Rubber Board’s electronic trading platform ‘mRube’ will go live from June 8
mRube, the e-commerce platform promoted by Rubber Board will go live from June 8. KN Raghavan, Executive Director, will launch the beta version of the electronic platform at a reception attended by the Rubber Producer Society and other industry representatives.
The electronic rubber market will be a game changer in the rubber marketing system. Although rubber trading has an innate advantage of high-level trading efficiency, the trading system has not improved with the changing demands of the consumer sector.
“The good thing about India’s rubber marketing system is the realization of relatively high prices by producers,” said Binoi Kurian, Deputy Director, Marketing, Rubber Board.
Being an industrial raw material, the quality of rubber is always a matter of concern. Since rubber is a major raw material in the manufacture of an automobile tire, consistency in quality is highly imperative.
On the other hand, rubber producing companies and traders are often not paid commensurately for the good quality they produce. The e-marketplace is conceptualized to directly connect buyers and sellers so that their product requirements can be managed cost-effectively through this e-marketplace, he said.
A proactive measure
The roll-out of an electronic rubber market has been adopted as a proactive measure for better price realization by producers and to modernize the rubber trading system in the country by leveraging technology-based applications.
The electronic trading platform is envisioned to complement the existing trading system by bringing more transparency and visibility to the market. It is expected that e-commerce can bring more business to existing rubber traders, processors and manufacturers by reaching new sellers/buyers even in remote locations, he added.
Ahmedabad-based i-Sourcing Technologies is the technology partner. mRube follows a simple one-time registration. User details will be retrieved from the Council’s licensing portal once they enter their license number in the e-marketplace portal. An OTP-based validation will be performed by the system to complete the user registration.
The main features of mRube are borderless commerce; confidentiality in commerce; personalized business pages; quality certification; escrow account service; interest-free advance facility; filter options; legalized commercial contracts.
According to Kurian, the electronic rubber market is expected to strengthen the rubber marketing system in the country by integrating the upstream and downstream segments.
June 05, 2022