Apart from that SMEs have been also supported with financial assistance, management training, legislative & policy support, and counselling services. The SME sector of a country is considered as one of the pillars of the economic growth of a country. The statement SMEs are a major source of entrepreneurial skills and creativity and contribute to economic and social cohesion. They hold the key to innovation and are also emerging as global players, by participating in worldwide production and supply chains made by the Deputy Director- General for Enterprise and Industry clearly reflects the importance of SMEs in a country. According to reports SMEs contribute significantly towards the total GDP of a country and are also responsible for generating large number of employment opportunities. The definition of SME however differs from one country to the other. In simple terms the criteria for a company to fall in the category of SMEs differs from one country to the other (Asia Pacific Economic Cooperation, 2004).
In order to ensure growth of this sector, government as well as the private sector played active roles. There have been several programs in the past initiated by different establishments to ensure growth of SMEs. In addition, adoption of different technologies by the SMEs is also another obvious factor. The latest to this is the implementation of e-commerce technology by several small and medium sized companies. The principal reason behind the implementation of this technology is to drive growth and profitability. However before getting further deep into the study, a brief overview of the e-commerce technology is provided below. ...Show more