E-commerce has become one of the most successful industries today. Every brand has an online presence making it easier for them to widen the scope of their market globally. Today, there are many B2C and D2C brands that have been growing tenfolds with their online presence. However, there is one segment that has always been complex. The B2B buying and selling of products online has witnessed constricting growth due to a lack of opportunities and awareness. <h2>Struggles Faced By SMEs / MSMEs In B2B Industry</h2> The B2B buying process is highly complex as compared to B2C buying. The process involves many variables from expansive decision makers to terms of buying, bulk orders, and the right pricing. Furthermore, the after-buying process is also complex. <ul> <li>The B2B e-commerce offers a limited digital infrastructure for the ease of online transactions.</li> <li>There are no online platforms that facilitate the right resources for SMEs to market themselves in PAN India.</li> <li>Additionally, availing quick and hassle-free business finance has also been a challenge for many small businesses nationwide.</li> <li>In terms of shipping, the seller has to ensure that they have taken into consideration the cost of shipping and the different parameters that they can offer to the client.</li> <li>The return or refund policies have to be well-thought so that it does not damage the company's revenue eventually.</li> <li>Above all, it is difficult to form trust between the buyers and suppliers which is a major drawback when it comes to transacting online.</li> </ul> These are a handful of problems that can be named but the scope of their complexity is truly much vast. <img class="alignnone size-full wp-image-75146" src="https://www.marketingmind.in/wp-content/uploads/2023/02/maxresdefault-1.jpeg" alt="" width="1280" height="720" /> <h2>L&T-SuFin</h2> <a href="https://lntsufin.com/buyer/#/home"><strong>L&T-SuFin</strong></a> has been making the process of buying and selling amongst B2B buyers and sellers easier than ever. The brand has taken into consideration all the challenges faced by a B2B brand and has seamlessly worked its way around them. After a lot of research on the B2B segment, the L&T conglomerate launched L&T-SuFin in March 2022 with an aim to cater to the construction industry majorly. The brand will be celebrating its first anniversary since commencement on 7 March this year. From infrastructure developers, real estate and commercial estate developers as well as manufacturers, L&T-SuFin supplies consumables for their day-to-day operations. For Buyers, the platform provides cost-effective solutions across 50+ categories of products and with over 3 lakh SKUs (stock-keeping units) on the platform. <img class="aligncenter size-large wp-image-75187" src="https://www.marketingmind.in/wp-content/uploads/2023/02/275246885_109236358377720_5722991991958159625_n-700x262.png" alt="" width="700" height="262" /> <h2>Its Support Towards SMEs / MSMEs</h2> As a group, L&T has had a huge impact on the operations of SMEs and MSMEs over the past few decades. The conglomerate company has been termed one of the leading construction companies in the world and has been dealing with numerous SMEs / MSMEs as suppliers and service providers. These SMEs / MSMEs majorly operate on the trust factor and have found it difficult to take their B2B presence online. With L&T-SuFin, the conglomerate has made it easier for MSMEs to find a trustworthy platform to buy and sell their products online without worrying about the extensive process. The brand has been working diligently to install trust among its loyal suppliers and buyers by regularly scrutinizing the quality of products and keeping in check the ethics and discipline with which individual entities are operating. L&T-SuFin has also been catering to the problem of financing that many buyers and sellers face online. The brand has a large set of lenders on the Platform (7 + Lenders so far) and the number is only increasing. With its well-versed business model and platform, L&T-SuFin aims to excel in the supply-chain network and make it more efficient for B2B buyers and sellers. <h2>Something To Look Forward To</h2> The industry has started adapting to changing needs and the businesses that will capitalize on the growing demand for online commerce will have an ever-increasing customer base. For this, platforms like L&T-SuFin have an extremely important role to play. The efforts and ideology with which the platform has been created have revolutionized the entire industry and ensured that L&T-SuFin becomes synonymous with B2B e-commerce globally. The brand has so far onboarded more than 40k SMEs on the Platform. And to ensure that the trust is uncompromised, L&T-SuFin has over 20% of verified buyers online. Looking at the start, it seems like L&T-SuFin has hit the right cord knowing that the Indian B2B e-commerce industry is entirely based on trust and it is essential to form a strong base for that between the buyers and suppliers. As of now thousands of buyers have registered on the online platform and this number is only going to grow to lead to a well-balanced and highly functioning B2B e-commerce in India.
