ARE B2B MARKETPLACES THE NEXT BIG THING IN INDIA?

A B2B marketplace, by definition, is a sort of e-commerce platform where sellers can sell products or services to buyers freely. Remember, in B2B, both sellers and buyers are business entities such as wholesalers, manufacturers, exporters and importers. B2B marketplace provides a large range of options from a network of suppliers, and it does an exceptional work of integrating demand and supply and therefore streamlining transactions.

B2B Marketplace- The Next Big Thing

The question really isn’t of how or when; rather it is the why? Why is every B2B Online Marketplace in India booming? Why is the B2B Marketplace for buyers and suppliers the next big thing? To understand this, we must first examine the working of conventional supply chain networks.

Companies manufacture products, major distributors buy them and resell lesser volumes to either small wholesalers or ultimate consumers. The wholesaler, in most cases, combines the supplies and guarantees dependable and fast distribution. SMEs, however, don't have such accessibility to better pricing, quality products, or certainty of timely delivery. Moreover, the payment terms are outrageous.

The Pandemic Effect

The COVID-19 Outbreak worked as an accelerant in this already faulty supply chain and pushed many businesses to the brink. Now, note that every B2B Portal in India that was established in the late 90s or early 2000s had already garnered sufficient attention from big players of this supply chain. 2019 was the time for small as well as new players to benefit from the B2B marketplace.

The bright era of B2B began in 2019, and it surged after COVID. As the global market weakened, companies and suppliers were forced to reconsider how they could best use their resources. Old business models were thrown into disarray, crippling the distribution network. The newly-emerged B2B online marketplaces in India such as Udaan and Global Trade Plaza saw an opportunity and utilized it.

B2B Portals in India: Do They Have It All?

With time, a number of B2B marketplace models have evolved in Asia. Many promote and sell a broad range of generic products from a multitude of sellers, whereas others focus on a certain business segment. As a means of addressing the tendency of collaborative consumption and how individuals obtain services, some provide rental or technical services.

Either on the production or consumption side, or both, strong B2B marketplaces in India deal with segmented SMEs. Some are addressing the performance and production issues that come with industries with a chaotic supply chain. Some have massive, trusted suppliers but a divided SME clientele, where consistency, dependability, and credibility are crucial.

The New Wave of B2B Marketplace for Buyers and Suppliers

As digitalization advances, we're seeing a new generation of B2B Portals in India that aren't limited to 'BRANDS'; they are aggressively chasing SMEs and new exporters and are fulfilling all their demands. Global Trade Plaza is one such B2B online marketplace in India. It is a platform for every business that desires growth and development.

B2B marketplace is one area that will completely revolutionize Indian enterprises and contribute to the evolution of the old supply network, resulting in a major victory for suppliers, customers, and the authorities.