The gross merchandise value (GMV) of India’s B2B e-commerce market, which is led by companies like Udaan and Jiomart, will reach $90-100 billion by 2030, according to a report released on Wednesday. Research by Redseer Strategy Consultants predicts that the B2B general commerce market in India would reach $1.2 trillion by 2030, with eB2B emerging as a potential digital procurement option.
Comparing industrialized countries like the US and the UK, India has the greatest stake in general commerce at 84%. The retail sector in India is being driven by the unorganized general trade channel, which is expected to keep expanding and double in size from $0.7 trillion to $1.4 trillion over the next five years.
While manufacturers face less competition, Mrigank Gutgutia, Partner at Redseer, said that the eB2B channel is also assisting brands and retailers in finding solutions to numerous issues they face on a daily basis.
Although there is room for several models in India’s eB2B industry, he noted that a multi-category play with extensive category coverage and national coverage is likely to prevail. Due to its low acceptance in smaller retailers and lower tiers of cities, eB2B is quickly becoming a powerful digital procurement solution.
Some of the most important pain problems, such as higher costs, the absence of a credit option, late deliveries, and poor product quality, among others, have been successfully addressed by eB2B platforms. According to the survey, eB2B has already successfully cornered a sizable portion of the offline market’s wallet share, and merchants are sure that their spending will rise shortly.
According to the survey, over 50% of non-users are prepared to switch to eB2B platforms in the upcoming year. Brands are increasingly relying on eB2B, either as an addition to their present distribution network or as a replacement for inefficient traditional distributors, to get access to neglected regions. “The future will see a change from unorganized trade to organized digital trade while rallying for young firms to expand in India,” according to the research.
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