1. SMBs in the age of digital commerce

SMBs in the age of digital commerce

The rise of digital commerce is one the greatest transformative trends of our time. The digital commerce market is estimated to touch Rs 2,20,330 crore by the end of 2017, according to the Digital Commerce report 2016 by the Internet and Mobile Association of India (IAMAI) and IMRB Kantar.

Published: October 26, 2017 2:53 AM
digital commerce,  Internet and Mobile Association of India,  IMRB Kantar,  SMBs in India, digital commerce market, State of name industry in India For about five years now, the digital commerce market has grown at a rate of 30%.

Sandipan Ray

The rise of digital commerce is one the greatest transformative trends of our time. The digital commerce market is estimated to touch Rs 2,20,330 crore by the end of 2017, according to the Digital Commerce report 2016 by the Internet and Mobile Association of India (IAMAI) and IMRB Kantar. For about five years now, the digital commerce market has grown at a rate of 30%. For businesses today, it is absolutely a given that going online enables them to enjoy a massive reach and target a variety of audiences irrespective of geography. The internet acts as a catalyst, enabling companies to connect with the right people. Any serious online marketing effort starts with having the right website. The ‘right’ website includes several key components including the domain name, the domain extension and of course, the website content.

Choosing the right domain name and extension gives an edge to a small business, both in terms of searchability and credibility. Of the many domain extensions, ‘.com’ is the one that commands maximum credibility given that it is almost considered synonymous with the internet. It is usually a great choice for small businesses from the point of view of conveying credibility, security, stability and trust. Not surprisingly, it is the most preferred domain name with SMBs in India. According to the ‘State of name industry in India’ report by Zinnov, 79% of SMBs in India prefer .com. The biggest reason for this preference is trust.

For maximum impact, the website needs to be complemented with presence on social media platforms too. While choosing a domain name, it is important to ensure that it includes the right keywords. Including keywords with your domain name makes it SEO-friendly and creates the right connect with your target audience. Customers can get a good sense of your company profile, and what they can expect when they visit your site.
The domain name needs to convey what your business offers. And a domain name that is crisp, simple and easy to spell makes it easy for customers to find your business online. Matching your domain name with your business or company name makes it more recognisable and memorable for your customers, as people have a short attention span. The effectiveness of a domain name lies in its uniqueness and simplicity to connect, recall and engage your audience.

SMBs form an important component of the Indian economy. According to the annual report published by the ministry of micro, small and medium enterprises, there are over 51 million SMBs in India. They employ over 117 million people and contribute greatly to the Indian economy. By empowering and educating this large group about the benefits of building a digital presence, we have an opportunity to achieve even greater growth as a nation. Our SMB Connect ecosystem platform for entrepreneurs aims to address this very opportunity through about 100 events that will be organised across India this year.

The writer is director, SMB Connect

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