The SMEs (Small and Medium Enterprises) in India have been flourishing amidst the highly competitive and challenging environment, experiencing several lows and highs in the past few years. The Indian economy is expected to be emerging as one of the most influential and leading economies in the world. The Indian economy is expected to rise to an economy of around $5 trillion by the year 2025. Owing to such a rise, a great impetus is being laid on the growth and development of the SMEs in India. The SME sector is considered to be the backbone of the Indian economy with almost two-thirds of the country’s population being employed in this sector. By understanding the importance of the SMEs to the GDP, the job market and in the fostering of the innovation and entrepreneurship; several initiatives have been taken up by the current government of India towards the accelerated growth and development of the SMEs.
Here are some of the major SME trends that will continue to rule the year 2017.
- Rise of the B2B eCommerce that are SME Focused: With the advancement of the innovative technology, several new opportunities and channels have opened up for the businesses operating across several sectors. This is true for the B2B e-commerce firms as well that are focused on the SME sector. The presence of the innovative platforms of technology has been bringing several small players in the neighboring small stores. Therefore, it can be considered to be a win-win situation for all those who are involved in the channel that enables smoother transactions, better procurement of the industrial goods and the raw materials, and even better establishment of the connection between the small shop owners and the established brands. The SMEs in India are supposed to span an overall market of around $25.8 billion for the emerging technologies in 2020, there is a great expectation for the rise of the B2B commerce in gaining more momentum in the year 2017
- Amalgamation of M-Commerce with E-Commerce: The SMEs are rapidly penetrating the Internet and the digital transformation it has been experiencing is no longer a fancy dream. When the advancement of the SMEs on the online platform is combined with the extensive use of the smartphones that are becoming highly affordable in the recent times, the Indian SMEs are experiencing simultaneous adoption of both the Internet as well as the mobile technology. Therefore, visualizing the rapid growth, the SMEs are likely to make a union of the M-Commerce along with E-Commerce.
- Boost by the Government Initiatives: The SME sector is further expected to contribute greatly to the ever-growing GDP of the Indian economy. The year 2017 is expected for the government to strengthen the policies and for the introduction of the new initiatives for improving the business environment for the SMEs in India.
With the rapid development of the SME sector in India, the year 2017 is marked to be a pivotal year for the growth and development of this sector in all aspects.