E-commerce platforms are giving golden opportunity to SMEs to directly access global market and customer base and get the best value for their products and services. When a SME go for global trade, it helps them to upgrade with reference to global standards.
One of the advantages these e-commerce platforms are giving to SMEs is that now they can analyse the global market and bring required changes in their products and services, which helps them to compete globally.
Now that the internet has become an economical, flexible medium for business, SMEs can execute online sales in parallel with physical sales/ traditional sales which helps them to expand their market base.
Apart from getting global customers with the help of e-commerce, an SME can also get access to various professional services from all over the world.
The biggest challenge for SMEs in utilizing the full potential of e-commerce platform is lack of knowledge, awareness and skilled workforce. At the present time, there are a large number of SMEs that have not yet considered using e-commerce for their business expansion, as they still have misconceptions like its a complex process or its not useful for them. Another major challenge is the concern about security and safety in implementing e-commerce.
Given the lack of expertise readily available to SMEs at various levels, there’s a need for government to provide the required assistance.With the introduction of the internet, better access to global markets plays a key role in strengthening SME contributions to social-cultural environment and economic development. The SMEs now have the power to present themselves globally and in the long run, e-commerce will become a medium for all kind of SMEs to gain uninterrupted access to a new market.