The key trends in Procurement and Technology in 2019

The last decade has seen the evolution and rise of the e-commerce industry. Not only we witnessed increased consumer interest and participation, but the industry also recorded humongous sales figures and increased demand. It was a time where B2C e-commerce seemed winning the race with B2B e-commerce which is not the case now and in India, this will be witnessed in another couple of years. Either B2B or B2C, the role of technology is the base and the existential factor when it comes to the E-commerce industry

Providing Personalised data in B2B sector:
With companies switching to B2B e-commerce, more and more real-time procurement data
will be captured. This data will help B2B e-commerce players to better understand the behaviour of the business buyer and offer data-driven insights. B2B e-commerce companies will use this data to provide a personalised experience to every buyer/business.

Artificial Intelligence drives the E-commerce industry:
Moving forward, Artificial Intelligence will find a huge blueprint in B2B e-commerce; unlike B2C e-commerce where there are large numbers of users and use-cases, B2B e-commerce will have fewer numbers of users doing large ticket transactions under limited use cases. This makes application and adoption of AI very easy yet very powerful. AI is set to bring efficiency for businesses in terms of decision making around purchases, automation of several mundane tasks, provide critical insights, free-up several man-hours behind procurement and making business purchases intelligent and low cost.

Decision making during the procurement process:
Usually, the procurement managers or executives who for corporates find difficulty in making decisions during the procurement process as it will be impactful on growth and the business of the company on many levels. Technology will also help the procurement teams of businesses to better understand the needs of the business and give them transparent insights to make more informed complicated decisions.

Similarly, Business to Business E-commerce companies will go on to build customised dashboards for their customers which will provide much-needed data-points and purchase recommendations. Hence a job of a procurement manager will be made simple and thereby adds value for the human resource. B2B e-commerce companies will take the personalisation further by building integration APIs with the buyers existing ERP/CRM platforms to make the purchases more structured and seamless.

B2B e-commerce will also see applications of several deep technologies such as IOT, which will help B2B companies to further strengthen their omnichannel presence. Many of the experiments which have failed in B2C e-commerce might actually find success in B2B such as Kiosk Based sales, IOT Stores for large businesses, IOT has driven reordering for critical products, etc.

Thus, Technology’s role in e-commerce is inevitable and seamless. It is the root and base of E-commerce, right from its origin to each and every development that is happening on daily basis in the industry. Kobster Elite is India’s first B2B e-procurement tool which is highly transparent and speaks on credibility by itself. This tool has become the top preference for procuring managers from the top corporates of the country irrespective of sectors.