Online marketplaces – most effective business promotion tool for SMEs

In India, millions of SMEs are availing the services and benefits of online B2B marketplaces such as IndiaMART.com and Alibaba.com. According to the recent study of Internet and mobile association of India (IAMAI) on Micro, Small and Medium Enterprises (MSMEs), 30 percent of the SMEs have already subscribed to the online services for their business matchmaking and selling of their products.

The reason according to the analysts is “rationale”, these online marketplaces provide businesses and help them in marking a global presence through a variety of services. This online matchmaking platform foster an environment which flourish growth and profit without any intricate inputs and cumbersome methodologies. A buyer can simply log into his account on these B2B online marketplaces and can search for companies in the vertical desired by him and simultaneously can send a query to the sellers.

Technology comes at a high cost but B2B portal is a low cost medium to attain success by targeting the prospective buyer or manufacturer. All what is required is an internet connection, web browser and the url of such portals. The benefits of B2B portal are manifolds, some of them are listed below:

• Since the portal are online, they are 24*7 active that means business irrespective of geographical barriers. A buyer can look for the prospective suppliers, anytime, from anywhere in this world according to his ease and a supplier can make changes to his product catalogue for better visibility and more informative profile while sitting anywhere in this world.

• These portals provide an edge to SMEs as now they can portray their products online which multiplies their presence and the target marketplaces. Thus, helping SMEs in coping over with all geographical constraints that confront them.

• SMEs generally have a meager or negligible budget for marketing and promotions. For them online matchmaking portals are the best platform as these marketplaces provide them pertinent promotions through online presence and search engine optimization techniques.