The UAE has an extraordinary mix of dynamism, growth, tech, strategic location and government incentives to offer making it a hotspot for start-ups and SME's across the globe. Not surprisingly, the country is ranked 16 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings.
The global pandemic continues to pose enormous challenges for businesses across the globe, but the right policies introduced by the government turned the crisis into an opportunity for innovation. The UAE was among the first few countries to deliver assistance to support businesses through these tough times by introducing initiatives to cover the rent, SME Credit Guarantee Scheme, as well as tax and insurance exemptions, waivers and fee reductions.
DXB: A glocal hub
When we decided to launch a B2B e-commerce company, the UAE was an ideal location for us because of various reasons such as the liberal trade regimes in the Gulf region and its ability to attract strong capital flows from across the region; economic diversification in trade, logistics, banking, tourism, real estate and manufacturing thus providing us opportunities to trade in various industries; well-established infrastructure, strong banking system and a stable political system; tax favourable environment; unrestricted repatriation of income and capital, and its geographic location.
Since the country is progressively diversifying its economy, minimising vulnerability to oil price movements, it boasts of a highly skilled workforce and extensive government support for entrepreneurs.
On the other hand, the amazing initiatives that region's law makers and business heads take in supporting SMBs is unparalleled at a global scale. Some of them include:
. The National SME Program
. The decision to allow 100 per cent UAE business ownership
. The customised financial products offered by various banks in the region for SMBs
. Low investments, flexible locations, and amazing connectivity
The transformation of mobile phones from a simple communication device to an integral part of our daily lives has truly been dramatic, as it has invaded every sphere of our life and business.
In November 2019, DXBUY was UAE's foremost B2B e-commerce platform dedicated to the SMBs in retail, unorganised trade and F&B. The convenience to buy things with a few clicks has spread from the business to customers (B2C) to the business to business (B2B) section and spending in the B2B e-commerce has swelled dramatically.
According to Shopify, today's B2B buyer has evolved. Instead of turning to traditional sources like sales reps and vendors, they now turn online. The aim of the application is to simplify the buying process by offering convenience, control, and choice. The platform leveraged data-driven technology to efficiently operate across the high volume, low transaction value categories by optimising sales and logistics cost, further supporting local manufacturers, wholesalers, and brand owners to streamline their operations with greater visibility and insights about their product categories. Our aim was in complete sync with the UAE's ambitious mission to be a global incubator for industry, trade and innovation.
According to Forbes, B2B e-commerce will grow to $6.7 trillion by 2020, with most sales being mobile and according to a research by Forrester, 74 per cent of B2B buyers say that buying from a website is more convenient than placing an order with a sales representative, and 57 per cent of B2B customers want access to their accounts online.
As millennials begin assuming senior roles and are taking the reins of business, they are bringing their unique perspectives on how to run a business and manage its talent. The internet and technology are a natural part of their daily lives, and hence they believe technology is about innovation and innovation in business is all about doing things differently in order to provide better products and solutions, and an improved service to customers. Successful businesses don't view technology simply as a way to automate processes, but instead use it to open up new ways of doing business.
Ascent of DXBUY
Keeping in mind the expansion of B2B e-commerce industry, DXBUY was launched to objectively target lower customer acquisition and order procurement costs, and subsequently provide businesses with the most economical product pricing available in the market, and help companies achieve growth and success with the help of technology.
Business in the first year of operations at DXBUY has grown close to 300 per cent as we are able to layoff the excessive expenses from traditional purchasing approaches.
The growth can be attributed to other factors such as amazing connectivity in the region, strong systems and support from the regulatory bodies as well as the level of acceptance to technology that nearly all the populace of the region exhibit, thus making the UAE the best country in the MENA region for business operations.
Through the use of technology, we are further cementing the UAE's vision of strengthening the local businesses by allowing brands and manufacturers, both local and international, to be able to connect and transact in the most convenient and cost-effective manner by using mobile applications.