B2B Marketplace SpanBuy Launches Jugni, An AI-Based Business Manager for MSMEs
MSMEs contribute to over 90% of the retail transactions of consumer goods in India, especially the non-branded consumer products that account for over $300 billion worth of B2B transactions. Unfortunately, they suffer losses in excess of $30 billion due to the unorganised nature of business, inefficiencies, damage, theft, unrecovered debts, and mismanagement of records and unavailability of credit, among other ancillary issues. This impacts over 20 million micro and small manufacturers, wholesalers, retailers etc. While brands have their own distribution channels, the micro and small businesses lose out to middlemen. The reach of these manufacturers is mostly local and is limited to around 500 to 1,000 retailers. According to a survey by SpanBuy, a B2B marketplace exclusively for micro and small businesses, there is a minimum of 3 layers of middlemen before a product reaches the retailers. This significantly increases the cost and reduces the margins for ...