The Government plans to create a $99 billion-dollar eCommerce industry by 2024, with the main focus on growing the fashion and grocery sectors.
In order to achieve this, the Government is accelerating several small business e-commerce initiatives and programs that will boost growth.
According to a recent EY-IVCA Trend Book Report, the eCommerce sector in India is predicted to reach $99 billion by 2024. The report also states that India will have more than 220 million shoppers by 2025.
So, if you planned to set up an online store or join an eCommerce platform, this is the best time to do so.
5 Government Programs To Boost Small Business E-Commerce Growth
1. Startup India Programme
The Startup India initiative aims to register any small business as a startup. Through this, the startups can get access to a host of tax benefits, easier compliance, and IPR fast-tracking. With this program, small businesses looking to set up online can get access to –
Incubator network – Growth accelerators who provide financial and infrastructure mentorship. Each state has different incubator schemes for startups looking for funding/online mentorship.
Women entrepreneurship – Women entrepreneurs who are setting up businesses online can register with Startup India to scale their business. The Government also pays a nominal salary to every woman entrepreneur under this scheme. The average monthly allowance for women-founded startups is around INR 20,000 per month for a period of 1 year.
Government procurement – Have you heard about the GeM portal? You can partner with the Government to sell your products exclusively on the Government e-marketplace, an exclusive marketplace for any business that can sell in bulk to the Government alone.
2. Digital India Scheme
This initiative aims to empower Indian MSMEs to have a strong digital presence. Programs like Jeevan Pramaan, data.gov.in, Mobile Seva, and BHIM by NPCI are the different initiatives undertaken to shift MSMEs to a cashless, contactless e-commerce platform.
3. Skill India
Started by the National Skill Development Corporation, Skill India connects different industries with trainers who help entrepreneurs build skills for their respective businesses. ‘Takshashila’ – is single window access to information about skills certification, training programmes and professional skills development for employment.
4. National Innovation Foundation
Got a business product idea? The Government can help bring it to life! The National Innovation Foundation (NIF) is a Government initiative to promote any small business innovation that can become an independent business.
Its mission is to help India become a creative and knowledge-based society by expanding policy and institutional space for grassroots technological innovators. The NIF was set up in March 2000 with the assistance of the Department of Science and Technology, Government of India.
BharatNet is a connectivity scheme by Bharat Broadband Network Ltd. It is a Special Purpose Vehicle (SPV) set up by the Government of India under the Companies Act, 1956 with an authorized capital of Rs 1000 crore.
This small business e-commerce growth scheme provides broadband connectivity to 250,000 gram panchayats in the country. This way, every small business owner gets access to internet connectivity to run their business online. Also, the Government can ensure e-governance, access to all Government websites and online services like banking.
How Instamojo’s online store helps small business e-commerce growth
According to the EY report, over 77% of consumers have chosen, recommended, or paid more for a brand that provides a personalized experience. While registering your company with the Government, you can also set up your own independent online store on Instamojo.
The report also states that consumers prefer mobile commerce, omnichannel customer support, and brand offers. With the premium online store, you get all these and :
- Over 20+ themes to choose to personalise your store
- SMS and Email campaigns for your customers
- SEO campaigns for easy discoverability
- Affordable plans for easy store and inventory management
- Unlimited product uploads
Set up your online store on Instamojo in under 2 minutes, or have someone in our team help you set one up!