Traditionally industrial spare parts have been sourced, procured through offline mode. But with the dynamics of the industry changing rapidly, this process is set to be taken over by storm. Yes, the next big wave is coming!
There are a number of benefits coming through online, and that the user behaviours undergoing major transformation.
• Track for Right Spares
Industrial spare parts suppliers understand that the new technology in image recognition could transform their business. The main purpose of Image search would be to help buyers find right alternative spare parts by just dragging the image on to the search box.
Maintenance spare parts are common industrial spares, where sometimes a buyer may not know whether one spare can replace another despite its similarity in application, vertical etc.
Yet another important aspect to consider is ‘Geo Search’ feature. This can help the local businesses (industrial spare parts buyer or seller) to address opportunities in their region/territory more effectively.
• Digital Lending Platform
Industrial websites will soon provide digital lending marketplaces intending to create more value for the seller and buyer by reducing marginal transaction costs and also providing digital loans. This offers an advantage to the SME’s seeking small instant loans. This helps customers to not only get products faster, but also get easier access to the loans through quicker facilitation of this process online..
• Brand, Products Aggregation
One stop sourcing is being appreciated by many industrial buyers and sellers as that avoids the commotion and complexity in handling multiple brands and multiple transactions. The Industrial Spare parts aggregator has been on the rise thereby consolidating the market with buyer and sellers on a single platform.
Industrial spare parts aggregators are not providing brand and products under one roof, but also offer high quality spare parts online to their customers.
• Research Online Purchase Offline(ROPO)
Industrial buyers are not like consumers who are comfortable to buy products online. As this industry has been sourcing only through traditional means, the advent of online procurement is going to transform this space. The aggregator platform for Industrial spare parts online, can leverage this by providing an online, offline combination to ensure buying and selling is enabled without compromising their fundamental requirement specifications/processes. So,‘Research online, purchase offline’ model can work best.
While traditional auctions have been around for years, online auctions have started to generate interest for bidders (buyers and sellers) to take part in the program across the globe.
Many Industrial selling websites have started to concentrate on E-Auction as it is a quick to transact and easy platform to use that can generate big sales. E-Auction has been a boon to both the industrial spare parts buyers and sellers. It has been able to generate a lot of attention as it provides great benefits for all involved in the process. For the buyers it provides a lot of option across geographies to bid for it and the range of items that they can choose to buy. Likewise, for the sellers, instead of scrapping the unused products, they can generate revenue by accessing a larger audience market through this marketplace.In the next couple of years this trend is going to be on the rise and industrial spare parts buying and selling online will become part of the procurement process sooner or later.