PESTLE Analysis

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Political:

  • The political establishment in the country is quite optimistic about the handicraft industry and thus offering many subsidies and allowances in favor of artisans and craftsmen.
  • Government is looking peculiarly at the SMEs of the country and are offering certain benefits and easy loan facilities to the startups who are working in this sector as the government knows the magnitude of handicraft industry and the scale of employability it can generate therefore the government is offering its helping hand to new coming startups.

Economical:

  • Handicraft business has always been a lucrative venture as the margins in this business is huge and one can generate loads of money.
  • There has been an ever increasing demand for Indian handicraft products overseas and has a global acceptability to antiques and crafts which results in heavy exports.

Social:

  • Choice of handicraft products is directly related to the lifestyles of people and its ads to one’s Social status in the community.
  • Consumers are looking at the quality of the product rather than the price of its which is a good signal as disposable income of people in the country are increasing rapidly.

Technological:

  • Social Media has been a driving force in today’s modern day business with the arrival of platforms like Facebook, LinkedIn, Twitter, Blogs and YouTube handicraft business can achieve new heights and the advantage of using these platforms is that it’s cost effective and has a wide reach.
  • E-Commerce is a booming industry and requires high technological expertise, Craft Trade will be using E-Commerce portal which is an effective medium to market its products and customer has a choice to choose its favorite handicraft product out of many choices.

Legal:

  • Trade barriers related to imports and exports are being cut down to promote handmade products.
  • Company will be following the governmental regulations related to the products sold at our E-Commerce Portal and will not be selling any restricted product on its portal.

Environmental:

  • Business Environment has become friendly for handicraft business with the government supporting the new ventures by providing them easy loans.
  • People are now purchasing handicraft products as it has become a status symbol and there is an increase in the purchase of crafts as compared to the previous year.