The driving force behind this surge in B2B spending is primarily technology investments…reports Asian Lite News
Indian businesses are emerging as global leaders in optimism, with a staggering 72 per cent expecting a surge in B2B spending in 2023, outpacing the global average of 49 per cent, according to a recent survey commissioned by American Express in collaboration with the Centre for Economics and Business Research (Cebr).
The driving force behind this surge in B2B spending is primarily technology investments, with a remarkable 88 per cent of Indian businesses planning to allocate more funds for technological advancements in the second half of 2023 compared to the first half.
This move aligns with their goals of improving payment speed, enhancing productivity, and meeting customer demands for more digital products.
Additionally, business travel is set to make a comeback, as 72 per cent of Indian businesses plan to increase spending on travel, entertainment, and expenses.
This indicates a renewed focus on networking, gaining industry insights, and exploring potential partnerships.
Furthermore, 68 per cent of Indian businesses intend to invest more in business and professional services, with a significant share expecting higher spending on IT and technology consultancy services to leverage technological advancements effectively.
Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking Corp., India said: “It’s noteworthy that a substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes.
“As the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount. For example, corporate cards, with their offering of extended payment terms, rewards on B2B expenditures, and seamless payment convenience, can make their spends more rewarding and efficient, effectively earning as they spend.”
Notably, a substantial 84 per cent of Indian businesses have partially automated payments to their suppliers, with 39 per cent having achieved full automation of their payment processes.
This shift towards automation is driven by the need for smarter and more efficient payment solutions to stay competitive in a rapidly evolving business landscape.
Furthermore, 92 per cent of Indian businesses consider improving payment security a top priority, emphasising the significance of safeguarding financial transactions in the digital age.
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