IndiaMART

Report from UNCTAD eCommerce Week 2018

Here is a report from the eCommerce Week at UNCTAD, Geneva, Swtizerland.

Read Here

7 inside tips from IndiaMART’s social media strategy

Social Samosa

Sumit Bedi, VP-Marketing IndiaMART shares 7 social media marketing tips that helped the brand break through the clutter.

It should not be surprising since 40% of the 200 minutes that an average Indian user spends online goes to social media. This increased time spent on social networks has resulted in many opportunities and a few challenges as well for marketers looking to engage with their target audience. Many brands have used it to build awareness and reach while a few have succeeded in building brand loyalty through such platforms.

It has also become a great enabler for modern customers to voice their concerns, opinions, dissatisfaction and liking for the brands that are part of their lives. Here are some of the key lessons that my team and I have realized over that last couple of years while building our social media strategy:

  1. Video reigns over the digital world: According to Cisco, 75% of the world’s mobile data traffic will be video by 2020. And the way we are consuming video content these days, we might get there sooner!

If we look at the China market right now, out of the top 15 media apps that have over 50 Mn DAUs, 7 are Video based.

Video has always been the most versatile marketing medium of them all and with such volumes, as marketers we must keep videos in the center of our social media strategy.

With more than 241 Mn users in India alone, Facebook has become a predominant medium of video consumption for different segments of audiences.  Similarly, viewership on YouTube is growing every year.1.5 billion logged-in viewers visit YouTube every single month.Younger audiences are watching YouTube as a replacement for television entertainment; others are searching for how-to videos. On Facebook, videos appear in user’s news feed and have better chances to go viral. Brands need to ensure their content caters to both the platforms. E.g.- Facebook is where we launch all our brand campaigns for instant reach while for our self-help videos YouTube playlists are the best option as it grows over a period of time.

  1. Create content that reflects your brand’s personality: As marketers, sometimes a creative idea takes over the brand’s personality. But as a brand we should always stand for a few things that describe the organisation’s personality. For instance, we recently created a video campaign, #DreamOn on the lives of 4 women entrepreneurs on the occasion of Women’s Day featuring their struggles and growth stories. The video reached 5Million people at a comparatively lower cost because our audience could connect with the subject and put us in the right brand space. While social media pages like Facebook or Twitter are casual spaces for marketing a brand through memes or videos, it still requires careful attention to be paid in terms of the brand’s personality and finding a way to evoke the right emotions through visuals.
  2. Tell stories that connect with the audience – A brand should not just focus on emphasizing or promoting itself through a ‘Me-first’ attitude. On Social Media, it is important to create content that connects with your audience and at the same time puts your brand in the right space. IndiaMART is a young at heart brand that comes with a legacy and wisdom. So, as a brand we maintain a tonality which connects with the youth but also maintains the essence of the topic or the theme. For instance, our #HatsOffLadiescampaign went viral because people could very well connect with it. The video received more than 3.7Mn views and reached around 9.5Mn people 80% of whom were organic.
  3. Ride the topical wave but don’t forget your brand’s positioning – Women’s day, Father’s day, Mother’s day, Teacher’s day, New year’s, Diwali and Holi – today, every brand is trying to leverage these occasions for their brand. The key here is to keep the brand’s personality and tonality in mind, understand the audience and their preferences and then create a campaign. Otherwise you’ll get lost in the clutter. For our brand, Father’s Day is not about fathers but the fathers who run small businesses.The trick is to create content that is relatable and sounds logical when one associates it with the brand.
  4. Keep experimenting: There is no guarantee of a successful campaign every time it kicks off but that should not stop companies from ideating and executing one. For instance, we recently created and posted some memes on our Facebook page which were around the life of a businessman during the last days of a Financial Year end. The memes were topical as well as highly engaging and worked well for us. So, while some of the campaigns might click with the viewers and some won’t, brands or companies must not stop creating them as they can be produced at a very low cost. Moreover, their life on social media is also short, which leaves more opportunities for experimentation.
  5. Employees as brand ambassadors: We constantly focus on building trust in our employees and consider them as a very vital part of our content strategy. The lesson that needs to be learned here is that by featuring one’s employees on Social Media, they not only feel motivated but also become a part of the story, resulting in greater engagement. For example, in many of our social media campaigns we have featured our employees only. Whether it is our Women’s Day (3.7 Mn views), Mother’s Day (300K views) or Teacher’s Day (217K views) campaigns, some of our best performing content has been the one that featured our employees.

We have also begun to use Social Media for hiring. So, when we rolled out a hiring campaign for our Sales & Services department on the social media pages, we posted case studies and success stories of our existing employees. Basis these posts, we have received more than 500 applications and great employee engagementat literally no cost.

  1. Create Social Media Advocates: Most brands today have a dedicated team that oversees and handles the complaints made on social media. Now, this is what almost everyone is doing, but if you want to give your users some great experience then you will have to go that extra mile. We believe that the people who take to social media platforms like Facebook or Twitter to put in their complaints are the ones who like the product or have used it but are struggling somewhere if the results do not turn up as per their expectations. A case in point – rather than considering these regular customers as detractors, we turned turn them into promoters of the product by implementing some serious complaint supervision. We have also brought down the response time considerably and try to resolve a Social Media issues on priority.

We also ask our existing promoters to rate us on Google or answer some relevant questions about us on Quora, this way we aren’t only interacting with the complainants but are also engaging with the users who have already given us a positive feedback through other mediums and hence eventually turning them into Social Media advocates for our brand.

Thus, the future of social media marketing would be guided by creative content formats and decreasing attention spans. Data driven distribution of native content would drive social media marketing in the next few years.

Happy mcgarrybowen adds IndiaMART to its cart

ET Brand Equity

Happy mcgarrybowen’s specialist B2B arm has bagged the integrated communication mandate for IndiaMART, an online marketplace that assists Small & Medium Enterprises (SMEs), Large Enterprises and individuals to trade with each other at a common, reliable and transparent platform. The agency, from the house of Dentsu Aegis Network, won the account following a multi-agency pitch.

As part of the mandate, Happy mcgarrybowen will fuel the brand’s aggressive growth plans through multi-dimensional communication campaigns across outdoor, digital and social media platforms.

Commenting on the appointment, Sumit Bedi, vice president, marketing, IndiaMART said, “We were looking for a digital-first agency to drive our integrated marketing communication plan. Apart from our SME clients, this year we are also focussing on ‘Brand Solutions’ and our new online payment gateway, ‘Pay with IndiaMART’. Happy mcgarrybowen clearly fits the bill as it understands the digital space very well. We hope that our association with the exciting team at the agency will help us create some highly engaging communication for our target audience.” For the record, while ‘Brand Solutions’ by IndiaMART offers enterprise companies to grow their distribution and sales network via the IndiaMART platform, ‘Pay with IndiaMART’ enables easy low-cost instant payments through IndiaMART.

Praveen Das, MD – Happy mcgarrybowen, added, “For Happy mcgarrybowen’s new arm specialising in B2B, IndiaMART is a typical business that we want to take to the next level using a mix of digital and other communication formats that is calibrated to create a more favourable response. We are very happy to partner with IndiaMART to help accelerate their growth and leapfrog ahead with unconventional ideas using technology.”

Read more at Exchange4Media | Afaqs | Adage India | Indian Television

How E-commerce is Helping Local Manufacturers Accelerate Growth

Entrepreneur

Today, for many manufacturers finding the right sales channels is a problem. While their expertise lay in production, their access to consumers was through a layered and often opaque distribution channel. In the physical world, the manufacturers had to run from pillar to post to convince retailers to sell in their store.

Of late, many manufacturers are able to launch and build their own brands and boost their sales from online orders. Not just an additional sales channel, but online is the only channel for many manufacturers who want to build their own brand and not sell through other retail stores.

In fact, when tapping online channels, they often used intermediaries as well, since many parts of the ecommerce were not well-understood. However, as online channels have made the use of their platform easier, many manufacturers have dispensed with intermediaries for online sale and now sell directly on ecommerce platforms. The result – manufacturers sell faster/have greater margins and a better understanding of consumer needs which helps them get direct feedback/ability to respond much faster.

The upside is also that online channels take care of most support functions for manufacturers, who decide to sell online. These include marketing, customer support, logistics and packaging. Lastly, ecommerce players have been able to provide access to larger markets way beyond erstwhile geographical limitations.

Getting Feedback and keeping Track Of Sales

Mammon, Delhi-based handbag seller, with turnover 5.4 Crore, clocked mostly after and and a half year of online business, is a joint partnership between Manish Kumarand Lalan Ram.

The duo feels that online orders provided an easy to handle method for the sale and since they started selling through e-commerce they hardly faced any difficulty,” shared Kumar.

Initially, it took a little time to understand the process but gradually it became quite convenient for Kumar and Ram to run the business online, as products get online in no time and is easy to track the record of sales.

“Unlike offline channels, we are having direct hold on sales. There is no mediator which in turn helps us sale more efficiently and at reasonable price,” informed Ram

The best part of selling online, maintained the duo, is that one gets feedback from customers. “It helps a lot to understand the need of the consumer and also it helps to keep track of the performance of the product in the market. We kept improving according to the consumers need, removing least selling products and improving on other products as per customer’s feedback,” divulged the duo.

Insights about Updating Inventory

Dinesh Khatri, founder, Royal SON, a sunglass manufacturer, with turnover 4 Crore after five year of online business, realised that setting an offline store is a huge challenge especially in metro cities where real estate costs are too high. In order to give a great customer experience and provide a large variety of selection, he opted to sell through online marketplaces.

According to Khatir online channels not just provide a wider market but also help in understanding the products that sell well. “These patterns also help us with insights when we update our inventory,” he shared.

Online is the only channel for Khatri, and he doesn’t plan to sell offline in the immediate future as online sale has helped his brand sell nationally without having huge overheads. “It’s better to sell online because we simply need to update the inventory, manage the order process, and ship products on time. It gives us the opportunity to focus on the core – manufacturing right products,” explained the Jaipur based manufacturer.

Adding Impetus in Sales

“A lot of brands, though well-known in their particular region, may not be that popular beyond their cities. This is where reputed e-commerce brands come in. So whether these sellers are forging their own e-identity or showcasing their products on an online platform, they are gathering a whole new customer base with little to no efforts or expenses to speak of. In addition to business from retail and distributorship, they are now adding to their overall sales on a rapidly expanding platform as well,” added Singh.

Initiating New Online Business and Enabling Growth

According to the spokesperson from Snapdeal, Entrepreneur India got in touch with, as an e-commerce platform, they strive to connect high-quality sellers with buyers looking to discover and consume products.

“In terms of network effect, good sellers attract genuine, willing buyers, who in turn lead to more sellers wanting to list on such marketplaces. The presence of active buyers and sellers adds depth and span leading to more transactions, satisfied users and higher revenue for the platforms from repeat use and higher traffic,” he shared.

Snapdeal will continue to provide easy access to small enterprises to sell across the country and help them grow by discovering new markets and products. “Our goal is to help millions take their first step in starting their online business and enable the smaller ones to grow bigger. We will continue to expand the market by connecting more buyers, increase efficiencies, which benefit all stakeholders and provide analytics, which help sellers make better production / pricing decisions,” he concluded.

Accessing Global Market

Sumit Bedi, VP, Marketing, IndiaMART.com, maintained that Indian manufacturers are using e-commerce as a tool to promote themselves in the global market.

“Until a few years back, these manufacturers were competing only at a local level in a largely traditional setup. With e-commerce, the opportunities have got democratized and every business, irrespective of its scale and size, can now operate on a level playing field. For instance, the manufacturers listed on IndiaMART can now directly access the global market. They use the analytics offered by the platform to create new market, manage buyers’ requirements better and use state of the art business tools like a payment gateway or a lead management system. E-commerce is changing the way business is being done,” he emphasized.

IndiaMART outlines the roadmap for e-commerce success in the Digital Age for Developing Economies at the UNCTAD eCommerce Week 2018

India’s largest online marketplace, IndiaMART represented India and its ecommerce success story at the United Nations Conference on Trade and Development eCommerce Week in Geneva. Mr Dinesh Agarwal (Founder & CEO – IndiaMART) and Mr Brijesh Agrawal (Co-founder and Director – IndiaMART) talked about what does it take to develop a successful digital economy in the developing world and its impact.

The duo was a part of multiple panels, along with other prominent international dignitaries and global industry experts. This included Mr Roberto Azevêdo (Director-General, World Trade Organization) and Dr Mukhisa Kituyi (Secretary-General, UNCTAD) who talked about why Governments . Together, these distinguished luminaries discussed in detail about how businesses can survive and thrive in today’s digital-first age, especially in the developing and least developed world. Dinesh and Brijesh also shared insights into India’s digital vision, and the key lessons other developing nations could take away from its ongoing digital transformation to stimulate their own economic growth.

Mr. Dinesh Agarwal said that how e-commerce could help in alleviating poverty in developing countries by enabling better business opportunities, e-commerce platforms had been playing a critical role in the development of India by democratising resources and opportunities, especially for the rural communities. He quoted a survey which showed how small Indian businesses using online marketing initiatives were likely to grow by up to 50% more than those businesses which remained offline. He also talked about how – despite the challenges – the internet remained a driver of positive change, empowering businesses and improving health care and education. Speaking on the benefits of digital economy, he said, “Platforms provide benefits for businesses of all sizes in developing countries. The smallest can enter the market and the biggest can access the most remote part of it.”

He encouraged the developing and least developed nations to build their own capabilities and said, “Too powerful platforms have always existed. But if we’re afraid of creating platforms then we’ll miss out on new technologies and innovation. If they get too pervasive, then we’ll deal with them.”

Another interesting comment made at the UNCTAD 2018 was about the need for sustainable development and digital growth, and the larger impact of the digital economy on how the global business dynamics played out. India, one of the fastest growing e-commerce markets in recent years, was a subject of much analysis in this regard.

Talking about the need for taking digital enablement to a larger number of smaller businesses across developing nations, Brijesh Agrawal, Co-founder and Director – IndiaMART, said, “The access to affordable high-speed data has been transforming the world. In India alone, the total number of internet users has grown 2X over the last eighteen months. The important thing, here, is figuring out how countries and businesses can use this dynamic in their favour.” Speaking on the impact of digital economy on the Service Sector, he said, “It is also critical to bring in some form of standardisation of services. Unlike the B2C products, comparing services in the B2B segment is not very easy, as all providers have their individual specifications. The quality of services offered needs to beat the customer expectations.”

Another key takeaway from the UNCTAD panel discussions was the need for a conducive countrywide framework which can enable and drive a digitally-led economy. India, for instance, has been creating a holistic, end-to-end ICT ecosystem for digital adoption through various government-backed initiatives, such as NPCI, Aadhaar, GST and private participation by companies like Reliance Jio. This focus on digitisation has been instrumental in the rise of digital commerce across the country. With the number of internet users in India expected to cross 500 million by June 2018, the conference talked about how businesses in developing nations can take advantage of the growing digitisation for more seamless global operations.

The digital opportunity for India and other developing nations is truly immense, and the UNCTAD 2018 impressed upon how to best tap into this unparalleled technological resource for ensuring a far-reaching socio-economic impact. “UNCTAD can help the developing world find synergies and make them learn from each other and from the developed world so that we do not end up making the same mistakes,” concluded Dinesh Agarwal.

IndiaMART represents India at UNCTAD eWeek

IndiaMART represented India at the United Nations Conference on Trade and Development – eCommerce Week.Here’s a sneak peek inside the major happenings of the event.

IndiaMart, the Indian Alibaba growing at a blazing speed

Le Temps

The head of the e-commerce platform, Dinesh Agarwal, is described as the Indian “Jack Ma”. At 49, he sees the future in pink, hoping that the purchasing power of the Indian population increases significantly in the coming years

Sitting on a chair in a hallway of the Palais des Nations in Geneva, where he is attending Unctad’s week on e-commerce, Dinesh Agarwal, 49, seems almost oblivious. Born in a Uttar Pradesh city into a modest family, he is however what many describe as the Indian “Jack Ma”. He is the boss of the IndiaMart e-commerce platform he created in 1996 in Noida, when the country had some 500 Internet users. Today, this platform, on which a million buyers and suppliers meet every day, is growing at a staggering 30 to 35% a year.

In 2017, the company earned net revenues of $ 60 million. “We work with five million small and medium-sized businesses. We have 55 million registered buyers. “The platform, he says, is 80% for B2B (business to business) and 20% B2C (business to consumers). 60 million products and services are sold and sold in 60,000 categories. These range from electronics and medical and pharmaceutical products to textiles and agriculture, to machinery, office supplies and financial services.

It’s only a beginning
The numbers are already impressive, but this is just the beginning. “We have tripled platform traffic in the last two years.” India has 450 million internet users (mostly via smartphones) and web-based commerce is worth $ 10 billion dollars a year, a figure still far from what is done in the United States and China.

“But the future is ahead. We may be ranked 100th in terms of GDP per capita, but we are more open than China. In India, the boss of IndiaMart prides itself, we remain open to the outside. “IndiaMart currently has no competitors worthy of the name. The Chinese giant Alibaba has only 2% market share in India. Amazon is not a competitor, its business is primarily towards consumers.

This Indian success story, Dinesh Agarwal, whose mother tongue is Hindi, is attributed in part to Rajiv Gandhi, prime minister in the 1980s who spoke of the need to study computer science. He became a computer engineer. Having started his career with CMC Company, a subsidiary of Tata, he spent a few years in the United States with HCL. But when he heard the Prime Minister’s speech on August 15, 1995, on Independence Day, he realized that his destiny was in India. When he creates IndiaMart, India “is a black box,” he explains. That’s where I wanted to show the real India to the West. ”

Considerable challenges
The challenges in India remain multiple. The first affects purchasing power, which varies considerably between the poorest and the richest. It is therefore difficult to find the right product lines. But Dinesh Agarwal is optimistic. The purchasing power of the population, he predicts, will increase by 2030. This will have a considerable impact. The other challenge is the infrastructure whose deficit is glaring. “In terms of airports, roads, electricity, we are not competitive. And we do not modernize such infrastructure overnight. ”

The language factor is also a stumbling block. “30 to 40% of Indians speak Hindi, 20% English, but we have between 20 and 30 other languages,” says the entrepreneur. In terms of distribution, IndiaMart provides services to suppliers through its 95 offices and 2000 employees across the country. It provides them with software and training to use the platform at best.

Favorable factors
Several factors played in IndiaMart’s favor. Since e-commerce is highly dependent on trust, Dinesh Agarwal welcomes the implementation in India of the Aadhaar Biometric Identity Program, which benefited 90% of the population. This facilitates online commerce. In terms of payment, India has also made great progress with a local interbank system that allows money to be transferred at any time.

“The system is even more efficient than in Europe or the United States. Payments are immediate. We must not wait three days, “quipped the young millionaire. In India, the platform serves as a “deposit bank”. The buyer will see his payment made at the time of delivery and the supplier has the guarantee that his client has already paid. IndiaMart has also benefited from a recent law passed in Delhi in 2017 standardizing tax rates between different states of the country.

Finally, in the area of ​​e-commerce, it is difficult to conceal the question of data. “We have a huge advantage over Eta

For Indiamart founders, B2B e-commerce needs ‘identity’

EcommerceBrasil

India is one of the fastest growing e-commerce markets in recent years. According to an eMarketer report, the projection for 2018 is a 23.5% increase in online sales. Much of this comes from the B2B sector, with its 1.6 million businesses, responsible for $ 800 million per year.

Despite the good numbers, according to Brijesh and Dinesh Agarwal – founders of Indiamart, India’s largest B2B marketplace – the service segment still has a lot to grow in a market that has similarities with Brazil. Both were presented on Wednesday (18) in panel at the E-commerce Week, organized by the UN.

Among the main challenges, according to them, is the standardization of services. “Unlike the purchase of products, it is very different for consumers to compare services in B2B,” said Brijesh Agarwal. “Each provider has a different specification,” he explained.

According to the businessman, the lack of an “identity of his own” makes the services offered in an unorganized way – one of the other problems that the sector needs to fight in India. “Customer expectations need to beat the quality of service offered.”

Other points cited by the founders, and who need special attention, are the lack of skilled labor, improvements in the quality of service delivery and better understanding of consumer behavior. “It’s a sector still under development, with much to discover,” concluded Brijesh.

Cross-border
For them, who founded an international marketplace, cross-border has become a reality. Today, services seem to gain more and more relevance in the digital world.

“[We’re talking about] downloading music, videos on demand and software,” said Dinesh Agarwal. “The software industry is the second most important in this segment. This is a great opportunity, “he said, citing Freshdesk, a support company, as a successful example.

According to Giles Derrington, head of Politics at techUK, who also participated in the panel, this recent change is a reflection of the advancement of technology.

“In the past, you bought a computer program in the box and installed it. It is not the type of product that creates connections. Today, there are those same services in the cloud, “he concluded.

Thank you, family!

Dear All,

As IndiaMART enters the 23rd year, I would like to thank you all for your constant support. When we started IndiaMART in 1996, it was a small set up with a 5 member team. Today, we are a large family of more than 3500 members and the best part is that our strength is not someone or somebody, but we ourselves – the family of IndiaMART.

When IndiaMART was started, Brijesh and I, we were salesmen by the day and developers by the night. We were the admin, we were the marketing, finance, HR and every function that you can think of. In the last 22 years, we have changed our business models and processes multiple times. So believe me, I still share that childlike excitement you feel for that every sale that you close, I still feel the pain of every ticket that has to be resolved, I still feel the pat on my back when you get a big brand on-board, I still know the effort that goes in creating a new product, I am also under pressure when your decision can make or break a situation.

What I also know is if we have to scale and become larger than what we already are, the largest online marketplace in India, then it’s not the 50 year old me who will take it forward but the young and creative you. It’s going to be your energy and ideas.

I firmly believe that an organisation is defined by its values and culture. And, our close knit relationships and our culture to take care have made it easier for us to achieve our goals, always. We have a habit to take care of our buyers, sellers and of each other. When 10 team members stand to donate one unit of blood and when we don’t think before helping one of our members in times of even their personal needs; it is this culture of ours that has made IndiaMART what it is today and what would help us make IndiaMART the company of our dreams.

And, dreams are made of smaller goals. In 1996 our goal was to somehow get that first client, then it was 1,000 customers then 10,000 then 1Lakh and now it’s creating a Rs 1,000 Crore company. Believe me, we are going to achieve it. My confidence doubles when I see this video. I feel the same excitement and craze in you as I had when I left my job in America and came back to India. After all, not everyone can think of replacing their CEO in the next 2 years. 🙂 That’s only the spirit of IndiaMART.

I am thankful to you all because just like family – you came, you saw my dreams and you made them your mission. And, I feel so proud that today you are creating your own missions.

Thanks for everything and believe me this is just the beginning. Our greatest achievements are yet to come.

So congratulations on this one and let’s brace ourselves for the future.

Warm Regards,

 

 

 

Dinesh Agarwal
Founder & CEO

IndiaMART and TiE Delhi-NCR team up for the annual SME Conclave 2018; bet big on Budget 2018 and expect a more favorable GST structure for new-age SMEs in India

IndiaMART, India’s largest online marketplace, recently organized the annual SME Conclave 2018 in association with TiE Delhi-NCR at the Welcome Hotel Sheraton in Saket. The conclave featured several leaders from the industry sharing their views on the initiatives taken during Budget 2017, the impact of 180 days of GST on Indian SMEs, and the innovative financing options available for the sector. SME expectations from Budget 2018 were also discussed at the IndiaMART event, as was the future course of action for the industry.

The event brought together TiE’s extensive mentor base and IndiaMART’s vast buyer and seller network to create a strong support system which provides a platform for doing business easily, as well as for sharing business-related advice with the SME sector. Amongst those in attendance were prominent names including Rakesh Rewari, (Ex Deputy Managing Director & Member of the Board of Directors of SIDBI), Raman Roy, (CMD, Quatrro & Board Member, TiE Delhi –NCR), R Muralidharan, (Senior Director – Indirect Taxes, Deloitte Haskins & Sells LLP), Ranjit Oak (Chief Business Officer – Corporate Travel, MakeMyTrip), and Anshuman Khanna (Principal, IvyCap Ventures).

Commenting on the conclave, Dinesh Agarwal, Founder & CEO, IndiaMART, said, “2017 was a crucial year for the Indian economy. Large-scale tax reforms like GST and progressive digitally-led business policies enabled the country to move up to the rank of 100 in the Ease of Doing Business index. Despite GST being a great step towards a unified tax structure, the past one year, however, has been challenging for Indian SMEs. I recommend to set up an empowered committee which can represent the Indian SMEs and their interest as a whole. Through this conclave, we want to reach out to these SME owners and help them in understanding the new tax regime better, as well as to assist them in accelerating their access to technology. Our aim is to help SMEs make the digital transition and fulfill the dream of nurturing tech-enabled, world-class enterprises within the country.”

Raman Roy, Quatrro & Board Member – TiE Delhi-NCR, said, “FinTech will grow in a big way in the country. I am amazed to hear that a service like ‘Pay with IndiaMART’ exists, which provides instant payments to businesses. There is no such service available globally. Such is the power of innovation in India. These are the kind of products and services that we need and would change the eco-system.”

Rajiv Chawla, Chairman – IamSMEofIndia, said, “In this budget, the government must focus on easing business operations for the MSME sector by providing subsidies on raw material procurement. Doing so will not only help in bringing down the cost of day-to-day operations for MSMEs, but will also enable them to sustainably scale their production output and drive greater growth.”

Rakesh Rewari, Ex-Deputy MD & Member of the Board of Directors – SIDBI, added, “The global business community is looking at India as an emergent business hub because it has the largest and most diverse domestic market in the world. The time is right for aspiring Indian entrepreneurs to take calculated risks and venture into the market with their own business ideas. But for them to be successful, it is important to create a thriving ecosystem that provides the requisite support needed to drive growth and scale. Entrepreneurs also need to understand the importance of perfecting their business plans before they pitch to prospective investors. India needs more businesses which generate lucrative employment opportunities for its burgeoning workforce. The MSME sector, with the right support, can give the Indian job market a major boost.”

While GST was aimed at enhancing the Indian economy, the transition from being an informal economy to a formal one has given rise to significant challenges. Addressing them requires the government to initiate substantial modifications in the upcoming Union Budget, so that Indian industries and SMEs can reap the maximum benefits from the initiative. IndiaMART’s latest endeavor ties-in with its long-term commitment to empower Indian SMEs in collectively understanding and preparing themselves for the future, and to power India’s economy to new heights.