Indian B2B trade platforms have been around for some time. TradeIndia and IndiaMart took advantage of the internet to cater to this segment of users when few really understood how to even approach the internet. Later still, companies like WYDR came around that tried to simplify B2B trade even further.
Unlike other industries, incumbents in B2B have a huge advantage over new comers in this space. They have data – knowledge of transaction patterns, trading volumes and an established customer relationship. So it’s surprising to see IndiaMart struggling to maintain their lead. They were not just leaders but pioneers in their field but seem to cede ground to domestic and international entrants.
Why is Alibaba growing as fast as it is? Indian businesses need to remain competitive, which means they will need suppliers who can provide the same goods cheaper and customers who may be willing to pay higher prices/ offer better terms etc. Alibaba’s global reach gives them these things.
So can these companies continue to think India first? Don’t they need to have a global reach to remain relevant even to their own customers? One would reckon that we all do.
Source: Venture Beat