IndiaMART.com’s ‘TrustSEAL’ to bridge trust gap in online B2B

New Delhi, June 11, 2003: IndiaMART.com, India’s largest online B2B marketplace, has launched ‘TrustSEAL’ – an indicator of trustworthiness of a company displayed online based upon its verified documents pertaining to existence, legal status, statutory approvals, affiliations and quality certifications.

“The ‘trust-factor’ plays a crucial role in growth of online trading, more so in the B2B (business-to-business) segment where the value and volume of transactions are high. How does one ensure the credibility of a company by merely having a look at its website, or worse still, merely a listing in online directory with a brief description and contact info? IndiaMART being a trusted and established online marketplace, today is in a position to offer its business visitors a set of companies across industries that it has verified for existence, legal status, performance and credibility,” comments Mr Dinesh Agarwal, CEO, IndiaMART.com.

Global B2B buyers, while dealing with distant, unknown companies are unsure of the credibility and even existence of their counterpart businesses. IndiaMART.com plays host to over 1,20,000 member suppliers & exporters and more than 2 million global buyers who visit the marketplace every month. Companies participating at IndiaMART.com can apply to obtain TrustSEAL, which will be granted if the documents presented by the company comply with the minimum requirements as laid down by IndiaMART. These documents may include Company registration certificate, Income Tax Registration/PAN number, Sales Tax No., RBI Code No., quality certifications, audited financial results, etc.

Once approved, companies can display TrustSEAL along with verified details at their websites, catalogs, directory listings, trade offers, etc. Thus, any company that displays a TrustSEAL online would mean that its documents regarding legal status, existence, credibility, quality standards, etc. have been verified by IndiaMART as a third party. Buyers dealing with a certified company may even seek access to copies of such documents as mentioned in the respective TrustSEAL. This would enable buyers to deal with companies online with a higher level of confidence.

Benefits to TrustSEAL Certified Businesses / Suppliers

• Edge over non-certified competitors online
• Higher trust level amongst buyers online attracting better response
• Reduce delay in lead-maturity
• Reduce the risk of transaction failure by allowing buyers to make informed choices
• Distinct & enhanced visibility all across IndiaMART B2B marketplaces

Benefits to Visitors / Buyers

• Visitors to IndiaMART online marketplaces will now be able to distinguish verified companies from the non-verified ones by way of a TrustSEAL seal displayed along with the company name
• On clicking the TrustSeal logo attached to any member company, visitors will be able to view details of relevant legal documentary evidences along with critical facts & figures pertaining to the company
• Buyers dealing with a certified company may even seek access to copies of such documents as mentioned in the respective TrustSEAL from IndiaMART. Thus, a global buyer can now deal more confidently with Indian companies online.

IndiaMART.com – The Global Gateway to Indian Marketplace

IndiaMART was launched in 1996 with a vision to place Indian businesses on the global B2B map with a particular focus on SME businesses. Fetching well over 12 million page-views today, the marketplace generates business worth more than Rs 600 crores annually by offering online B2B matchmaking services like business directories, catalogs, Industry portals, buy/sell offers, discussion forums, tender notifications, etc. With over 3,000 clients spread over 125 cities in India, IndiaMART operates from India’s largest web-development center in Noida, supported by a network branches and franchisee offices at 9 locations across the nation.

Pioneer in placing India on the global B2B map – IndiaMART’s firsts:

• 1996: Launched Online B2B Directory to promote Indian businesses globally
• 1997: Launched India’s first e-commerce website for Nirula’s
• 1997: Launched world’s first portal dedicated to Indian Handicraft
• 1998: Launched India’s largest online conglomerate of Indian travel businesses
• 2001: Recognised as India’s only cash-profit dotcom with multi-fold growth since six years
• 2002: Set up India’s largest web-development center in NOIDA
• 2003: Started India’s first Business Verification Service for online B2B