With the decline of the number of COVID-19 cases in the country, the government is banking upon the Micro Small and Medium Enterprises (MSMEs) segment as a key contributor in uplifting the overall socioeconomic development structure of the country. Factually, India currently has about 6.3 crores of registered MSMEs entities, an 18.5% year-on-year increase from 2019. The exponential rise in MSMEs assures excitement in the Indian GDP, which envisions a multiple-fold surge in overall income.
With the recovering Indian economic scenario and a controlled COVID-19 situation, Indian MSMEs are seen as a potential to drive the eCommerce marketplace, says Vidyut Naini, Country Manager (India), eBay, in an interview given to ET Digital.
Revealing eBay plans to tap this potential, Naini says the company is likely to partner with small & medium businesses and artisans spread in the country and facilitate a dynamic and bigger marketplace to establish a global base.
When asked his opinion on exports being the growth accelerated for businesses in India, Naini reaffirms the active role of MSMEs in working as a catalyst in reviving the economic strength in India. He highlighted that MSMEs contribute nearly 40% of India’s exports at approx. 6.11% of the total GDP. Naini hopes that Indian MSMEs are capable enough to tap the ongoing wave of eCommerce and empower the overall economic structure of the country.
He also focused on eBay’s role in developing the MSMEs’ key areas on building an efficient and low-cost retail export channel for competing with the global economic standards. Naini justifies his claims by revealing eBay's Q1’21 QoQ and YoY performance in the overall fine jewelry segment that jumped to 14% Gross Merchandise Value (GMV) growth in Q1’21 QoQ and YoY. In contrast, the auto motors spare parts and accessories category registered a 9% QoQ growth in Q1’21 and 67% YoY GMV growth.
Talking about eBay's footprints in the country regarding categories, sellers, etc., Naini said the company has over 1 lakh registered sellers, including SMBs, entrepreneurs, artisans, MSMEs, and large enterprises taking advantage of the platform and going global with their offerings. He even pointed out the potentials of sellers from tier 2 and tier 3 Indian cities to benefit from the forum.
Responding to a question about eBay’s roadmap in India for Cross Border Trade opportunities, Naini couldn’t hide his enthusiasm by saying the Indian MSMEs have an unequivocal chance to grab the nerve of the hour. He further added that platforms such as eBay are trying to build a robust and convenient ecosystem for sellers to reach out loud to millions of customers worldwide. The company eyes to expand its global portfolio and bestow new and better opportunities by facilitating new sellers onboarding.
Pavankumar Baboori is an experienced Sr. Content Analyst who improves the workflow by identifying and resolving the content development gap. He works closely with the marketing team to deploy strategies for improving brand awareness, website traffic, search engine ranking, and lead generation activities. He gauges up marketing channels for the real digital transformations.
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