The Business Bytes
Bhubaneswar, November 6, 2024 (TBB Bureau): Vedanta Aluminium, India’s largest aluminium producer, is witnessing a significant shift in the procurement patterns of small and medium enterprises (SMEs) through its innovative e-commerce platform, Metal Bazaar. In the six months since its launch, the platform has seen a remarkable 35% rise in SME users, while active users on the platform have soared by an impressive 240%, indicating a robust adoption of digital buying solutions among Indian businesses.
Designed as a one-stop solution, Metal Bazaar enables SMEs to procure aluminium directly, bypassing intermediaries and empowering businesses to purchase exactly what they need without any caps or limits. This approach is particularly beneficial for smaller enterprises, as it allows them to streamline procurement, reduce complexities, and focus more on growth. The platform’s rapid adoption underscores the larger trend of Indian enterprises gravitating towards transparent, efficient, and digital procurement solutions.
To further enhance customer convenience, Vedanta Aluminium recently launched a user-friendly WhatsApp chatbot for Metal Bazaar, enabling customers to quickly access key information such as free balance and dispatch details. This innovative tool is a part of Vedanta’s commitment to aligning with the objectives of Digital India, providing seamless and instant access to critical updates for its users.
Metal Bazaar’s intuitive interface and advanced features address common challenges SMEs face in the procurement process. With capabilities like instant ordering, price locking, and real-time shipment tracking, the platform is transforming traditional procurement methods, offering SMEs unprecedented efficiency. The platform’s emphasis on ease of use and transparency has led to 100% adoption of essential features such as price booking through London Metal Exchange (LME) hedging, access to financial reports via the ledger, and live shipment tracking with dispatch visibility. This high engagement rate highlights the strong demand for digital solutions that simplify complex buying processes.
Since January 2024, Metal Bazaar has also generated over 150 leads, including 45 for export opportunities, showcasing the platform’s reach and impact across the aluminium market.
Reflecting on the platform’s success, Sunil Gupta, Chief Operating Officer (COO) of Vedanta Aluminium, said, “Vedanta Metal Bazaar is not just a platform; it’s a revolution in how aluminium procurement is approached. Our solution simplifies the procurement journey and adds significant value to our customers. The strong adoption we’re seeing is a testament to the platform’s alignment with the evolving needs of businesses of all sizes in India, and we remain committed to enhancing it to serve our customers even better.”
Customer satisfaction ratings for Metal Bazaar have exceeded 4.3 out of 5, highlighting Vedanta Aluminium’s commitment to creating a reliable and efficient customer experience. With AI-enabled features that offer real-time monitoring and full transparency, the platform empowers customers with control over their procurement process. This high level of customer engagement has also driven near-100% adoption of key modules, including price booking for market protection, financial access through the ledger, and live order tracking through dispatch visibility.
By streamlining these processes, Metal Bazaar has dramatically improved operational efficiencies, allowing Vedanta’s sales team to reduce their daily working hours by over half, thus freeing up time for strategic initiatives.
Vedanta Metal Bazaar offers a range of advanced features designed to enhance user experience in the non-ferrous metals sector. It provides mobile access through a user-friendly interface and introduces an innovative ‘agreement tool’ that simplifies complex negotiations. With AI-powered spot ordering and live shipment tracking—pioneering advancements in the metal industry—users can easily manage orders and monitor deliveries. There are no restrictions on material purchase quantities, and QR-based product authenticity checks add an extra layer of reliability, complemented by integrated feedback systems. The platform collaborates with a trusted panel of finance and logistics partners to facilitate smooth procurement processes, making it suitable for all customer types, from large enterprises to MSMEs. Users also gain easy access to Restora, India’s first low-carbon ‘green’ aluminium range, and can interact with Vedanta’s quality, technical support, product application, engineering, and innovation teams through a single-window interface. Additionally, the Metal Bazaar provides opportunities for technical upskilling via its centre of excellence, which collaborates with research institutes, industry associations, and global experts to drive knowledge and innovation in the field.
Vedanta Aluminium’s Metal Bazaar is proving to be a game-changer in the aluminium industry, positioning itself as a digital leader and setting new benchmarks for procurement in India’s SME sector. As the platform continues to evolve, it remains poised to further empower Indian enterprises and catalyze the shift towards digital procurement solutions.
