Benefits of GeM Registration for Both Buyers and Sellers
The Government e Marketplace (GeM) was launched in 2016 with the goal of transforming public procurement in India. Procurement procedures have always been beset by problems including time inefficiencies, lack of uniformity, and opacity. Acknowledging these obstacles, the Indian government set out to create an open and effective digital marketplace that links private vendors with public customers nationwide.
“GeM streamlines government procurement with paperless transactions, vast seller base, and cost savings, revolutionizing public procurement in India.”
Central Ministries, State Governments, PSUs, and organizations now have access to millions of Indian vendors thanks to the introduction of GeM. At now, the platform has more than 38 lakh registered service providers and sellers. GeM functions as a technologically advanced platform that provides effortless registration and cost-free product and service browsing, hence streamlining the purchasing process.
Understand through this video what is GeM & How it works.
You can check out this video to understand more easily about GeM. In this video you will learn about Gem, what is it and how it works. and about buyer and seller dashboards as well in detail.
Here are a few strong arguments for buying or selling on GeM:
- Contactless and Paperless Transactions: GeM enables online and digital transactions, doing away with the requirement for paper records and expediting procedures in a matter of minutes. Online payment alternatives and free registration add even more efficiency and simplicity.
- Large Seller Base and Product Variety: GeM offers a plethora of options for small enterprises to thrive, with over 40 lakh sellers and a diverse range of products and services. Encouraging vendors and fostering efficiency and openness in public procurement, its free registration and product listing complement the goals of ‘Aatmanirbhar Bharat’.
- Many Options and Simple Selection: GeM provides a wide array of goods and services, making it simple to choose what you need in accordance with your needs. Comprehensive comparison is made possible by different filters, and search, selection, and cost optimization are facilitated by golden parameter-based catalogs.
- GeM’s Buyer Seller Incentivization Scheme encourages customers to place the greatest purchases by rewarding them with digital certificates and recognition, which increases engagement and zeal.
- Technology-driven Portal: GeM runs on a state-of-the-art, scalable cloud-based platform that is accessible around-the-clock for smooth transactions. It does this by utilizing cutting-edge technologies like artificial intelligence and machine learning.
- Value for Money: By combining products and services, GeM may save the government up to Rs. 40,000 crores annually and achieve average price reductions of up to 56%.
- e-Bidding and Delivery Efficiency: GeM uses reverse e-auction and e-bidding techniques to improve the speed, efficiency, and openness of public procurement. This is especially noticeable in times of crisis, like as the COVID-19 epidemic.
- Integrated Payment System: To guarantee quick payment cycles and encourage participation from Micro & Small Businesses, GeM connects with banks and CPSUs/PSUs. Transactions are made easier by the automated payment system, which reduces the need for human participation.
- Safe and Easy-to-Use Dashboard: GeM offers buyers and sellers a safe online platform to oversee inventory, payments, and product availability. Digital verification procedures provide complete openness and dependability, creating a favorable atmosphere for business-government dealings.
In conclusion
GeM offers a transparent, effective, and technologically advanced platform to enable smooth transactions between government buyers and sellers throughout India, hence bringing about a paradigm change in public procurement.
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