Introduction
The Banyan Tree is an Asian symbol for a market, a perfect spot for buyers and sellers to meet and trade in the shade. In the early days, traders in the textile community bartered goods and barter systems emerged. The advance of community building across villages and townships eventually led to the birth of Wholesale textile product site and trading centers.
The Banyan Tree Theory is the basis of business process studies throughout online trading. It’s about creating efficiencies across communities, regions and industries.
The world is flat! Today’s world uses high-end technology and communications to bring people closer together. Economies are becoming more transparent and the way we do business has changed. As global economies use synchronized supply chains and instantaneous communication techniques, keeping up is imperative. The flattening and convergence of business tools is leading to business functions being brought to the web.
Imagine being able to go to a textile market where thousands of companies from all over the world are selling and buying virtually. Now imagine doing the same any time of the day, any day of the week! This is what online trading can do for a global company.
Companies go to great lengths to enter new markets, whether it’s a new region, a new end user, or simple market expansion. The options available to the Fibers Intermediate, Fibers and Yarns companies were limited. The Internet has proven to be a very powerful medium for marketing.
Go beyond paper
The procurement of goods and services is a source of frustration and costly inefficiency in many organizations. Procurement operations are plagued by inefficient product selection and sourcing. They involve time-consuming manual ordering processes and are associated with expensive inventories.
Companies have long purchasing cycles and approval times, and lack the data and resources needed to conduct procurement more cost-effectively and strategically. Internal process inefficiencies often prevent employees from purchasing the goods and services they actually need.
The procurement process in many companies continues to rely on inefficient manual, paper-based processes. The traditional procurement method has high time and resource costs associated with processing a typical order, especially when each step has to be handled manually.
The conventional model
The fundamental inefficiencies in organizations’ procurement systems can only be addressed by streamlining existing relationships. There is an urgent need to create meaningful collaboration between companies that already work together.
The advent of the internet as a means of fast and cheap communication, complemented by open standards and exchange protocols, has led to an explosive growth of B2B textile portals. Marketplaces like YNFX and Just-Style are designed to allow purchases to be made on a commodity basis.
Online trading approach
For the promise of e-procurement to be realized, the barriers must be low, both in terms of cost and disruption to day-to-day business operations. Realizing the full potential of online commerce requires a shift to a neutral model that integrates sourcing and fulfillment in a single environment for buyers, suppliers and interested third parties.
An effective online textile marketplace should fundamentally provide organizations with an inclusive and collaborative trading environment where all participants can trade effectively and economically in a neutral, mutually beneficial environment.
Online trade connects organizations
Online commerce connects organizations to a textile materials and accessories common infrastructure that provides the full range of services needed to facilitate trade relationships and conduct commercial transactions.
Today’s modern, internet-based architecture means that no software is installed on the client side. Buyers and suppliers join a solution that enables fast and efficient adoption for all users in an organization, regardless of their location. Buyers and suppliers can trade effectively and economically in a neutral, mutually beneficial environment.