Suchit Kumar, CEO, TEXUB, tells us how TEXUB provides the platform for channel partners to digitally trade and have global reach both in buying and selling. TEXUB supports and empowers channel partners in growing their business revenue by shifting from traditional systems to digital systems.
Describe your current job role and a summary of the business model of your organisation?
As the CEO of TEXUB and also one of the founder members my role is to demonstrate my knowledge and experience in driving the unique concept of B2B Marketplace trade in IT, CE and mobility. I hold the responsibility to stakeholders, partners and employees equally in driving the success and growth of the company.
TEXUB is a one-stop data-driven and technology-based Global B2B marketplace, offering a safe, stable and seamless trade ecosystem to businesses for end-to-end trade in IT, CE and mobility by connecting verified sellers and buyers. Our platform provides high security, privacy, scalability and reach for improved and immersive buyer and seller experience.
What are your strengths and abilities that you bring to the above role?
My strength is the comprehensive understanding of the business and international trade. With more than 30 years of experience in the industry, I have been able to drive sustained revenue and profit gains within highly competitive markets. With my knowledge, I was able to plan the concept of this business, ensure its viability for successful operation and inspire trust. Our business model has been based on a distinct vison and a daring action making it unique and futuristic.
Please describe the opportunities and challenges that exist for channel partners in your market?
The future trend of business adapting connected hybrid experience will fuel digital trade. TEXUB provides the platform for channel partners to digitally trade and have global reach both in buying and selling. Through TEXUB, the partner could expand business with lower cost and enhanced profit. TEXUB has been able to eliminate the concerns of limited reach, variable price and high cost which were the major challenges faced by partners.
Which technologies and innovations can make a difference to the channel market dynamics in the near future?
Some of the major tech innovations that can make a difference to the channel market dynamics are:
AI – The broad application of AI technologies for everything starting from customer experience, studying consumer behaviour, planning and procurement, to health sciences and from farming to space exploration, is rapidly changing our world in incredibly positive ways that most of us fail to notice.
The Metaverse – This is a fusion of physical, digital and biological worlds, a new concept of ‘reality’, and we would be able to experience this reality with all five human senses involved. There will be more progress in this area, but realising this grand vision will take more time.
Smart devices – We hope to see an evolution in smart glasses and lenses as going forward, the Metaverse will be experienced as an overlay of reality, rather than via visiting a gaming platform on our laptops or phones. The hardware is slowly getting there but it might take a company like Apple to launch their Apple Glasses to force a breakthrough in this hardware segment. More smart devices in healthcare and wellness would get introduced.
IoT market – Great opportunity area which unfortunately has become hugely fragmented. This intense fragmentation needs a massive consolidation to generate scale and attain operational profitability.
Web3 – The shift to Web3 is already under way. However, there are key challenges such as interoperability, scalability, regulation, public trust in Web3 and IP issues.
In summary, Digital Transformation truly is a blue ocean opportunity for every company in the technology space, helping improve products, manpower and processes.
How can a channel partner disrupt the regional market and gain a leading competitive position?
The B2B buying process is changing and the seller needs to change the sales strategy. Lack of time with buyers, coupled with rapidly shifting buying dynamics, powered by digital buying behaviour is reshaping the strategic focus of IT sellers.
The strategic priorities for digital adoption are driving top line, improving the consumer experience, building new channels and expanding their reach globally. It is essential for sales leaders to upgrade their skills for future trends, adapt to digital business transformation, enhance the business scope and create value.
Which non-competitive business do you admire for its channel drive and strategy?
I really admire the digital freelancer hire services platforms. Their process model Service-as-a-Product (SaaP) model is to create an on-demand, e-commerce-like experience that makes working with freelancers as easy as buying something on Amazon. The technology platform has evolved and advanced significantly over time to support their rapid growth and increasing scale.
They continue to develop new features and tools to provide value to their buyers and sellers in areas such as payments, communication, collaboration and automations.
Which aspects of your job role do you find rewarding and which challenging?
The role I find rewarding is that TEXUB supports and empowers channel partners in growing their business revenue by shifting from traditional systems to digital systems. TEXUB helps them to leverage the B2B marketplace platform to expand their reach and business globally, while accessing it locally. Diginomics is a program offered by TEXUB for skill development and skill upliftment and for helping partners to adapt to Digital Transformation. While it supports their Digital Transformation journey, it also helps in reducing offline costs. At the same time, it is also very challenging to adapt, change and evolve with the digital world due to channel organisational inertia.
How do you best like to de-stress and re-charge off work?
Exercise has proven me to help relieve stress while simultaneously boosting workplace productivity. To de-stress after work, I go for a walk or a quick run, or do yoga. Any activity that boosts your heart rate and causes you to get a bit sweaty will help relieve some of your stress, so you’re better prepared to tackle tomorrow.
How do you think time-off will transform in the metaverse and in the digital world?
The Metaverse, if built collaboratively, will be an open ecosystem enabling deep, rich, immersive experiences that are accessible and interoperable. VR can be used to create immersive and interactive experiences that enhance the customer’s experience. Virtual Reality has the potential to transform the way businesses operate by improving training, enhancing customer experience, enabling remote collaboration, facilitating product design and development and enhancing marketing and advertising.