Launched in September 2017, Amazon Business completes six years of empowering business customers in India this year, helping them with seamless and efficient e-procurement. To commemorate the six years, Amazon Business also announced its integration with Amazon Pay Later to provide a virtual credit to eligible business customers.
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The government of India’s aim to revamp the Credit Guarantee Scheme for MSME sector during the Budget 2023-24 highlighted the need for credit availability for MSMEs to scale their operations. This integration with Amazon Pay Later to offer virtual credit to eligible customers will propel Amazon Business’ aim to digitize business customers across the country and play a crucial role in scaling their credit availability to MSMEs while ensuring a hassle-free payment experience.
With Amazon Pay Later, business customers will be able to digitally sign up and get access to instant credit, thereby making seamless purchases on products across categories. In addition to an uninterrupted payment experience, they will also be able to use this credit to make bill payments on Amazon.in, buy Amazon Pay corporate gift cards, travel, insurance and much more.
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The initiative is aimed to help customers extend their monthly budgets for bulk purchases of products ranging from daily essentials, electronics, to corporate gifts for their businesses. The credit utilized can be successfully repaid in the subsequent month at no additional fees, or through easy EMIs up to 12 months at nominal interest rates with no hidden charges involved.
Commenting on this milestone and development, Suchit Subhas, Director, Amazon Business said, “We are grateful for the support we have received from our customers and selling partners in the past six years of our operations in India. Since inception, we have always aimed to bring together the largest assortment of GST enabled selection with competitive & transparent pricing, widest delivery coverage and innovations in digital procurement to make buying simple and efficient for businesses. Keeping our customers at the forefront, we are happy to introduce Amazon Pay Later to provide them access to credit, thereby ensuring greater affordability for them.”
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The journey of Amazon Business has been focused on driving digitization for its customers and simplifying their procurement process. Keeping up with their evolving needs, it has continued to innovate and add features including ‘Bill to Ship to’ allowing customers to claim GST credit on their billing address for their pan-India shipments. In early 2022, it also launched the Android and iOS optimized mobile app specifically designed to improve the procurement experience of business customers on the go. For the seller partners, Amazon Business also provides an additional opportunity on Amazon.in to scale their B2B business by catering to requirements of lakhs of business customers and grow their revenues. Features such as ‘Request for Quantity Discount’ and discounts on bulk purchase help sellers cater to lakhs of orders from businesses across the country.
This customer centricity has enabled Amazon Business to grow exponentially in the last 6 years. It has seen CAGR of 150% increase in customers and 145% increase in sales. Tier 2 and tier 3 cities also played a significant role in this growth, with 65% buying customers coming from smaller cities. Over the past years, 33% of our customers are loyal buyers who repeatedly come to Amazon Business for their purchases with 60% of them from Tier 2 & 3 cities.
As part of the anniversary offer business customers can also avail attractive discounts and incremental cashbacks on Amazon Business.
