E-commerce transactions on the rise, say experts
According to industry experts the segment is growing by 30 to 40 per cent as many companies are opting for e-transactions to save time and cost, reports Lalatendu Mishra.business Updated: Jan 07, 2008 22:12 IST
As the Indian economy grows by around 9 per cent, there has been a marketed increase in e-commerce transactions in India. According to industry experts this segment is growing by 30 to 40 per cent as many companies are opting for e transactions to save time and cost.
As per projections by McKinsey and Nasscom, the e-commerce transaction in India would reach the $100 billion mark in 2008. Business to Business (B2B) portals have played a major role in promoting e commerce said industry experts.
Advancement in telecommunications and computer technologies has made B2B portals an integral part of the economic infrastructure of any country and India is no exception. B2B portals give the exporter-importer the license to trade with easy and without preparation of order documents physically.
”In the present business environment, B2B portals are an absolute necessity for all enterprises of any type and size. The advantages of having the assistance of a quality B2B portal are massive. Registering one’s company with a B2B portal can have immediate impact on the company's productivity,” said Bikky Khosla, CEO Tradeindia, one of India’s major B2B portals.
The advent of Internet has shrunk the far-flung global markets into one small market where trade and commerce could be done with ease. The B2B portals have succeeded in breaking the geographical and other conventional barriers involved in trading.
While Alibaba.com is considered to be the largest B2B portal in the world with a global presence, the major B2B portals from India include Tradeindia.com, Indiamart.com, Tradeget.com and Indianexporters.com.
Currently, about 40 per cent of SMEs are registered with B2B portals and they are expected to further grow this segment according to experts.