SMBs have been referred to as the backbone of the Indian economy, thanks to their significant contributions across all the major areas of the country’s economy. Although these contributions have seen a downfall in 2020. According to a September 2019 Zinnov report, SMBs were responsible for 40% of India’s GDP and employment of 180 Mn people, which fell to 30% and 130 Mn respectively, while the contribution to total exports (50%) remained the same.
While the pandemic has immensely impacted the sector — both the government and corporates are helping businesses get through unscathed. They have employed various strategies and policies to help SMBs but digitisation and tech innovations have emerged as the need of the hour.
A 2017 study by KPMG reported that from the digitisation wave SMBs were likely to see 2x profits, provide 5x more jobs and also sell across borders. And this has become all the more crucial today.
The big difference now is that SMBs need digitisation not only to scale but also to survive.
And the biggest opportunities today — be it for scaling, growth or survival — lie in going direct to consumer (D2C). Backing that up is Capgemini’s research of consumer sentiment, which stated that most of the Indian consumers’ appetite for online shopping is expected to increase from 46% in the current scenario to 64% over the next six to nine months.
Hence there is no denying that digitisation and online commerce will be the most profitable for SMBs and help in both navigate through the current challenges and scale their existing business D2C strategy.
Our focus on tech startups and new-age consumer brands has been unwavering, and this year we will be turning our full attention to the burgeoning direct-to-consumer or D2C segment, not only through our articles and news stories but also deep dives with industry experts and guides for D2C startups and more.
As the first step, we are happy to announce the #GoingD2C Webinars — a 12 part series through the year to help SMBs going digital and upcoming D2C brands scale-up.
#GoingD2C Webinars: Simplifying Both Digitisation And D2C
With partners, PayPal and Shopify, Inc42’s #GoingD2C Webinars will answer the key concerns of SMBs and brands regarding going online and adopting the D2C model.
The objective of the series is to engage with the businesses, brands, aspiring entrepreneurs, freelancers and more, and help them move their businesses online and tap on the opportunities that the Covid-19 has brought with it. This will be achieved through insightful interviews with experts from PayPal, Shopify and industry experts. The webinars will serve as a platform for all D2C stakeholders and help consumers understand what this segment means and how it impacts everyday shopping.
“PayPal has been enabling small and medium businesses, across the globe, to grow their business and leverage the global opportunity. Partnerships are core to PayPal’s growth strategy and it gives me immense pleasure to announce an expansion of our engagement with Shopify through the Inc42 #Going D2C Webinar series,” said Ashish Tandon, director, channel partnerships, PayPal IN and MEA.
While D2C brands in India are still nascent and growing, companies such as PayPal and Shopify are playing a major role in helping accelerate this model. These companies among others have taken several efforts to help the MSMEs and the startup ecosystem in the country in the past, and with the rising opportunity for D2C brands, these stalwarts are now focussing on this model.
While Shopify is helping businesses move their operations online, from building websites to helping them cater to their specific audience, PayPal is solving the typical payments challenges, by making it safe, secure and seamless.
“The D2C model enables accessibility to consumers directly, which is essential for brands, especially in times like these. At Shopify, we remain committed to making commerce better for everyone, helping them overcome barriers to adopt the D2C model. Through these series of webinars, we aim to educate merchants on the evolving D2C space,” elaborated Sandeep Komaravelly, director, international growth, Shopify (India).
In line with its attempts to help the SMBs in India, PayPal collaborated with the Federation of Indian Export Organisations (FIEO) and launched PayPal for Business, to help them with their cross border ecommerce goals.
Shopify has also been helping aspiring entrepreneurs set up and launch their ideas for decades. Even amid the lockdown, it came up with a host of offers to help the MSMEs counter the pandemic.
Our first webinar — ‘Why Build A Direct To Consumer Brand Now’ — is slated for August 6, at 15:00 Hours.
Over the next few weeks, we will keep you updated on any updates around the #GoingD2C webinars. Please share your thoughts on the emergence of D2C brands by writing to us at [email protected]