Tag Archives: SMEs

Corporate, InFocus

Flipcarbon Appoints Amulya Sah to Drive Growth in North India Market

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Flipcarbon, a full stack business consulting firm today announced the appointment of Amulya Sah as Partner – North. Amulya will be responsible for heading all of Flipcarbon’s Centers of Excellence (CoEs) in the north market. These include Startup and SME COEs viz. Fractional Chief Human Resources Officer (CHRO), Fractional Chief Financial Officer (CFO), and Fractional Chief Business Officer (CBO), as well as Enterprise Consulting and Capability Transformation verticals like Flipconsult, Flipsearch and UniverCT.

With over two decades of rich and diverse experience in leadership roles, Amulya will help accelerate Flipcarbon’s presence and offerings in the northern market. He has worked with industry giants such as HCL, Birlasoft, Samsung, and Team Computers. Throughout his illustrious career, Amulya has demonstrated his leadership prowess in Human Resources across various business domains, including Manufacturing, IT, R&D, and Sales Organization.

Flipcarbon is uniquely positioned to bring value driven impact to businesses. Flipcarbon builds and executes tailor made strategies across the realm of Strategy, HR, Finance, ESG and Digital Transformation that drive business growth.

Amulya Sah, Partner, North said, “Bharat is transforming rapidly, and we at Flipcarbon are going to play a pivotal role in this transformation. Whether that is helping enterprise businesses transform, become more agile and drive tangible business outcomes or helping SMEs and startups realise their true potential, our edge is to be able to drive value through a customised approach. With my career spanning over two and half decades, I have led transformation journeys across various organisations and I am excited  to join Flipcarbon and accelerate the growth journey for our clientele and us.”

Alok Ranjan, CEO, said, “Our business is to grow our clients business, and this is integral to our DNA. It defines how we work and the impact we bring as a full stack business consulting firm. With Amulya’s leadership and proven track record, we are confident about strengthening our enterprise stronghold, and create momentum for the SME and startup ecosystem in our quest for a 5 trillion dollar economy. Our consulting approach is unique and we truly partner with our clientele through their transformation journey – from strategy to execution.”

Interviews, LimeLight

SMEs Going Global the Digital Way

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SMEs are successfully integrating digital tools into their operations in order to gain competitive edge, improve efficiency, reach a wider customer base, and most importantly in order to go global more effectively. However, it’s crucial for SMEs to carefully assess their needs, budget, and resources when selecting and implementing digital tools to ensure they align with their business goals.

Here is an exclusive interview of Mr Apurva Palnitkar, Senior Director Marketing, GoDaddy India with Faiz Askari of SMEStreet, in which key trends that are influencing digital adoption among SMEs are highlighted.

Faiz Askari: What role does digitalization play in enhancing the competitiveness of Indian SMEs in the global market?
Apurva Palnitkar: In today’s technology-driven world, the adoption of digital tools and strategies has become paramount for small businesses seeking to thrive and expand their presence beyond local boundaries. A few advantages of going digital can include:

  • Operational Efficiency and Innovation: Digitalization can play a pivotal role in enhancing the competitiveness of Indian small businesses in the global market by driving operational efficiency. Using digital tools managing streamlined supply chains, optimized resource allocation, and management of pricing product quality and delivery times, can help to drive efficiencies and opportunities for improvement and growth. Moreover, access to new technologies like artificial intelligence, can help to foster innovation and differentiation of their products and services.
  • Market Reach and Customer Insights: Digitalization can empower small businesses with unprecedented access to an international customer base. E-commerce platforms such as an online store, social media networks, and online marketplaces enable small businesses to overcome physical barriers, reaching potential buyers across the country and around the world. This expanded reach has the potential to drive business growth and serves to gain knowledge of valuable customer insights. With these customers insights small businesses are better able to tailor their offerings to meet diverse market demands.
  • Agility and Adaptability: Digitalization can facilitate the agility and responsiveness to market trends which can provide small businesses with a competitive edge. Small businesses can more swiftly adapt to changing consumer preferences and industry dynamics, helping them remain relevant and appealing in a rapidly evolving global market, using a variety of digital tools tailored for their needs.
  • Informed Decision-Making: Digitalization can, enable informed decision-making by leveraging data-driven insights. For example, small businesses can review website metrics and make decisions based on real-time data results, potentially leading to better resource allocation, targeted marketing campaigns, product pricing and strategic expansion efforts.

Faiz: Which specific digital tools and technological advancements are important for ensuring the continued relevance and sustainability of SMEs in India amidst the swiftly evolving business landscape?
Apurva: To help ensure the continued relevance and sustainability of small businesses in India amidst the swiftly evolving business landscape, the use of specific digital tools and technological advancements can be important. Here are some key tools and advancements that can help play a role in business growth:

  • Websites and Domain Management: Establishing a professional and user-friendly website is a fundamental step for small businesses to create an online presence and be visible on the internet. Seventy of Indian small businesses reported that a website enhances the visibility of their company, and 68% accredited a website to the success of their business, according to our GoDaddy 2023 Data Observatory survey.  A well-designed website serves as a digital storefront, showcasing products, services, and company information. Additionally, securing a relevant and memorable domain name is crucial, as it represents the company’s brand identity in the digital realm. Having a distinct domain name lends credibility to the business and makes it easier for customers to find and remember the website. By integrating effective website design, with mobile optimization, and domain management into their digital strategy, small businesses can reach a broader scope of consumers, establish trust with customers, and more effectively compete in the digital marketplace.
  • Digital Marketing and Social Media Engagement: Building a strong online presence through digital marketing programs and social media platforms, in addition to having a website, helps enable small businesses to engage with their target audience directly. Engaging content and online campaigns can increase brand visibility, connect the company with potential customers, and help drive user engagement and loyalty, ultimately contributing to business growth.
  • Security Protections: Ensuring the security of digital assets is paramount for small business owners. Cybersecurity threats are ever-present, and small businesses are not immune. Implementing robust security protections is essential to safeguard sensitive data, customer information, and business operations. Small businesses can benefit from tools and strategies that offer threat detection, data encryption, and secure online transactions, thus providing peace of mind to both business owners and customers. GoDaddy offers a range of security solutions to assist small business owners in safeguarding their online presence. These services often include SSL certificates to encrypt data transmission, website security tools to protect against malware and hacking attempts, DDoS protection to mitigate large-scale attacks, and domain privacy services to shield personal information from public databases.

Faiz: Can you explain the significance of domain names in establishing trust and credibility for businesses?

Apurva: A custom domain name that matches the business’ name or conveys what the business does or offers plays a significant role in establishing trust and credibility for businesses online. Having a domain name that aligns with your company name creates a unique identity and helps establish the brand in the digital world. Additionally, consistency of business brand across online platforms, including social media channels helps to raise awareness of the brand and provides reassurance to customers and forms a positive first impression that underpins a business’s legitimacy and reliability. GoDaddy offers a wide variety of domain names and top-level domain name extensions (TLDs) so that a small business owner can choose a name best for their business. Alongside, GoDaddy provides all the tools to scale a business online, and of course, offering resources like customer care so that small businesses can be successful at every step of the way. 

Faiz: How does a robust online presence, like the 66% of businesses valuing websites as seen in the GoDaddy survey, contribute to building credibility for Indian small businesses? Additionally, given the survey’s 77% statistic regarding SMBs in India planning to integrate social media into their upcoming marketing efforts, could you provide more insights into the crucial role that social media plays in SMBs’ marketing strategies?
Apurva: Our GoDaddy survey findings indicate that 62% of sales channels for Indian small businesses are rooted in websites, underscoring the vital nature of establishing a robust online identity. Additionally, 83% of Indian small businesses surveyed have ventured into online sales within the past five years. The pivotal role of data analytics in steering business expansion and delivering personalized customer experiences cannot be understated. Technology is ushering in a transformative era for business operations, enabling small enterprises in the digital era. We are excited to continue to support small businesses in the coming year with tools like GoDaddy Online Store and content creator tool, GoDaddy Studio, to help have a successful online journey.

Faiz: What do you think are the big industry trends in 2023 and how will they affect the business landscape?
Apurva: In 2023, GoDaddy has observed several significant patterns influencing the small business sector. A notable trend is the growing dependence of small businesses on online avenues. As indicated by the findings of our 2023 GoDaddy Observatory research, 62% of small businesses in India employ a website, online store, e-commerce platform, or a combination of these methods as their primary sales conduit. This underscores the importance of businesses focusing on the enhancement and effective management of their websites to effectively attract and engage customers.

Another noteworthy development is the differing importance of sales channels across various regions. For example, in India, social media has emerged as a highly pertinent sales channel, with 55% of surveyed respondents recognizing its significance. Furthermore, the accessibility of affordable smartphones in the country has played a role in adopting online platforms. Interestingly, the phone serves as a valuable sales channel in India, with 46% of small business considering it an effective tool compared to numerous other countries surveyed.

These trends underscore the vital need for businesses to embrace the digital landscape, invest in the advancement of their websites, and prioritize tailored customer interactions through diverse channels. These measures are crucial for maintaining competitiveness and achieving success within the ever-evolving industry panorama.

 

 

 

InFocus, Interviews, Marketing, SMEStreet Exclusive, SMEStreet Podcast, Women Entrepreneurship

SMEStreet Podcast with Niraali Parekh on Contemporary Trends on Design and Advertising

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In an interesting and insightful SMEStreet Podcast between Niraali Parekh of Bokaap Design and Faiz Askari of SMEStreet, Nirali explained trends that are influencing the advertising, design and creativity aspect among various industry sectors including SMEs. In this podcast, she highlighted major drivers of designs and advertising among small businesses.

Niraali Parekh is the Founder and Creative Director of Bokaap Design (previously, Designaren) – one of India’s foremost boutique studios serving clients in India and across the globe.

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APAC, Global

E-Trade Empowers SMEs to Expand Online Opportunities in Indian Market

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E-Trade, one of the leading online aggregators has successfully partnered with leading Indian and domestic brands across Home, Auto, Lawn & Garden, Pets, Telecom & IT categories. Through this, eTrade aims to enable many small and medium businesses to explore online opportunities in the Indian market.

Strengthening its legacy as a trusted growth partner, eTrade has facilitated the entry of these recognized international and domestic brands, allowing them to expand their penetration and create a strong foothold in India. Leveraging its end-to-end multi-channel e-commerce expertise, eTrade has played an instrumental role in assisting these global brands to navigate the intricacies of the Indian market.

Utilising data-driven intelligence, state-of-the-art infrastructure, and a strong distribution network, E-Trade has delivered a seamless platform for brands to bolster online operations and improve market penetration.

With this, several brands, acknowledged for their excellence and innovation are poised to captivate the Indian market with their industry-leading offerings. Furthermore, it will also facilitate consumers to gain access to globally acclaimed brands and growing options for online shoppers.

”As a $250 million startup and a trusted growth partner for over 500 brands, E-Trade continues to redefine the e-commerce landscape. The company’s commitment to providing an unprecedented experience for digitally savvy investors and partners aligns seamlessly with its commitment to supporting global & national brands in augmenting their market presence. Our extensive suite of services, including digitisation, inventory buying and management, and unified business operations management, will empower the brands to flourish in the Indian e-commerce ecosystem,” said Mr. Anuj Bhatia, Founder of E-Trade.

The strategic partnership between E-Trade and leading brands exemplifies its commitment to delivering exceptional services and driving e-commerce growth in India. By leveraging its automated buying systems and pricing tools, E-Trade ensures efficient and streamlined operations for the brands, empowering them to make data-backed decisions and optimise market success.

Punnet Sood, Global Head – Business Development, CX & Apparel business, Head -Apparel stated “We at Royal Enfield have been rapidly investing in developing products for various riding needs, different terrains and weather conditions whilst ensuring that they meet global safety norms. Our intent is to make products accessible not only in terms of price but also availability. Through our partnership with eTrade, we are heading in the right direction of expanding our reach across India. eTrade offered us a quick and scalable transformation for making our products available across Amazon Platform ”

The company operates out of a state-of-the-art facility , located in Gurugram and spanning over an area of 22000 sq ft. Additionally, it has offices & warehouse facilities across key regions in the country.

APAC, Global

What Should SMEs Do as they Become ‘Cyber Uninsurable’?

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In a digital-first world where all our data, both personal and professional, is stored online, data protection is a crucial aspect that cannot be overlooked. Despite efforts to encourage businesses to prioritise data protection though cyber insurance, many small-to-medium-sized enterprises (SMEs) remain uninsured. Unfortunately, the common misconception that SMEs are not targeted and are safe from threats is far from the truth.

According to a survey by Markel, over half of SME respondents fell victim to a cybersecurity breach in late 2021. The rise in hybrid working, combined with limited in-house expertise, has made SMEs increasingly vulnerable to cyberattacks. In July 2022, a new type of ransomware attack called ‘BazarCall’ targeted SMEs and was reported by Managing General Agent, CFC Underwriting. These types of attacks accounted for 10 per cent of malware incidences in its portfolio over a three-month period.

Veeam’s 2023 Data Protection Report revealed that cyberattacks caused the most impactful outages for organisations in 2020, 2021 and 2022, and 85 per cent of organisations were attacked at least once in the past 12 months. This suggests that, despite advanced digitalisation, increased awareness, and preparedness, ransomware is still winning.

What makes SMEs vulnerable to cyberattacks?

Businesses of all sizes are vulnerable to cyberattacks, but SMEs are particularly vulnerable due to inadequate data security measures. More often than not, SMEs have limited budgets for cyber protection. A report by the CyberPeace Foundation found that the absence of hi-tech monitoring systems in SMEs essentially lures cyber criminals to force entry into their systems, since their actions can’t be detected. The report also mentioned how security gaps, such as not backing up important data and inadequate cybersecurity policies, can lead to cyberattacks.

Given the scale of the business, SMEs are often more focused on bolstering their business strategies to compete with the industry giants. SMEs may choose to forego investing in proper cybersecurity solutions, which can include data backup and insurance, because they believe only large-scale organisations are at a greater risk of cyberattack. As a result, cybersecurity planning often takes a back seat.

Another major reason SMEs don’t invest in cyber insurance is the lack of technical experts to integrate essential security measures and the rising costs of purchasing a policy. A Global Data survey conducted in 2021 suggests that approximately 29 per cent of SMEs cancelled their cyber insurance to curtail costs.

SMEs are encouraged to place emphasis on their cyber security budgets, because the more they depend on technology for work, the more vulnerable their businesses become to cyber threats. Deloitte’s Cyber Insurance Report found that 63% of mid-sized firms reported cyberattacks in 2019, compared to 36% in 2018. If insurance is out of the question due to a small budget, taking other precautions, such as buying cybersecurity solutions and backing up data, can help.

The way forward for SMEs

It is vital for organisations to maintain basic digital hygiene practices. All enterprises need a dedicated IT security lead with access to business leaders and the authority to direct the security initiative. Smaller businesses also need to allocate resources with designated responsibility for cybersecurity and specialising in data protection, whether that be in-house or outsourced. They should also implement other important cybersecurity measures, such as antivirus software, a strong firewall, and ensuring that employees are well-versed in identifying suspicious links to avoid clicking on ransomware emails.

Finally, there is one fundamental cyber security component that SMEs must take into consideration— data backup with air-gapped protection. Organisations must ensure full protection of their data systems with Backup and Data Recovery across all forms of storage. Veeam advocates the 3-2-1-1-0 backup rule. There should always be at least three copies of important data, on at least two different types of media, with at least one off-site and one offline, with zero unverified backups or backups with errors. According to the Veeam 2023 DPR report, the single most important aspect that organisations are looking for in a Modern Data Protection solution is the “integration of data protection within a cyber preparedness strategy”.

Even simple exercises like regular risk assessments and penetration testing to evaluate the system’s security can help prevent cyber perils. Hence, SMEs who cannot afford expensive cyber insurance can still implement these cost-effective practices to protect their organisation’s data. The more SMEs buy into the need for good digital hygiene, the more alert they become. Safeguarding data along with regulating your cyber policies should be made mandatory. Cyberattacks are real, and measures to prevent them should not be neglected, irrespective of the scale of your business.

Corporate, InFocus

GEM and ELCINA Strengthens Collaboration for Domestic Electronic Product Businesses

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The Government e-Marketplace (GeM) and the Electronic Industries Association of India (ELCINA) have successfully held the official signing ceremony of their Memorandum of Understanding (MOU), marking a significant milestone in fostering a conducive environment for domestic electronic product businesses and opening opportunities in government-associated projects and departmental purchases. This partnership between GeM and ELCINA demonstrates a strong dedication to creating an enabling environment for electronic procurement, benefiting both businesses and the overall economy.

GeM has revolutionized public procurement in India, particularly in the electronics sector. By establishing a single online platform for procurement, GeM has simplified the process, reduced paperwork, and increased transparency and competition. This has allowed small and medium enterprises (SMEs) in the electronics industry to participate in government tenders and secure contracts, promoting entrepreneurship and job creation. GeM, recognized as the nodal agency for enhancing efficiency, transparency, and speed in public procurement, will closely collaborate with ELCINA to strengthen the electronics ecosystem.

The electronics industry plays a pivotal role in the nation’s growth and development, contributing significantly to job creation, innovation, and economic progress. GeM and ELCINA’s commitment to enhancing efficiency, transparency, and speed in public procurement aligns seamlessly with the goals of the electronics ecosystem. Through close collaboration, ELCINA aims to streamline procurement processes, promote fair competition, and drive sustainable growth in the industry.

Esteemed members and representatives from ELCINA and GeM, along with prominent industry CEOs, attended the signing ceremony, symbolizing a commitment to collaboration, mutual support, and shared goals in promoting domestic electronic products. The MOU between GeM and ELCINA will serve as a vital medium for bolstering security and fostering a self-reliant India (ATMANIRBHAR BHARAT) with a focus on cybersecurity, providing Indian departments access to high-quality products manufactured within the country.

Shri. Prakash Mirani, Addl. CEO of GeM, welcomed all the esteemed members of ELCINA and emphasized the benefits of the MOU to the association members. He further added that it will enhance business opportunities for the industry and will provide an opportunity to GeM to have regular feedbacks from industry. This feedback will result in the improvement of category specifications as well as the overall process, leading to inclusivity, ease of doing business, and transparency in public procurement. Additionally, he highlighted various steps being taken to help MSEs, particularly regarding timely payment by buyers to sellers for procurements made through GeM which will be a game changer in the upcoming time and improve the perception about public procurement.

During the ceremony, Shri. Sanjay Agarwal, President of ELCINA, emphasized that the collaboration between GeM and ELCINA is poised to make a significant impact on the Indian electronic industry. He highlighted several key benefits that this partnership brings, including the promotion of self-reliance, access to quality domestic products, revolutionized procurement processes, and the fostering of transparency and competition.

By working together, GeM and ELCINA aim to enhance self-reliance in the Indian electronic industry. This collaboration will encourage the use of domestically manufactured electronic products, empowering industry, and contributing to the country’s overall economic growth and development.”

Shri. S. K Jain, Deputy CEO of GeM, spoke about the transformative role of GeM in public procurement in India, especially in the electronics sector. He emphasized that GeM has revolutionized the procurement process by introducing transparency and competition, which has had a positive effect on the electronics industry.

Mr. Sanjeev Sehgal, CEO of Sparsh CCTV, expressed, “The collaboration between GeM and ELCINA has a shared vision of bolstering self-reliance in the Indian electronic industry. This strategic alliance strives to foster the adoption of domestically manufactured electronic products and development of the country.”

Mr. M A Johar, President of CP Plus, expressed his belief that the partnership between GeM and ELCINA will foster a conducive environment and unlock numerous opportunities for businesses in government-associated projects and departmental purchases.

Mr. Mitesh Lokwani, Chairman of ELCINA’s IT PRODUCTS SIG, expressed his pride in signing the MOU between ELCINA and GeM. He emphasized that the Government e-Marketplace is facilitating the procurement of various materials for government, semi-government, defense, education, and other departments in India within a 15 to 30-day timeframe. He also emphasized that the procurement process is transparent and offers reasonable prices, ensuring a fair and efficient system.

Shri. Mr. Rajoo Goel, Secretary General, ELCINA highlighted that the MoU between GEM and ELCINA will serve as a crucial channel for promoting self-reliance (ATMANIRBHAR BHARAT) by providing a fair opportunity access to high-quality products from the domestic electronic industry.

The partnership between GeM and ELCINA is expected to streamline business processes for domestic electronic product manufacturers, enabling them to leverage opportunities within the government sector. It will enhance access to government procurement processes, promoting transparency, efficiency, and fair competition.

ELCINA extends its appreciation to all attendees and stakeholders who contributed to the success of this event. The organization remains committed to its mission of creating an enabling ecosystem and supporting the growth of domestic electronic product businesses in India.

LimeLight

Small Online Businesses Outperform Traditional Traders with 93% Export Rate in 18 Countries: eBay Small Online Business Inclusive Global Trade Report

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The last few years have been exceptional in terms of the surge in eCommerce adoption. Despite the ups and downs caused by the pandemic and looming economic recession, small online businesses have shown remarkable resilience and adaptability, which has played a crucial role in their tremendous success. To gain deeper insights into the performance of these businesses across the globe, eBay, a global commerce leader that connects millions of buyers and sellers around the world, released its ‘Small Online Business Inclusive Global Trade Report’. This report, covering 18 markets worldwide, showcases the remarkable success of small businesses in the global export industry.

Small businesses worldwide demonstrate a remarkable level of activity, with at least  93% of them engaging in exporting their goods on diverse global marketplaces. Moreover, India is a notable new player in small business exports, with a 58% newcomer rate in cross-border trade. Another interesting revelation was that businesses with online presence are averaging sales into 13 to 35 international markets, compared to the limited reach of offline businesses.

The report provides significant insights and intelligence about the expanding eCommerce industry. Its key findings comprise:

  1. Small online businesses are reaching multiple international markets
    1. Small businesses that export their goods online are reaching three to six times more markets than those limiting their exports to offline trade
    2. A high percentage of small businesses are selling their products in ten or more export markets, ranging from 42% to 93%
    3. Through online presence, small businesses included an average of 5.7 export markets that are not among their country’s top 10 export destination targets
  2. Over half of the small businesses on eBay in nine of the markets covered in the report were newcomers, and the newcomer rate exceeded 25 percent in all 18 countries Digital businesses are expanding export diversity and resilience
    1. With a high percentage of newcomers in multiple markets (25% in all 18 countries), the global market is increasingly accessible to small businesses, offering more opportunities to thrive internationally
    2. Small businesses from emerging economies are excelling in international trade, outperforming advanced market counterparts and net exporters
  3. Small enterprises are boosting international trade
    1. Small businesses, regardless of whether they come from countries that are net importers or net exporters, have high export rates between 93% and 100% – indicating their success in exporting their products to foreign markets
    2. The report also indicates that small businesses from emerging economies are more focused on achieving success in exporting than those from advanced economies

eBay’s Small Online Business Trade Report also suggests some policy recommendations aimed at improving small businesses’ access to global markets, regardless of their location. Some suggestions included are lowering custom import barriers, increasing internet accessibility, and promoting the use of AI innovations to enhance cross-border trade.