B2B E-commerce platforms can be the ultimate solution for the textile business all over the world. Due to the ongoing CoronaVirus-19 pandemic, the entire business community is out of supplies. According to the Institute of Supply Chain Management, 75% of companies have reported disruption in conducting business. Since the textile and apparel industry is mostly dependent on foreign suppliers, there is a high chance of a significant impact of crises like COVID-19. Therefore, a question arises, if the textile E-commerce B2B platforms can be the ultimate solution for sourcing and conducting B2B business?
First and foremost, CoVid-19 is shaking the whole world with its unprecedented horror and it is affecting not only hundreds of thousands of people but also the entire business sector. Due to travel restrictions, buyers are unable to travel and a lot of business deals are being affected. According to the Institute of Supply Chain Management, 80% of businesses will be critically affected due to COVID-19 and it will have a serious consequence on the rising economy like Bangladesh, and Vietnam. (Source: ISM)
Corona Virus-19 outbreak is the biggest global crisis of this century. This is an infectious disease started in world’s largest apparel and textile manufacturing nation. China is the largest textile and apparel exporter in the world and manufactures 43% of global textile and apparel. Due to this ongoing pandemic, textile and apparel sourcing has been critically disrupted. Shipments delayed, flights canceled and people are afraid of going out. In a sense, the world is under lockdown.
Therefore, the world is acknowledging that we must take measures to flatten the curve. To keep business going B2B online marketplace can help significantly. Well, it might still be tough to conduct all types of business under this circumstance, yet some important actions might be done through online platforms.
B2B E-commerce platform has become an important tool for the entire business community where the textile and apparel industry is significantly dependent on it. For the last decade, B2B marketplace has become the center of commerce where an estimated 68% of companies are making business deals through B2B e-commerce. According to Pelissie du Rauses, two-third of the companies are using B2B E-commerce for business and currently, more than US$8 trillion dollars are exchanged every year through B2B online marketplaces. According to iBe TSD Ltd., global sales will increase further and will reach US$3.6 trillion by 2024.
The B2B E-commerce business model is becoming inevitable for day to day business and trading. But in a crisis like CoronaVirus-19, it can become the ultimate solution for buyers and manufacturers all over the world. Besides, maintaining distance from all types of public gathering is necessary for all of us and during this circumstance, B2B marketplaces are the ultimate future.
In this kind of situation, most of the offices are being closed and business activities are being critically disturbed. GoSourcing365 is a dedicated B2B platform for the textile and apparel industry, has already reported a huge surge in Online Textile and apparel sourcing due to the novel CoronaVirus-19 outbreak.
Though the impact on the economy and business cycle is huge yet with the help of online platforms, the entire system can continue. And this way only, the global damage can be reduced. On the other hand, if the online business model is properly integrated, sourcing can be done remotely to avoid any further transmission.
In short, B2B E-commerce business model is one of the most useful online business tools that can save many businesses. Since the global textile and apparel industry is fully dependent on each other, sourcing from other countries is inevitable. To be conscious about employee health and the business itself, taking serious measures is necessary and B2B E-commerce will be able to mobilize business around the world.