Globally, SMEs are the most vulnerable group of an economy because of a number of reasons inherent to their nature. They face enough hardships because of their small size and lack of appropriate investment channels, besides the barriers of distance, reach, communication and resources. Hence, they require a need-based solution enabling them to overcome these impediments and reach out to a wider base of buyers. Anticipating this vacancy in SME world, online matchmaking interfaces have come into existence as the much needed exposure platform.
In India, the online B2B matchmaking trend started in the late 90's with the launch of web portals like IndiaMART.com. Today, marketing means nothing short of an engaging online presence as over 30% of global B2B trade takes place online. In India alone, the business generation is estimated at US$15 billion. Such sizeable figures signify the strong foundation provided by online B2B marketplaces to SMEs.
Thus, an online B2B matchmaking platform has various benefits in store for suppliers. These include:
1.24X7 visibility – A small enterprise trading through an online platform enjoys round-the-clock exposure in the virtual world at an optimum initial cost. This enables the suppliers to create their brand position and attract buyers.
2.Credibility – Being registered with such a platform provides the much needed credibility to the suppliers. Most of these companies give a verification stamp to its members, marking them as verified sellers and enhancing their opportunities of being taken seriously in business.
3.Extensive online promotion – SMEs are flooded with a range of options available like customized product catalogs, business directories, listings in vertical specific guides, etc, in the online marketing category. This makes it all the more easy for them to attract buyers and have direct contact with them.
4.Matchmaking across borders – Online trading has made the world a small place, breaking geographical boundaries with its global reach. Today, a automobile component supplier sitting in the comforts of his office in Jamshedpur can carry out successful business transactions with a US based automobile manufacturing firm, thus making to-and-fro business trips a futile exercise.
5.Easy access – The most enterprising feature of this platform is the accessibility a supplier enjoy. He/ she can update product catalogs, profile information, contact details and others features from anywhere at anytime.
6.Immediate business queries – The association with a B2B matchmaking platform brings along instant business queries which a supplier couldn't even dream of with traditional approach, that too at the initial phase.
SMEs' take on the online matchmaking platforms:
Mr. Gopal Sahai of Sahai Cables Int. Pvt. Ltd. (www.indiamart.com/sahaicables/) vouches for the wide exposure his products received after his listing with one of the leading B2B platforms in India. He credits his company's growing brand position in the market to the portal.
According to Mr. Chakraborty D, CEO of Archana Art and Design (www.indiamart.com/archanaartanddesign/), trading on an online platform provides need specific solutions to the members, which initiates a robust momentum to their company. His enterprise benefited a lot with its association with IndiaMART.com, maturing queries worth Rs. 2 lakh in a single month.
CEO of Kun Beads, Mr. R. K. Paswan (www.indiamart.com/kunbeadsworld/), testifies for the the impact of verification provided by IndiaMART.com in the form of Trust Seal. The credibility stamp provided him a list of genuine buyers, enhancing his business prospects.
Thus, with every second enterprise making its presence felt in virtual world, this is the correct time for more traditional businesses to come out of their shell and open up to the new avenues awaiting them through online B2B matchmaking.
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