Fri, Feb 24, 2017 | updated 05:14 AM IST

Why E-commerce is a unique solution to connect Small and Medium Enterperises (SME's) in today's technologically advanced world

Updated: Sep 28, 2016 12:59 IST

New Delhi [India], Sep 28 (ANI): Small and Medium Enterprises has been the backbone of the Indian economy since quite a while. It has stepped out in a totally new era of development after the Digital India launch by PM Narendra Modi.

At present SMEs are contributing almost 37.54 percent to the economy as a sector and it also provides employment to nearly 805.54 lakh of people according to a written reply in the parliament by Union Minister (MSME) Kalraj Mishra, last year. Unfortunately this sector has been advancing on years of ignorance and lack of enough options to seek further development within this sector of industry.

Keeping the same thought in mind, Jayant Mehrotra, Co-Founder of My Trade Box (MTB), India's fist assisted bulk buying e-commerce platform has come up with a unique concept to connect small and medium enterprises (SMEs) like e-commerce business on a single platform so that they can also contribute in a major way to the Indian economy.

MTB has both business to customers (B2C) and business to business (B2B) platform. While the first one is an online platform and the second one connects directly small and medium enterprises (SMEs). For doing so, MTB has tied-up with the local retailers and vendors for local kiosks that will be managed by MTB. By this single initiative, anyone, be it small shopkeepers, vendors or local retailers, can register themselves with MTB and sell their products online on the MTB portal.

This unique initiative by Jayant Mehrotra is helping small and medium enterprises (SMEs) to connect themselves on a single digital platform and enable them to be part of Indian economy as a major contributor.

Why connecting SMEs on single digital platform is of much importance? There are various reasons for the same:

By connecting SMEs, it will help in rapid industrialization of rural areas especially smaller towns and tier 2, tier 3 cities. It will provide employment to more people as of now 18 millions. It will boost-up rural manufacturing units as well in various ways.

The SMEs industry has contributed to (37 percent of GDP in 2014-15 according to Indian Government Report) whereas according to the World Bank Report it is 33 percent and emerged as a 45 percent of nation's industrial output and 40 percent of total exports. The SMEs are adding close to 1.3 million jobs every year.

By adopting e-commerce, SMEs sector will be able to emerge itself in achieving significant advantages such as access to new market like online marketplace, reach to a wider and various range of customers, can increase their revenue and margins. It will also help in cost saving, better communication and customer support. In short, it will help them to win the customer trust and make a market base for the SMEs sector.

Therefore, we can justifiably say that e-commerce is one of the most unique solution to connect small and medium enterprises. Our government's initiative such as Make in India, digital and Skill India programmes which are aimed to strengthen the SMEs and explore the opportunities in e-commerce will be more successful with this unique initiative to connect SMEs with e-commerce. (ANI)

New Delhi [India], Feb.23 (ANI): The government, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17-Series IV.

Full Story >>

New Delhi [India], Feb.23 (ANI): The Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax (GST) to inform the taxpayers of the latest updates on GST among others.

Full Story >>

New Delhi [India], Feb 23 (ANI-NewsVoir): WittyFeed, world's second largest and India's largest viral content company has also emerged as 20th most visited websites in India surpassing the most major social networking sites Twitter and Instagram being the fastest and youngest company to attain this ranking. The latest Alexa ranking as on 22nd February shows as the 20th most visited website in India. This is an enormous achievement for the viral content website from tier II cities in India called Indore.

Full Story >>

New Delhi [India], Feb 23 (ANI): Mobile wallet major MobiKwik on Thursday announced an investment of Rs. 300 crore for expansion aimed at growing its user base from current 50 million to 150 million in 2017.

Full Story >>

New Delhi [India], Feb.23 (ANI): White Page International recently released the research and jury based listing of India's Most Admired Brands and Leaders 2016-17 with PwC as Process Reviewers.

Full Story >>

New Delhi [India], Feb 23 (ANI-NewsVoir): Ministry of Skill Development & Entrepreneurship (MSDE) and the Wadhwani Operating Foundation (WOF) announced a partnership aimed to empower Government of India's Pradhan Mantri Yuva Udyamita Vikas Abhiyaan on entrepreneurship.

Full Story >>

New Delhi [India], Feb 23 (ANI): Enforcement Directorate on Thursday attached an amount of Rs.1,02,16,000 in case of Kishore Bhajiawala involved in post demonetization frauds.

Full Story >>

New Delhi [India], Feb 23 (ANI): The Reserve Bank of India (RBI) on Thursday announced that it has imposed a monetary penalty of Rs. one lakh (rupees one lakh only) on Sahebrao Deshmukh Co-operative Bank and Rs. four lakh (rupees four lakh only) on Progressive Co-operative Bank Ltd in Mumbai.

Full Story >>

Mumbai [India], Feb.23 (ANI-Businesswire India): The oil palm division of Ruchi Soya Industries Limited at Lunglei in Mizoram recently conducted digital banking awareness seminars to familiarise the farmers with transacting in a cashless economy.

Full Story >>

New Delhi [India], Feb 23 (ANI-BusinessWireIndia): L&T Technology Services Limited (NSE: LTTS), a leading global pure-play engineering R&D services company, and UTC Climate, Controls and Security and Otis, units of United Technologies Corp., today announced a strategic collaboration to create an innovation laboratory focused on integrated buildings, smart homes and cold chain technologies. The lab will be located at LTTS' Bengaluru campus, with support from the UTC business units.

Full Story >>

New Delhi [India], Feb 23 (ANI-BusinessWireIndia): Prudent Corporate, one of India's leading platform providers, has crossed Rs. 10,000 crore mark in its assets under management (AUM) on 31st Jan 2017. Prudent attribute this growth to its partners, clients and team Prudent and would like to thank them for being a part of this wonderful journey.

Full Story >>

New Delhi [India], Feb 23 (ANI): The Trade Facilitation Agreement (TFA), the first multilateral agreement in the WTO's 21-year history, ratified by two third members of WTO to become a reality.

Full Story >>

New Delhi [India], Feb 23 (ANI): Mylescars, a robust and cost-effective car sharing and self-driving solution, today announced the successful start to its flagship program the Myles Angels program.

Full Story >>

New Delhi [India], Feb 23 (ANI): Global leader in network and endpoint security Sophos has announced appointment of Shamshad Ahmed as director sales for its end-user security group (ESG) business for India and SAARC.

Full Story >>

New Delhi [India], Feb 23 (ANI): India's largest telecommunications services provider Bharti Airtel on Thursday announced that it has entered into a definitive agreement with Telenor South Asia Investments to acquire Telenor (India) Communications.

Full Story >>

New Delhi [India], Feb 23 (ANI-NewsVoir): An abstract of an ongoing study, "Fresh pear (Pyruscommunis) consumption may improve blood pressure in middle-aged men and women with metabolic syndrome," presented at Experimental Biology in San Diego indicates regular fresh pear consumption may improve blood pressure and vascular function in middle-aged men and women with metabolic syndrome (MetS.) MetS, a cluster of major cardiovascular risk factors highly associated with the development of chronic disease such as cardiovascular disease and type II diabetes, affects more than one in three U.S. adults.

Full Story >>

New Delhi [India], Feb 23 (ANI-NewsVoir): Mumbai based Entrepreneur Suresh Khairwar lead International Risk Consultants Insurance Brokers Pvt. Ltd. (IRC) rewrites the history of Indian Insurance industry by introducing Specialized Industrial Insurance to the Indian clients who are aligned to do business with best global practices.

Full Story >>

New Delhi [India], Feb.22 (ANI): The State Bank of India (SBI) on Wednesday said that it had taken cognisance of media reports that the ATM of one of its branches in the Sangam Vihar area of Delhi had allegedly dispensed some fake Rs.2000/- notes on February 6, 2017.

Full Story >>

Washington D.C. [United States], Feb 22 (ANI): The International Monetary Fund (IMF) has said that India's projected growth will be around 6.6 per cent in fiscal 2016-17 due to what it called "temporary disruptions" caused by demonetisation.

Full Story >>