Boosting Small Biz Brilliance in E-Commerce
As the festive season dances in, a whopping 312 million online shoppers are gearing up to fuel India’s e-commerce bonanza, projecting a jaw-dropping 3 lakh crore in trade for 2023. This festive fiesta opens up a golden opportunity for India’s small and medium businesses, but it’s not all smooth sailing. Juggling working capital and inventory can be a real puzzle during the hustle and bustle.
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Amid the festive shopping spree, small businesses often find it tricky to seize the moment and improve their cash flow. Reports suggest that a hefty 45% of these businesses need a financial boost during the festive rush for things like extra stock, manpower, and marketing.
Rajesh Shet, the brain behind SahiBandhu, India’s Biggest Gold Loan Hub, shares, “In the colorful tapestry of India’s festivities, we’re standing strong with our MSME pals, offering gold loans at super-low 0.79% interest per month. We’re here to meet those urgent festive fund needs.”
Tackling this challenge head-on, tech-savvy financial services are stepping in to make credit more accessible. They’re waving goodbye to the old-fashioned lending ways and giving businesses more financial freedom. Fintech support is crucial in helping these businesses grow when sales and revenue are booming.
Take CredRight, for example. They’re a tech-powered financial superhero, backed by Venture Catalysts and a squad of angel investors. CredRight focuses on hassle-free working capital loans, no collateral needed, exclusively for micro and small businesses.
During the three-month festive season, consumer goods businesses make a whopping half of their yearly sales, while fashion brands see about 40% of their annual sales flooding in. This year, the spotlight is on the manufacturing and e-commerce champs, expected to be the big players in the demand for working capital. With a significant rise in exports and 31% of India’s 633 million MSMEs in the sector, manufacturing is stealing the show for capital needs.
