If you own a business, then you must be aware of how important it is to move forward with the new technology. Today, everyone’s life has a touch of digitization and the latest gadgets have become a part of daily life. You can easily see smartphones in every second person’s hand even in most rural areas. This is a new revolution in the country and no business should lag behind this transformation.
We can’t deny the fact that digitization has eased the way of doing business. It has made work faster, smoother and more efficient. This has also brought transparency in business, reduced costs and increased quality and standards of operation. One of the major areas where digitization has made a big impact is e-procurement. It is also known as Electronic Procurement, which is a process where business takes the help of technology and online applications to digitize the procurement and supply chain process.
E-procurement gives a new life to your business operations. It helps in automating all the business processes, eliminates the loopholes and gives your business a better chance to increase. Let’s have a look at a few benefits of e-procurement in your business.
If you are using e-procurement applications, you can have a clear picture of the purchase from various suppliers. If you are exchanging the documents online, the process will be faster. The automated process will eliminate any chances of mistake that happens with manual data entry work. If there would be any delay in payment it can be easily tracked.
E-procurement saves you money by preventing duplicate spending and saving costs associated with paper-based systems. E-procurement will also help in leveraging the volume of purchase.
One of the best reasons to adopt e-procurement system is that it offers a complete view of the procurement process. The e-procurement system includes all purchases, processed orders, payments, and invoices. If you want to make a monthly report, you can get access to all the data from the e-procurement system easily.
E-procurement makes it easier to write and analyze reports on your procurement systems, so you can ensure that your procurement procedures are going as per your policies.
E-procurement is less time-consuming than traditional procurement. It leads to faster payment at an early stage and brings more transparency in the process. Also, by using templates, paperwork can be filled out more quickly.
As we have already mentioned that e-procurement is a time-saving process. This electronic handling system simplifies the purchasing process and speeds up transactions.
Reduction of Errors
When you start doing all the work online there are minimal chances of errors. You can easily access your past transactions and get an idea about the difference.
E-procurement is the future of any business. It is a necessity in the age of technology and digitization. If you want to be ahead of your competitors then you should opt for e-procurement. It takes a business to new heights, increases profitability and eliminates any risk.
Are you a young graduate and planning to start your own business or have already stepped in entrepreneurship? In both cases, there are a lot of things that you need to know and understand.
Now, entrepreneurs are taking control and changing the complete market scenario. Many businesses are enjoying the warmth of success, yet there are many businesses that don’t meet the good fate and fail. There could be many reasons and mistakes that lead to the failure of these businesses.
In the competitive market today, it is very difficult to sustain success and very few businesses are able to do this. Most of the new businesses get stuck in their early stages and this happens due to the registration mistakes. So, let’s see what are the correct steps that you should follow.
Opt for the Right Legal Structure for Your Business
If you are planning to start your business, it is very important to know about the business formats, under which you can register. You can register your business as a private limited company or sole proprietorship firm.
Before deciding how you have to register your business, you should be aware of its advantages and disadvantages.
Single Ownership of Business
You may have seen many businesses in which individuals work all alone, and you find it a good idea to register the company as a proprietorship. However, at some point or another, you would require the assistance of more than one individual for the fruitful working of the business.
As your business is expanding and increasing, you would get more individuals to keep things in charge. You also might need to consult specialists in regard to various facets of the business. Hence, it is very important to think thoroughly before registering your business.
Treat Employees as Assets
To run any business in a proper manner, you need capable employees working for you. To motivate your employees and deal with their emotional and mental health at work, you have to offer ideal motivators to them.
Many companies hold various engaging and exciting training workshops and persuasive seminars to keep the worker fit and stress-free in the working environment and that helps them to work properly and efficiently.
Do Not Delay in the Launch of Business
Never make the mistake of running a business without registering it. If you have a field-tested strategy do not postpone the registration under the reasonable system and acquire the legitimate insurance of your business.
Financial support is fundamental to the development of a business. While picking the business structure, you should be extremely cautious and unpretentious where you could deal with the capital and handle the unexpected difficulties on the way of your startup expansion.
Registration Mistakes About Managing Taxes
Most of the entrepreneurs are not aware of the taxes and other aspects, which are essential for everyone eventually in time.
When you start a business, managing duties is a different responsibility in itself. Before beginning the business, you should counsel a firm, where individuals could teach you how the registration should be done in advance. There are a lot of registrations and licenses, for example, shop and establishment permit, GST registration, professional tax, EPF, etc.that you need to follow.
So follow the correct steps in order to register your business. Avoiding registration mistakes can be beneficial for your business and you can make your startup or business run smoothly without any issues.
E-commerce is one of the most thriving sectors in India and has changed the shopping pattern of individuals. Gone are the days, when people used to shop for fashion from these online stores. Today, even B2B sector relies on online shopping for their industrial and business supplies.
This positive shift in the shopping trend of the customers has been welcomed by the online marketing sector, which raised a number of entrepreneurs venturing with various products. However, this has increased competition in the market.
B2B e-commerce business has opened immense opportunities for the online industry, and the following has been forecasted for Indian e-commerce:
Growth in Marketing
Marketing and branding activities are an important part of e-commerce sites. Many e-commerce sites have seen a gradual growth in performance-based marketing and have turned out to be a blessing. This offers great profitability. It is important to pay attention to the market that brings in a considerable amount of sales in the future.
Rise in Wallet Usage
With everything shifting to smartphones, businesses have become more digitized in payment. Last year, wallets and online payments were in trend, and in the coming years, the trend is not going to fade away. More and more people are adopting digital and cashless payments. Wallet usage will surely become the preferred choice of payment mode in the coming years.
New Categories to Take Over the Stakes
Now, Indian e-commerce companies are not only limited to fashion, food, and grocery; they have entered in categories like electronics, tech, and gadgets. New entrepreneurs have set their foot to create, capture and dominate various categories that have a regular impact on our daily lives.
Digital Transformation for B2B Sector
B2B business can save up to 90% on sales and operating costs due to B2B e-commerce websites. Digital transformation will help in bringing speed, predictability as well as profitability to the B2B segment.
Customer Care and Engagement will be Crucial
The existence of customer support services allows nearly instant feedback. This feedback keeps sales executives aware of the improvement areas. In the future, there will be a more tech-based approach to this. It will likely help businesses handle real-time customer queries.
More Emphasis on Data Analytics
Every e-commerce company relies on data analytics to drive decisions. This practice will grow in the future as more specific data tools become available. Data analytics can also be used to drive traffic to the website and also to drive the right offers to the user base. Data-driven campaigns always perform better and the scope of data analytics will surely increase in the upcoming years.
Virtual Shopping Experience will Increase
The time is changing and so is the shopping experiences. The key purpose of e-commerce sites is to bring the shopping experience alive for the customers. With e-commerce websites, you get an option to visualize how a product is without actually going to a store.
In this era, artificial intelligence is a part of our everyday lives. This will also play a key role in e-commerce as we rely more and more on our mobile devices. At present we have features that suggest our products based on our purchase history, browsing history, likes, etc; however, in the coming years, the tools will become more specific and provide us suggestions more accurately.
Now the technology is evolving every day, and with this, the shopping and e-commerce trends are also changing. Now e-commerce aims to increase sales and multiply the number of online shoppers. The above-mentioned trends just not only aims at enhancing the operation of a website but also focuses on complete customer satisfaction. With so much to be implemented in the e-commerce sector, the B2B e-commerce industry is sure to thrive more avid.