An Overview of B2B Sourcing Platforms

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• An Overview of B2B Sourcing Platforms
• 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?
• 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.

What are the market dynamics of B2B procurement
platforms in India?
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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.
Industry Experts 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.