Flipkart announced that it has signed a Memorandum of Understanding (MoU) with FISME (Federation of Indian Micro and Small and Medium Enterprises) and NCDPD (National Center for Design and Product Development) to boost manufacturing and entrepreneurship in the country.
Through this agreement, Flipkart will provide micro, small and medium enterprises (MSMEs) in India infrastructural support in data analytics, marketing and customer acquisition to help them scale their business.
Ankit Nagori, VP – Marketplace, Flipkart said, “We believe the marketplace model is best suited for an emerging economy like India with a huge population. This model has seen traction in the past three years and we want to further use this platform to enable and encourage entrepreneurship in the country. We are excited to partner with FISME and NCDPD and create a powerful affiliation that will enable 50,000 small and medium enterprises and artisans to become self-reliant, improve their living standards and scale their business manifold.”
The partners believe this move will benefit a lot of businesses, including first-time entrepreneurs as well as a large number of women entrepreneurs.
Commenting on the development, Anil Bharadwaj, Secretary General, FISME said, “This kind of a tripartite coordinated effort has been planned and executed for the first time in this country. We are delighted to be able to work closely with Flipkart to help the MSMEs sell their products directly to buyers across the nation, and this will create huge employment opportunities even in the ancillary industries and reduce the migration of rural population to the urban areas.”
With the help of strong data analytics that forms the base of e-marketplaces, it is easier for sellers to improve their products and services, thereby attracting more customers.
Flipkart aims to help FISME and NCDPD make optimal use of the available data to guide entrepreneurs and artisans on areas such as deciding on the right selling price, payment automation, proper packaging, transportation, brand building etc.
“The analytics and market intelligence provided by Flipkart will assist NCDPD in improving our product R&D to help the artisans and master craftsmen create better saleable product ranges. This, in turn, will help them plan their production and expand their business — revolutionising manufacturing in India, encouraging entrepreneurship and growing the rural economy,” said R K Srivastava, Executive Director, NCDPD.
The focus of this association will be to continue to help entrepreneurs create products in tune with buyer requirements and grow significantly so that they become manufacturers not only at a local, but also at a national level.