growth and economy!

'Written as part of Blogchatter's campaign #ECommerceBuildsEconomy

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Keyword: E-COMMERCE