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| MFG.com unveils cost-effective model for SME units in manufacturing |
| BS Reporter / Mumbai/ Ahmedabad Aug 26, 2010, 00:01 IST |
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Atlanta-based MFG.com, an online sourcing marketplace for manufacturers seeking custom parts, standard components and assemblies has launched an entry level product for Gujarat-based SME units involved in manufacturing. The new product offers a faster, easier, more efficient and cost-effective model to source products compared to trade shows and other customer identification initiative by GIDC and other manufacturing units around Ahmedabad, Vadodara and Rajkot.
MFG.com already has a sizeable customer base in India with around 40,000 customers who have registered for free membership accounts, with the maximum coming from Gujarat, according to a release from the company. Its platform operates on a subscription-based model with suppliers paying an annual subscription fee starting US$2,500 and going up to $20,000 per annum. The new platform will allow members from across Gujarat to access key features of MFG.com—from RFQ (request for quote) to supplier selection and the final payment transaction at a nominal price.
Mitch Free, CEO and Founder of MFG.com who is visiting India said, “According to the Investment Commission of India, the Indian manufacturing sector is estimated to have a $180-billion investment opportunity over the next five years. Exports of auto components are estimated to reach US $22 billion by 2015-16. In addition, Indian textile and apparel exports are expected to register a four-fold increase to touch US $100 billion in the next 25 years. The growth trajectory in key manufacturing sectors is an indication of the future potential of Indian business, especially from Gujarat where we se tremendous potential. The state, with all the requisite skills in product, process and quality is closely competing with other manufacturing hubs like China or Taiwan and is se to emerge as a global manufacturing hub.”
MFG.com provides an intelligent platform to connect manufacturers and suppliers with the right expertise, capacity and credentials at the right time thereby driving efficiencies at all levels of the online sourcing process.
“The manufacturing sector is growing at over 17 per cent year on year and exports will touch US $300 billion by 2015. The domestic market is itself around $100 billion. More and more Indian SMEs are looking to take their products global and spend huge amount on traveling to trade shows or customer discovery initiatives. Our platform helps both the buyers and suppliers witness the prevailing trends of demand and supply in their relevant sectors on a daily basis and rapidly grow their business both domestically as well as globally from the comfort of their offices,” said Sanjay Shah, Managing Director, MFG.com India said.
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