E-commerce transactions to reach $100 billion in 2008

MUMBAI: E-commerce transactions in India are expected to reach $100 billion in the year 2008 as companies increase use of Internet to cut costs and improve speed and efficiency, a top industry official said here.
   
"The e-commerce transactions, which are currently growing at the rate of 30-40 per cent in India, are expected to reach USD 100 billion," Bikky Khosla, CEO of business-to-business (B2B) portal Tradeindia, said here.
   
"With the advent of Internet, far-flung global markets have shrunk into one small market. The B2B portals have succeeded in breaking the geographical and other conventional barriers involved in trading," he said.
   
"They have also succeeded in cutting down on the time and cost involved in the export-import business," Khosla said.
   
B2B portals help exporters and importers to trade with ease. Companies can avoid costs in terms of manpower, time involved in a transaction and document preparation, he said.

"Today, B2B portals are an absolute necessity for all enterprises of any type and size. The advantages of having the assistance of a quality B2B portal are massive. Registering one's company with a B2B portal can have immediate impact on the company's productivity," Khosla added.

Tradeindia is the largest B2B portal operating in the country. Other portals include Indiamart.com, Tradeget.com and Indianexporters.com.