72% Indian Businesses Optimistic About Surge In B2B Spending In 2023: Amex Survey

New Delhi, Nov 8 (KNN) About 72 per cent of Indian businesses from 513 firms expect an increase in B2B spending in 2023, outpacing the global average of 49 per cent, as per an American Express survey. 

The survey is a report of 513 senior decision makers from sole enterprises, MSMEs and large businesses in India.

The study highlighted that the surge in B2B spending in India is fuelled by technology investments leading the way with 88 per cent of businesses planning to spend more on it in the rest of 2023 compared to the first half of the year.

The survey was part of a global study Trendex: B2B edition commissioned by American Express with the UK’s consultancy firm Centre for Economics and Business Research (Cebr). 

Another major factor in the growth of expected spending was business travel, as 72 per cent of businesses said they are expecting to increase spending on travel, entertainment, and expenses. Business and professional services also seemed to be a key area with 68 per cent of Indian businesses expected to spend more on it for the rest of the year.  

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.” 

Kapoor said that as the business landscape becomes increasingly competitive, the need to adopt smarter and more efficient payment solutions becomes paramount.

The survey further noted that an overwhelming 92 per cent of Indian businesses part of the survey considered improving security around payments as a top priority. 90 per cent also agreed that managing cash flow and working capital has gained greater significance over the past year.  

Moreover, automation in payments has also been on the rise with 84 per cent of Indian businesses having at least partially automated payments to suppliers, while 39 per cent have fully automated their payment processes.

(KNN Bureau)