Bengaluru. We all have said goodbye to the year 2023. With the start of a new year, it is also a great opportunity to take a look at the past year. Looking ahead to 2023, Amazon Business continues to serve the shopping needs of millions of business customers across India with the largest collection of GST-enabled products, innovative features and great offers and stellar customer support. Today, Amazon Business serves as a one-stop destination for businesses of all shapes and sizes. Amazon Business is fulfilling their needs with these efforts.
Since its launch in 2017, Amazon Business has seen a 150% growth in customer base. Here the share of Tier II and III cities has been highest. Today 65% of its buying customers are from small towns. Over the past 6 years, Amazon Business has incorporated a number of features to make shopping easier and reduce costs for business customers through Android and iOS optimized6 mobile apps.
Amazon Business has announced its integration with Amazon Pay Later to mark its sixth anniversary in 2023. With this, we aim to provide virtual credit to eligible business customers to make their shopping affordable and ease their shopping needs. Under this offer, all eligible business customers enjoy 30-day interest-free credit with payment options up to 12 months at the lowest interest rates. The special thing is that there is no hidden cost here. This integration with Amazon Pay Later will further strengthen Amazon Business’ goal of digitizing business customers across the country. Our efforts will also play an important role in increasing the credit availability of MSMEs while ensuring a hassle-free payment experience.
In 2023, the share of large enterprise customers in Amazon Business is expected to grow by more than 100% year-on-year. Managing indirect expenses optimally has been one of the biggest challenges for large enterprise businesses. Talking about enterprise customers, features like GST enabled collection, transparent pricing, fast and pan India delivery are always beneficial for them. To purchase from Amazon Business, they need services based on advanced technology. Supplier consolidation and seamless integration with procurer to procurer (P2P) ERP are two such critical needs for enterprise customers. Keeping this in mind, Amazon Business has launched 2 special features, the first of which is supplier consolidation with ‘Invoice by Amazon’ features, where customers can purchase from multiple sellers on the Amazon Business marketplace, while getting a single seller consolidated invoice. Can get it; The second feature is ‘Punchout’, with the help of which P2P ERP integration has made the year 2023 a very important year for Amazon business.
Looking back at the year gone by, Suchit Subhash, DirectHer, Amazon Business said, “The year 2023 has been an extremely positive year for us with the addition of a collection of GST-enabled products on the Amazon Business platform to help our customers. Also, some special and new features have been introduced, which have made the shopping experience of the customers even better. Talking about these new features, it includes providing virtual credit to eligible customers in partnership with Amazon Pay (Apay). As we are seeing that more and more of our business customers are from Tier I, II and smaller cities and they are choosing online methods for purchasing. Given this, we are glad that our efforts to promote B2B growth are in the right direction. With the launch of ‘Invoice by Amazon (IBA)’ and ‘Punchout’, we look forward to providing customized procurement solutions to the country’s largest businesses in the new year. We remain focused on our mission to help our customers and seller partners buy and sell seamlessly while saving more.”
In 2024, Amazon Business will remain focused on its goal of further empowering MSMEs and large enterprises and reducing their indirect expenses by reducing their costs and improving ease of doing business. Amazon will continue to contribute to the growth of the business B2B sector this year and empower business customers by helping them reduce their indirect expenses. We know that the nature of procurement needs of businesses varies, so Amazon Business will continue to strive for greater innovation with a customer-backward approach.
