B2B e-commerce catching up fast
23-05-2015 00:00:00
B2B e-commerce catching up fast
Business-to-business (B2B) online retailing has been witnessing strong growth due to the rapid migration of manufacturers and wholesalers from legacy systems to open, online platforms. As legacy systems involve the use of electronic data interchange, which is expensive and cumbersome to handle, B2B models will continue to move towards ubiquitous online platforms that allow buyers and sellers from anywhere in the world to transact goods and services with ease.
Point-of-sale (POS) products distributor Millennium Soft-Tech recently launched the e-commerce site JusTransact.com for POS products and solutions targeting retail and non-retail businesses. The site has over 1,000 listings in about 40 application areas and 17 industry-wise solutions.
JusTransact was initially set up as an online directory for customers to browse, read, compare and select POS products and solutions followed by offline purchases. Buyers can now make online payments through secure payment gateways, said Bhaskar Venkatraman, founder and director, JusTransact.com.
"Entering the online channel space not only provides us additional opportunities to scale our market reach but also helps us to develop a closer relationship with our customers through better understanding and responding to their needs. We believe these customer insights will help us introduce products based on consumer needs. At present, distributors push what they have they don't sell what customers need," Bhaskar added.
Global retail giant Walmart is also setting up B2B e-commerce sites across cities to aid retailers.The company has so far launched at least 16 online stores in India.
David Cheesewright, president and chief executive officer of Walmart International, said during his recent visit to India: "We are committed to partnering in India's economic growth by enabling the right ecosystem for B2B e-commerce through investments in people, technology and supply chain. E-commerce remains to be a major driver of growth for Walmart's cash and carry business in India and is an area where the company is well positioned to succeed."
According to Frost and Sullivan, B2B online sales will account for close to 27 per cent of total global manufacturing trade, which is likely to hit $25 trillion by 2020. As marketplaces and cross-industry public platforms such as Alibaba and Amazon become popular, B2B online relationships are likely to move from a one-to-many to many-to-many business model.
-K Ramanathan ram@justransact.com

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