Why is it the Best Time for Indian SMEs to go Global? Going global provides SMEs with easy access to a larger customer base and new technologies, which further enable higher sales and revenue. While the opportunity is massive enough, there are a few other factors that make it "the best" time for SMEs to go global.
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Global expansion is a must for businesses that are looking to thrive in today's fast-paced, interconnected world. We are in the era of borderless commerce, which is driving the next wave of globalisation, and thereby it becomes imperative for companies that have not yet expanded to tap into this space. Expanding into foreign markets has always been a strategic decision for growing brands to get access to new customers and markets. There are many such case studies that show how expanding globally enabled companies to take advantage of economies of scale.
The powerhouse of India's economy, SMEs are at the helm of driving growth, creating jobs, and contributing to the country's overall development and GDP. Going global provides SMEs with easy access to a larger customer base and new technologies, which further enable higher sales and revenue. While the opportunity is massive enough, there are a few other factors that make it "the best" time for SMEs to go global.
DIGITAL TRANSFORMATION & E-COMMERCE
Digital transformation has played a critical role in enabling Indian SMEs to expand globally by providing them with a vast online marketplace, increased visibility, improved efficiency, cost-effective communication, and access to global talent. Automation of processes such as accounting, inventory management, and customer relationship management has improved efficiency and reduced costs for SMEs. Tech solutions have particularly enabled the ease of doing business globally. For example, technology integration in logistics and supply chain solutions has assisted SMEs in providing a better post-purchase experience to customers.
EASE IN CROSS BORDER SHIPPING
By 2034, India is projected to be the second-largest e-commerce market, and cross-border trade is expected to drive this expansion. That is precisely where a shipping solution partner's role comes into play. We have witnessed a rise in data and technology-backed platforms enabling SMEs to streamline their international shipping operations. These AIbacked automation platforms integrate with their businesses, provide order fulfilment services, and enable SMEs to deliver an ultimate cross-border consumer experience.
GROWING DEMAND FOR INDIAN PRODUCTS
The rise in demand for Indian products and services in global markets has created new opportunities for Indian businesses to expand globally and reach new customers around the world. This is an advantage for Indian SMEs looking to expand globally because it provides them with a ready market for their goods and services. Indian handicraft is a prime example of how the growing demand for Indian products and services can benefit Indian SMEs looking to expand globally.
INCREASED ACCESS TO CAPITAL
Increased access to capital has been a key driver in enabling Indian SMEs to expand globally. With greater access to credit and funding options, such as angel investors and venture capitalists, SMEs can raise capital to support their growth and expansion plans. Access to capital has allowed SMEs to invest in new technology, processes, and products, improving their competitiveness in a global market. It has also enabled them to expand into new markets, and increase their capacity to meet the demand for their products and services.
REDUCED TRADE BARRIERS & POLICY SUPPORT
The Indian government has signed several free trade agreements with other countries, which have reduced trade barriers and made it easier for Indian SMEs to reach new markets. Additonally, the government has launched several initiatives such as the Make in India program, and the MSME Export Promotion Scheme.
