Year Ending Quote : As we enter 2023, B2B e-commerce models will continue to enable and transform Indian enterprises and MSMEs By Aniket Deb, Bizongo
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Below is Year Ending Quote By Aniket Deb, Co-founder & COO, Bizongo
“ Increased focus on ESG by MSME: As 2022 winds down and B2B companies lay plans for the new year, large corporations will put emphasis on ESG aspects to create more business value and ensure sustainability, especially as India aspires to achieve net zero targets by 2070. Amidst this, a key driver of India’s economic growth, MSMEs will play a critical role in achieving these ESG aspirations. However, transforming the sector will require steering the interest of MSME stakeholders towards a low-carbon emitting business model and promoting an incentive-based model that provides adequate finances and other resources required for the transformation. In line with this, we will see startups and new-age businesses stepping up to amplify awareness, combat inhibitions, and handhold MSMEs toward sustainability. Several benchmarking mechanisms are also likely to evolve that will digitally assess the level of ESG compliance in business operations and benchmark a firm’s ESG score with other firms.
Growth of B2B Ecommerce: India has emerged as one of the most exciting regions for marketplaces, which is now a ubiquitous model across every business category. Amidst this, India’s B2B e-commerce is one of the fastest growing in the world. Even though B2C e-commerce was among the highest-funded marketplace sectors, B2B e-commerce led the charts in terms of deal volumes in 2022, which grew 31% compared to 2018. A key factor for this scale of growth is the dramatic shift in the adoption of a digital-first approach, especially by MSMEs. Further, enhanced convenience and customer experience via personalization, apart from improved financial inclusion for underserved segments have also contributed to rapid acceleration. As we enter 2023, B2B e-commerce models will continue to enable and transform Indian enterprises and MSMEs to create greater visibility and resilient supply chains. In the coming years, this space will mature further with the integration of dynamic pricing and personalization and fuel the online marketplace ecosystem with a 5-times growth in GMV.”
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