Cloud-based eProcurement firm cloudBuy is anticipating high volume over its platform from India businesses — to the tune of billions of dollars. Reports published in The Economic Times of India on Tuesday (Aug. 18) said the U.K.-based company expects between $3 billion and $5 billion worth of B2B transactions in the near future stemming from businesses in the Asian country.
According to reports, cloudBuy has seen significant interest from corporations in India, both from members of the Confederation of Indian Industry (CII) and elsewhere. The CII and cloudBuy recent struck a collaboration to launch a B2B eCommerce portal in India in an effort to strengthen global trade.
“We at cloudBuy expect transactions worth $3–5 billion on this platform in the near term based on the initial response not only from the CII members but also from the non-member trade community,” said cloudBuy India Head Nilesh Gopali in a statement to the publication.
The CII currently includes about 8,000 members, reports said, and together these businesses account for about $80 billion in annual revenue. CII’s partnership with cloudBuy provides these companies a portal through which buyers and sellers can connect and transact thanks to several online B2B marketplaces powered by cloudBuy technology.
The service’s popularity could be attributed to its ability to serve India’s businesses like consumers, according to Gopali.
“Unlike a B2C online place, corporate purchases are done in a controlled environment without compromising on their ERP solutions,” Gopali said. “We have received enquiries from several large Indian corporates to establish a secured façade or solution between their ERP and a B2B online marketplace to provide a dynamic B2C-style experience to meet their procurement needs.”
According to Gopali, Indian corporations can save significant funds by conducting their procurement online. The nation’s manufacturers alone could increase operating profits by up to 20 percent, he added, if each saved just 5 percent through eProcurement methods.
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