Small and Medium Business is the backbone of the Indian economy. SMBs have shown remarkable resilience and strength by creating livelihood opportunities. It maintained consistent growth and becoming a driver of socio-economic development. In 2018, India has more than 51 million SMBs which contributed to the Indian GDP and given employment to over 117 million people.
It is easier for the SMBs to take the digital jump quickly, build their own identity by launching their business online. SMBs have benefits of taking businesses online such as increased revenue generation, larger geographical reach, and faster growth. Hence the internet helps to grow faster.
Costs, false notions of high complexity and limited knowledge mostly act as barriers. Many initiatives launched by the private sector and the government that aim to address these challenges. Government is providing access to raising technology awareness, developing skills and low-cost capital among SMBs.
SMBs at an Unfavourable Junction
The Indian economy is changing regularly with rising consumer demand. In the last 10 years, SMB ecosystem has enhanced in a big way with more evolved consumer and the rise of digital technologies. By the year 2020 India will have 650 million active internet users. People are quickly becoming digital customers, looking for services and products online. So it is beneficial for the SMBs to get higher profits.
Proper Domain Name, Website, and Extension
SMBs have many benefits when they choose a proper domain name and extension because it increases its credibility and searchability.
The domain should contain the right keywords. So the optimized keywords connect the target audience and make it SEO friendly. The domain name should carry what business offers, be simple and descriptive. Hence it will help the customers to find the business online. A domain name which has a company’s name is more memorable and recognizable for the customers.
If your desired domain is already taken in search in such cases contact a domain broker who could get you domain at a fair price. Mostly domain brokers know large sellers and can get you a quick deal. Clarify your broker about getting a GST complaint invoice from seller. Otherwise, you have to pay an extra 12-18% tax on your purchase. Therefore be careful while buying.
The Rise of Digital Commerce
The digital commerce market has grown at a balanced rate of 30% since 2011. SMBs are also inspecting by business models that implement SMAC (Social, Mobility, Analytics, and Cloud) technologies, which are stable in India. Presently any business can develop, get a domain name and host a website at a low cost. So any online marketing effort starts with choosing a domain name and having a website. Therefore it describes the services and products to its customers.
India is one of the fastest growing digital economies but it just has 1.6% of the global domain name registrations. By building an online identity and going digital, SMBs can contribute to India’s progress and give benefits to India in the long run.