IDFC Bank ties-up with SME MaXX to enable Indian SMEs to succeed at E-commerce

SME MaXX, India's leading SME success services company, announced collaboration with IDFC bank to enable Indian SMEs set up an effective e-commerce channel for their business. As a part of the collaboration IDFC bank will sponsor a series of e-commerce workshops in major Indian cities.

E-commerce adoption has positively impacted revenues and profitability of SMEs. Despite high potential, a majority of Indian SMEs are yet to adopt e-commerce or are sub optimally engaged. A recent KPMG study highlighted the need for training programs and support to help SMEs benefit from e-commerce.

SMEs attending these workshops will be trained to set up and manage their own e-commerce channels. They will gain insights in to global best practices and access the latest e-commerce tools to grow their business.

As per a recent Goldman Sachs report, the e-commerce sector in India is projected to cross USD80 billion by 2020 and USD300 billion by 2030. A large percentage of this growth will be at the cost of conventional business channels. SMEs that are unable to leverage e-commerce effectively, risk losing customers.

"We are already seeing the digital economy get a massive boost post the recent demonetization. As more people get comfortable with digital payments, e-commerce will boom," said Dr. Kiran Reddy, CEO of SME MaXX. "The objective of our initiative is to help SMEs with the impending transition. The workshops will equip SMEs to compete effectively with large chains and e-commerce companies and protect their market share."

The workshops will be conducted in Mumbai, Delhi and Bengaluru and later expanded to Ahmedabad, Chennai, Hyderabad and other cities.