Seventy-nine percent of businesses are eager to increase their investments in advertising and marketing to explore new marketing channels (69 percent), target international markets (58 percent), and promote new products and services (58 percent).
These findings were revealed in Trendex: B2B edition, a survey commissioned by American Express with the Centre for Economics and Business Research (Cebr).
This year, 72 percent of Indian businesses are expecting a surge in B2B spending, which is outpacing the global average of 49 percent. The surge in B2B spending in India is fueled by technology investments. Hence, 88 percent of businesses plan to spend more on it in the rest of 2023 compared to the first half of the year.
Seventy-two percent of businesses are expecting to increase spend on travel, entertainment, and expenses. Sixty-eight percent Indian businesses expect to spend more on business and professional services for the rest of the year.
Eighty-eight percent of businesses feel optimistic about the future success of their company for the year ahead. This is well above the global Trendex average of 77 percent.
The survey further reveals that 92 percent of Indian businesses consider improving security around payments as a top priority. Ninety percent of Indian businesses also agree that managing cash flow and working capital has gained greater significance over the past year.
Automation in payments is rising with 84 percent of Indian businesses having at least partially automated payments to suppliers, while 39 percent have fully automated their payment processes.
Manish Kapoor, vice president and head, global commercial services (GCS), American Express Banking CorpIndia said, “It’s noteworthy that a substantial 84 percent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 percent 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.”