How Can Indian Women Entrepreneurs Accelerate Their Growth
Indian digital revolution has achieved more than 622 million internet users in the last two decades. The success story doesn't stop here; these numbers are expected to grow by 45% by 2025. India's success in UPI, Aadhaar, and India Stack contributes to the growth of digital India. As a result, businesses are also going to digitalize. This transformation has helped India to earn a reputation as a Digital Innovator.
The Effect of Digitalization on Businesses
Two-thirds of Indian small businesses are on the verge of digitalization and will add up to USD 216 billion to India's GDP by 2024. But it will be wrong to assume that all business owners are keeping pace with this transition. Women entrepreneurs are one of the prominent participants who are facing hurdles in going digital.
The Hidden Potential of Women Entrepreneurs
The small businesses owned and run by women entrepreneurs outperform their peers. Women-led start-ups have generated 10 per cent more revenue than their male counterparts in five years of span.
Still, women may not be able to sustain this growth for long. There is no denying that many successful women entrepreneurs may be left behind and will not be able to repeat their success stories in the digital world.
Where are Women Entrepreneurs lagging?
The reason can be various. To start with - less knowledge about digital tools and a lack of knowledge about digital working. Researches claim that women entrepreneurs create a virtuous growth cycle by using their earnings over family and community expenses.
Estimates suggest that in India if women entrepreneurs get digital support, they can add 150 to 170 million jobs by 2030. Thus, there is a strong urge to deploy digital technologies to help women entrepreneurs in skill-building opportunities. Therefore, to avail the benefit of opportunities, digital products and services must be designed and made available to women where they are.
For Example, women can transform their products into brands by starting a website. But due to a lack of knowledge and financial constraint, It becomes difficult for them to get involved in website hosting and design issues. But there are many business bio websites that have ready-to-use templates. Women entrepreneurs can initiate their transformation journey by using bio website templates, this way they can transform their product into a brand.
They can easily get their skills enhanced by learning techniques to avail the advantages of Omnichannel brands.
How digital presence can eradicate obstacles for women entrepreneurs
Two-thirds of women entrepreneurs find issues in accessing capital for their business needs. Unfortunately, In India, around 70% of the capital financing needs of women solopreneurs remain unmet. This translates to a whopping financing gap of $20.5 billion.
With the integration of digital technology into business, women entrepreneurs can unlock access to capital, leverage data insights, and establish digital sales footprints.
Surprising fact about credit approvals for women entrepreneurs
● Women are more loyal financial customers and like to pay their loans on time
● Still, women entrepreneurs face credit rejection 5 to 10 per cent more than their male counterparts.
But with the digital presence of women, all incoming revenue can support women's financial health and be based on loan approvals.
Ending it with this learning
Women entrepreneurs have the potential to take Indian growth to higher levels. But to attain that height, Indian woman entrepreneurs need to standardize their work by going digital.
