Emerging Technologies: Empowering Indian Exporters

“In today’s highly connected world, technology isn’t just an enabler; it is the backbone of global trade, empowering businesses to reach greater heights and international audiences without leaving their home!”

India, a global economic powerhouse, is rapidly embracing technology to enhance its export capabilities. With the large production facilities and a huge Western market to cater to, exporters from India should be leveraging technology to connect to customers and create their presence, worldwide. Emerging technologies are revolutionizing the way Indian businesses operate, from streamlining supply chains to improving customer relationships. As a technology-driven export company, here are our top-4 picks of emerging technologies that Indian exporters should pay attention to.

1. E-commerce and Digital Trade Platforms

The rise of e-commerce and digital trade platforms has helped businesses to directly reach their customer’s doorstep. Nobody in 2009 could’ve believed that an Indian handicraft manufacturer could deliver their art to French hotels in Paris! However, the latest platforms today provide easy access to global markets, streamlined logistics, and efficient payment systems. According to the FIS 2023 Global Payments Report, India's e-commerce sector is expected to grow from $83 billion in 2022 to a projected $150 billion in 2026.

2. Innovative Financing Solutions

Flexible & reliable financing solutions have boosted the operations of many export businesses, especially SMEs and MSMEs, so they can manage cash flow challenges and don’t bow out to their wealthy competitors. Platforms like Stenn offer innovative trade finance options tailored to the needs of exporters, providing quick and efficient cash flow solutions. Companies are provided with pre-shipment finance, factoring & forwarding solutions to do risk-free business with easy-to-manage payment cycles.

3. Adoption of Emerging Technologies

Indian exporters have embraced emerging technologies like artificial intelligence, machine learning, and automation to streamline operations, enhance efficiency, and stay competitive in the global market. These technologies have helped them conduct business easily and market their offerings on a global platform. The over-reliance on trade shows and international exhibitions has come down, and companies now are preferring E-meet through video conferencing & social media as well.

4. Government Initiatives 

The Indian government's initiatives like the Production-Linked Incentive (PLI) scheme have also played a significant role in boosting the competitiveness of the export sector. The PLI scheme has attracted major players like Apple and its suppliers to shift operations to India, contributing to a 42% growth in smartphone exports in FY2024. India's high-technology exports reached $35.22 billion in 2022, showcasing the country's growing prowess in advanced manufacturing and innovation.

Conclusion

As Indian exporters continue to navigate the complexities of the global market, the integration of these technologies will be pivotal in driving growth and enhancing competitiveness. By leveraging e-commerce platforms, innovative financing solutions, and emerging technologies, businesses can not only streamline their operations but also expand their reach to new customers worldwide.

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