HSBC-backed B2B digital platform rolls out digital solutions for apparel businesses
The solutions will help the businesses showcase their products and capabilities, grow their network, and get a better understanding of their supply chains.
B2B platform by HSBC Bank, Serai, has launched a slew of digital solutions to empower Indian businesses operating in India's apparel and textile industry. The solutions will help the businesses showcase their products and capabilities, grow their network, and get a better understanding of their supply chains.
The recently introduced feature allows businesses to upload their request for quotations (RFQ) on the platform which can be responded to by manufacturers and suppliers. According to the claims by the company, over 1800 RFQs have been submitted since February, indicating a strong global demand for garment sourcing.
The traceability solution rolled out by Serai in January allows apparel businesses to track cotton and other raw materials used for making the final products.
Vivek Ramachandran, CEO of Serai
Commenting on these developments, Vivek Ramachandran, CEO of Serai, said, "While the travel restrictions brought about by COVID-19 have made the traditional way of doing business difficult, this has opened up opportunities to take a new approach. Technology is a critical enabler for us to overcome these issues. Platforms such as Serai’s can help to aid the transition for apparel MSMEs and start-ups to a post covid, digital world."
He further added that Serai's platform enables businesses to build relationships with buyers and suppliers from all over the world.
Features introduced by Serai also help in accelerating the buying cycle, especially for the small and medium-sized business whose working capital needs cannot afford disruption.
The platform was launched in 2019 and currently, has over 7,000 companies on its platform from over 100 countries including India, UK, Bangladesh, Sri Lanka, the US, and Australia. About 62 percent of the users are suppliers and manufacturers on the platform, while 38 percent are buyers and brands primarily from the US, UK, and Australia.
Edited by Kanishk Singh
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