In today’s business world, e-commerce is reaching new heights with every passing day and most companies and brands are taking up e-commerce as a potential field for increasing revenue.
Bank of Baroda which had merged with Vijaya Bank and Dena Bank to become India’s 3rd largest bank in terms of assets and revenues, is now venturing into the e-commerce business.
Now the question is what is the strategy behind this step of the 111-year-old bank, Bank of Baroda?
Here’s a sneak peek into the behind-the-scenes:
1. Bank of Baroda has been planning to get into the e-commerce business and break the same old traditional model of banking.
2. The report says that Bank of Baroda will be selling banking services and agri-products via an e-commerce platform.
3. Bank of Baroda’s online e-commerce platform will act as a marketplace for services, wherein merchants will directly sell their services and products to customers and the public at large.
4. Currently, Bank of Baroda is seeking technical assistance for merchants in managing their catalogs, fulfilling the online orders, prices, shipping, marketing and more.
A Digital Space!
The bank is seeking a partner to begin a digital commerce platform and provide technical support for its implementation for multiple use cases as decided by the bank. The online offerings would be to ensure that it fulfills the daily needs of their customers, and separate section would be dedicated only for the agri-products such as ‘agri-crop loan, farm machinery, equipment seas, and fertilizers.
The best part is even the farmers will also be able to secure loans with ease via this online marketplace.
India’s 3rd largest bank has its blueprint to reach the ultimate heights. This step towards digitizing the whole banking system by Bank of Baroda is a fantastic initiative and definitely a step closer to digital India.