Small and large enterprises depend heavily on B2B eCommerce marketplaces in the present. Although the majority of people utilize Google or other search engines for products, companies didn’t have similar capabilities before. But this is changing due to the rising amount of B2B eCommerce marketplaces.
Some might think of Alibaba and Amazon as the first pioneers of the internet-based B2B marketplace. At the present, Alibaba and Amazon are the two largest B2B marketplaces within Asia. Small and medium-sized enterprises have relied on both B2B eCommerce websites to connect with customers in the region but worldwide as well. Actually, one of the safest inversions you can do is in Amazon stock, which is not risky as gambling in sites like Casino NetBet.
China leads in the e-commerce market, especially in B2C companies, and has increased dramatically as businesses have focused on serving the vast majority of their customers over the last two decades.
Based on the B2B ECommerce The Opportunities and Challenges Presented by the Digital Acceleration report, the total value of sales from B2B eCommerce sites increased 10 percent to $1.39 trillion by 2020. Though B2B marketplaces currently make up a modest share of all electronic sales, it appears the B2B industry is heading to an eventual marketplace-dominated distribution model.
Beyond being dominated by Alibaba and Amazon Other B2B eCommerce websites have been launched in the region, offering firms more choices. For instance, In India, TradeIndia is the largest B2B marketplace in the subcontinent with more than 20 million visits per month from both large and small enterprises.
Within Southeast Asia, Averest is Malaysia’s B2B eCommerce marketplace for all kinds of industries. Averest provides membership plans with low-cost prices that are affordable for small and medium-sized enterprises. It also assists businesses in summing the potential of exporting even with a small budget.
Additionally, Obbo.sg is Singapore’s largest B2B Marketplace that hosts thousands of small businesses online websites that offer products and services, providing businesses with the necessary connectivity tools to conduct business globally with just only a couple of clicks.
Vietnam’s B2B eCommerce market
While it is among the most rapidly growing economies in the world, Vietnamese businesses are plagued by manual and inefficient processes that result in time wasted and increased costs for buyers and suppliers when purchasing products. In addition, buyers are unable to quickly procure goods due to the absence of transparency in pricing and transparency.
To tackle this, EI Industrial is the first B2B marketplace focusing on industrial products in Vietnam which is designed to help speed up procurement through digital channels across Vietnam. With eiindustrial.com buyers can now effortlessly source many suppliers and find the most competitive prices available.
EI Industrial also recently received an investment of US$670k in a seed round which was led by an early-stage venture capitalist Cocoon Capital with participation from BEENEXT. The platform is currently serving more than 500 clients in Vietnam as well as global corporations like The Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl, and Central Group. The platform also collaborates with more than 300 sellers to help meet increasing demands for procurement, which includes Schneider Electric, Bosch, Honeywell, and 3M.
The money arrives at the perfect moment, as Vietnam’s B2B market is the fastest-growing of any market across Southeast Asia, reaching USD 13.2bn in 2020. The market is predicted to expand at a rate of 43% until 2025. With the money, EI Industrial plans to develop a faster and more user-friendly website and increase the marketing, sales, and technology teams in order to achieve rapid growth.
“Vietnam is among the most rapidly growing economies in the world in recent times and SMEs are the foundation of the country’s economy. My co-founders and I founded EI Industrial to realize our goal of developing Vietnam’s key industries through technology. EI Industrial now supports businesses as well as sellers to increase their efficiency and profits” stated Anthony Ho Phi An, the founder, and CEO of EI Industrial.
According to Michael Blakey, Managing Partner at Cocoon Capital, the Vietnamese market has been waiting for an answer which is why EI Industrial addresses a clear demand. They are attracted by the team’s dedication for determination, determination, and the ability to develop an enterprise platform that has helped in the digitization of Vietnam’s companies.
Since its introduction in September of 2020, eiindustrial.com has become one of the top 100 companies that have the highest growth in traffic in Vietnam. With the increasing need for B2B eCommerce, this industry will only grow larger over the next few years.