This is an exciting time for small and medium-scale enterprises in India. New digital lending platforms, better accessibility to funds, relaxed business loan eligibility criteria, a wide customer base, and affordable technological advancements have together contributed to the growth of Micro, Small and Medium Enterprises (MSMEs). Another major contributor to their success has been the advent of e-commerce. Small businesses have always been the backbone of the Indian economy and are now touching even newer heights thanks to e-commerce.
E-commerce has simplified many things for small businesses and is truly a boon for them. Here’s how.
MSME challenges before e-commerce
Before e-commerce took the world by storm, small businesses were limited to geographical boundaries. Finding a solid customer base in the unknown territory was not only challenging but also costly and time-consuming. High business loan interest rates further complicated things for small players. Moreover, the lack of formal education and …