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May 11, 2023 at 3:01 pm in reply to: In light of the recent budget, how do the updates to DigiLocker services benefit MSMEs? #1317Alfred ArdisParticipant
DigiLocker services can help MSMEs in many ways, including:
Secure document storage: DigiLocker provides a secure and convenient way for MSMEs to store important documents, such as certificates, licenses, and permits. This can help protect the documents from loss or damage, and make it easier for MSMEs to access them when they need them.
Easy access to finance: DigiLocker can help MSMEs access finance more easily by making it easier to provide proof of identity and address. This can be a major advantage for MSMEs, as they often have difficulty obtaining finance from traditional sources.
Reduced compliance costs: DigiLocker can help MSMEs reduce their compliance costs by making it easier to comply with government regulations. For example, MSMEs can use DigiLocker to submit annual returns to the government.
Improved efficiency: DigiLocker can help MSMEs improve their efficiency by making it easier to manage their documents and processes. For example, MSMEs can use DigiLocker to send and receive documents electronically, saving time and money.
May 3, 2023 at 12:44 pm in reply to: As a first-time exporter running a small business, I’m looking for ways to expand my e-commerce sales globally. I’ve heard that fintech can play a role in facilitating cross-border transactions for MSME exports, but I’m not sure how this works. Can someone please explain how fintech can help me overcome the challenges of cross-border transactions and what options are available for small businesses like mine to use fintech for exporting goods through e-commerce? #1284Alfred ArdisParticipantIf you’re a first-time exporter running a small business and looking to expand your e-commerce sales globally, fintech can definitely help you overcome the challenges of cross-border transactions. Fintech, or financial technology, is a broad term that refers to the use of technology to improve financial services.
In the context of cross-border transactions for MSME exports, fintech can offer various solutions such as digital payments, currency exchange, and online trade finance platforms. These solutions can simplify the payment process, reduce transaction costs, and provide access to funding for your business.
There are also online trade finance platforms like Alibaba’s OneTouch or CredAble that can help you access financing for your business and manage the risks associated with cross-border trade.
As a small business owner, you can explore these fintech options to expand your e-commerce sales globally. You’ll need to do your research to find the best solutions that suit your specific needs and budget. Keep in mind that while fintech can offer many benefits, it’s important to be aware of the risks involved and ensure that you’re working with reputable and trustworthy providers.
I hope this advice helps you in your exporting journey. Best of luck!
- This reply was modified 1 year ago by OnPage.
Alfred ArdisParticipantIn my opinion,there is no doubt that digitization of supply chains can lead to improvements in the processes and cost reduction for micro, small and medium enterprises (MSMEs) as well as large customers, and can enhance the overall supply chain. However, inadequate infrastructure, particularly in remote areas of India, remains a key challenge. There is a need for a logistics-friendly mapping of the country and a hub-and-spoke arrangement for MSMEs to adopt digitization. While the government can help with a centralised database, an awareness programs for MSME promoters to explain how modern digitised supply chains can change the face of their organizations. Other challenges affecting MSME supply chains include high freight rates, lack of containers at ports, tech stock delisting and a shortage of 22 lakh drivers in India. The Production-Linked Incentive (PLI) scheme and the yet-to-be-announced National Logistics Policy are expected to help the industry understand what needs to be done to improve logistics.
January 15, 2023 at 12:27 pm in reply to: How can small and medium-sized enterprises utilize ecommerce platforms to obtain new financing opportunities? #1147Alfred ArdisParticipantThe operation of an eCommerce firm is not always simple. You need a constant cash flow to successfully manage your operations and meet client demand. Expanding without a considerable financial excess can be tricky, even with consistent revenue. How you acquire the necessary financing to grow is the crucial question.
Here, eCommerce funding channels come into play.
They provide handy choices for acquiring additional funds that you’ll then utilize to increase inventory, market your business, and hire more employees. Some systems even offer marketing, analytics, networking services, and tools to boost your growth.
In addition to traditional finance and investment sources, eCommerce funding platforms provide firms with new possibilities for obtaining additional funds.
Alfred ArdisParticipantSmall and medium-sized businesses (SMEs) require continual project funding from inception to launch in order to preserve and ultimately gain profitability.
Depending on your business’s growth stage, you may qualify for 1 or 2 funding options. Here is a primer concerning the most common business finance options to assist you in finding the best option for your company.
The following is a list of typical SME finance sources:
1. Business Grants
2. Private Investments
3. Credits and Loans for Businesses
4. Angel Investors
5. Credit Cards
6. Venture Capitalists -
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