How Social Commerce is Aiding the Growth of MSMEs?
With the advancements in technology, changing social media and business trends, the nature of consumers, and overall society in general, social media continues to adapt and evolve. There is always something new happening, and everyone - be it individuals or brands, is trying to keep up with this dynamic world. And the shopping and e-commerce sector is also no stranger to these changes. It is evident that over the last few years, we have seen a drastic difference in how people shop. With all the digital advancements in the world of technology, we have witnessed so many changes to the retail industry in the last few years. One of the primary and most significant trends is the emergence of ‘Social Commerce’.
Social commerce has been the hottest buzzphrase in the retail industry and one of the retail Industry’s break-out stars over the last few years. As is obvious by the name, Social Commerce is a way of selling products online by leveraging social media platforms and the conversations happening on these platforms. It is helping individuals turn into entrepreneurs and business owners by assisting them to leverage interactions happening through social networks - a trend that has been picking up in India recently. The idea of reselling platforms and selling products with the help of Social Commerce brings with it more flexibility in operations, requires low investment, low imports rates, and a high contribution to domestic production, which further provides the underprivileged and people from rural areas a chance to run their businesses online. This helps Micro,Small and Medium Enterprises to grow without the need for huge investment and marketing efforts.
Social Commerce is helping thousands of people and MSMEs around the country to leverage the power of social networks and the internet to provide a wholesome and unique shopping experience and also grow their business and generate income. Social Commerce also helps MSMEs to manage their business and increase sales by adding a more human touch to their business and helping them connect directly with their consumers through numerous social media platforms. Another amazing benefit, is that many social commerce platforms don’t charge a commission from sellers. Thus, MSMEs can enjoy the benefits of selling their products online without incurring heavy costs associated with running an independent online store.
Moreover, Social Commerce also allows MSMEs to target their customers in more than one way. MSMEs can now target their consumers in various ways, including through conversational-commerce-on-chat platforms, video-led e-commerce platforms, reseller communities, and popular social networking sites like Facebook or Instagram.
It won’t be an understatement to say that MSMEs have greatly benefited from Social Commerce. It is still a novel concept, but given its quick rise and growth, it is definitely going to be the next big thing and will continue to aid the vibrant sector of Indian Micro,Small and Medium Enterprises.
Source: Indian Retailer