"India is about to lead B2B eCommerce." The statement has been made with the fact that large business entrepreneurs are pouring in their resources to take advantage of one of the biggest economies in the world. It is public that global players are making huge investments in Online B2B Marketplaces and results are as astounding as the investments. A slight increase has been recorded in current GDP and also the B2B eCommerce market contributed the sum of $60 billion last year.
B2B eCommerce in India
Let's talk facts about B2B eCommerce, there are 14 million users in the industry who are fueling about $525 billion in markets and entering into the expansion mode. It is surely the game-changer for online business owners and they are investing a huge amount to get established into the B2B marketplace. Since India has allowed 100 percent FDI for B2B eCommerce, investors don't have to pay establishment costs to enter the Indian B2B marketplace.
You may know what B2B marketplace is, now take a look at the table to understand how B2B eCommerce is different from B2C eCommerce.
The Drivers of the B2B marketplace
The success of the B2B marketplace is heavily dependent on many other businesses and trends. For example, the digitalization and introduction of the internet helped people to go to app-based solutions. They feed their information related to likings, disliking, which helps businesses to target the customers in a way to general leads. Also, the use of AI to identify and detect customer behaviors worked very well for digital marketers. It helped the B2B market to establish in a way that increases the user penetration and reaches as many customers as possible.
Also, the credit for the ever-expanding B2B marketplace goes to other business sectors such as Mobile Accessories, Consumer Durables, Home Furnishing, apparel, and Healthcare. Probably this is the pattern of B2B buyers as they deal in such industrial products. You must understand that industries like industrial supplies and construction will also grow as these sectors have huge potential with the growth of mankind.
According to a leading finance magazine, almost 80 percent of the manufacturers will dive into B2B eCommerce within the next couple of years. With transactions growing rapidly in the B2B marketplace, many eCommerce platforms such as WooCommerce, Magento, BigCommerce, IndiaMart, Shoppa.in, Shopify, etc will also gain a rise in demand. Well, all the platforms do not provide integrated B2B solutions so business users either upgrade or employ dedicated B2B solutions to take advantage.
The rapid growth of the Online B2B marketplace in India
We have interviewed many B2B business owners in India and they explained how switching to an Online B2B marketplace helped them to grow their business on a global scale. Surely, the online B2B Marketplace is growing worldwide and India has witnessed the super growth of the B2B online marketplace.
The main reason for this successful shift is,
1) Digitalization of India with 4G fast internet.
2) Demonetization of Indian currency that made people curious about online transactions.
3) Implementation of GST. (Goods and Service Tax) due to which transporting goods from one place to another became easy.
Financial analysts have predicted that the adoption of the online B2B market will help the business sector to reach $150 billion by the end of the year 2021, resulting in annual growth of more than 50 percent. If things go right then it would be the highest growth rate in the world.
Even the Indian government has sensed the growth potential of the online B2B marketplace and launched a new platform of their own named "Government e-Marketplace". This way the government can make procurement by public sector enterprises efficiently and effectively.
Online B2B marketplace offers many benefits due to which businesses gravitate towards it.
What is an online B2B marketplace?
A platform created using internet products that help buyers and customers interact and make business transactions. B2B stands for business to business where buyers and sellers both are business owners. Since sellers can get many buyers for their products, buyers also get a lot of sellers with different price ranges for the wholesale products.
What are the benefits offered by the online B2B marketplace?
Switching to online business is not an option now. It is necessary as the audience lives in smartphones and other electronic devices. Also, there is a long list of benefits that the online B2B marketplace offers to business owners. Below is the list of benefits that justify the point of why you should switch from a traditional business to an online marketplace.
a) Easy Set-up:
First and foremost, setting up your shop online is an easy process. It is quite similar to updating social media profiles where you have to fill the customized blanks giving detailed information about your business. Hire a good website developer and your business will have an online presence.
b) Rapid Expansion with international transactions:
It is very difficult to talk about expansion when you are operating offline. Well, this is not an issue with online businesses. With an online marketplace, business owners can scale their businesses rapidly as they are open to the number of clients who are ready to purchase good products at a competitive price.
c) Reduced Paperwork:
Bureaucracy bores everyone and the involvement of two business parties who will deal for longer periods needs a truckload of paperwork. Thank god, this is not a problem with the Online B2B marketplace as they keep all the records of transactions and visits.
d) Why choose the B2B marketplace provided by the Shoppa.in?
Businesses are run by opportunists who strive for alliances that help them to grow their business and online presence. Shoppa. offers easy-going business solutions for B2B marketers. Also, we have helped many businesses to reach their full potential by giving them many clients.
How to get the demo of our platform?
Shoppa .in deals with fashion and agriculture products, industrial supplies, household items, home decorations, baby care products, and many more. Do visit our service pages to know how the online B2B marketplace works?