The journey so far: Till Dec 2019
2019 was an eventful year of widespread protests, general and multiple state elections, removal of article 370, the Supreme court’s ruling on Ayodhya temple and slowing down of the Indian economy.
As we enter in 2020, we looked at the bygone year to understand what 2019 meant for the tender’s industry and us. Our insights report uses BidAssist’s own proprietary data and users behaviour information. We sifted through millions of data points to put together a comprehensive report of the key insights of the industry.
1. The news of economic slowdown is not speculative or groundless.
When we looked at our data, we found the inklings of the falling state of the economy in our analysis. The percentage of tenders having value more than INR 1 Cr dropped to 6% while it was 8% till the end of the first half of CY 2019. It reflects the stressed state of spending and investment in India Inc.
However, we enter in 2020 with high hopes of the Indian economy rebounding on the back of measures taken by the government and the RBI. India business’s got a pleasant surprise in September 2019 when the government slashed its corporate tax rates from 30% to 22%. Yesterday, FM Nirmala Sitharaman unveiled Rs 102 lakh crore boost to achieve the GDP target of $5 trillion by 2024-25.
2. SMEs are the biggest push of the government.
Small & Medium Enterprises (SME) or Businesses (SMB) can still cheer the focus Nirmala Sitharaman have on them. Even though tenders above INR 1 Cr have shrunk, the total number of tenders released in CY 2019 have increased month on month at an average growth of 5%. We had begun 2019 with 1.8 mn tenders and added about 3 mn tenders during the year. This is a significant number considering model code of conduct in force between March and May across the country, and then in Maharashtra from September to November.
This data is based on tenders published by 7000+ authorities. We now have around 1.9 mn tender results as well on BidAssist.
3. Maharashtra and Uttar Pradesh continued to dominate at the state level. Public Works Department and Municipal Corporation remained strong at the authority level.
The distribution of tenders remained the same until the end of 2019. Although there was a 1 per cent drop in contribution of Maharashtra due to state elections, it along with Uttar Pradesh continued to contribute more than a quarter of tenders. The trend at authority level also did not change with Public Works Departments and Municipal Corporation releasing the maximum number of tenders in 2019, which reflects the state government’s resolve to boost infra spending.
4. SMEs searching for new business opportunities are rising dramatically.
As per the 2017-18 annual report of the Ministry of Micro, Small and Medium Enterprises, there are about 64 mn MSME enterprises in the country. Of which, only 3.3 lakh enterprises are in Small & Medium category as Micro category accounts for more than 99% of the total estimated number of MSMEs. On BidAssist, however, we comfortably surpassed 1.3 mn users mark by 2019 end. Looking at this growing number of users who are landing on BidAssist to search for new business expansion opportunities, we expect CY 2020 to be even better.
5. SMEs are going mobile.
A whopping 80% of our traffic is mobile and Android is the clear winner. Our mobile-first approach has been the key pillar in enhancing the experience of SME users. Today, more than 10 thousand tenders are viewed daily by these users. This has increased drastically from 7 thousand tender views six months back, thus reinforcing our belief in the approach. Apart from searching without any keyword restriction, SMEs can now check tender results in real-time directly from the tender, view BOQ items without having to open the document, take tender evaluation notes online to save from tedious excel work and also look for other SMEs who are willing to form a joint venture to bid for tenders.
BidAssist is an online government tender portal that helps SMEs to find the latest e-tenders, tender notices and bid awards for all government departments. We publish all tenders on the same day they are issued on the government websites.
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See the full report here