An Overview of B2B Sourcing Platforms
19 Jul 2022
What is sourcing?
Sourcing refers to a business process of identifying, engaging, and procuring products or services from a third party, usually from a foreign country to facilitate your business requirements. While it is primarily used in supply chain management, it can also form a part of human resources and marketing functions.
What do you mean by
B2B sourcing is often a digital platform that brings buyers and manufacturers/service providers together to enable procurers to source products from suitable suppliers. The marketplace allows procuring companies to select the ideal supplier from a vast gathering of manufacturers. This ensures fairplay for all the parties involved.
What are the key factors of a B2B procurement platforms?
Some of the vital features of a B2B sourcing platform are:
self-service enablement: an effective marketplace should allow buyers and sellers to engage in business dealings with transparency and free flow
multi-vendor enlistment: It is essential for a B2B sourcing platform to have multiple vendors, specializing in different product manufacturing, with varying experience and pricing.
digital security: in this day-and-age of digital transactions, digital safety is a mandatory feature.
ease of navigation: the ecommerce site should be easy to navigate and have enough options to select from.
operational flexibility: the platform should that allow modifications in order management as and when necessary.
technological integration: the ideal platform should have modern plugins to enhance the quality of the overall interaction.
These factors allow buyers and sellers to engage in seamless business transactions that foster stronger long-term relationship.
What are the market dynamics of B2B procurement platforms in India?
Post 2020, B2B marketplaces in India has witnessed phenomenal growth with investments over $100 million. Online B2B retail sales increased from around 16% to 19% in 2020 and is expected to grow exponentially in the coming years. Millennials are driving this growth trajectory with about 34% acting as key decision-makers.
Which is a reliable
B2B sourcing platform
With the industry on an upward swing, there are many B2B procurement companies vying to get a share of the pie.
are well-equipped to catering to your sourcing needs. Our large repertoire of empaneled suppliers in select industry verticals, along with subject matter experts in finance, marketing, etc. are capable of guiding you throughout the sourcing journey.
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