What is scope of B2B market in India
In the past few years, India has developed as a key hub for ecommerce undertakings. Within a short time period, the industry has witnessed a mammoth growth. One of the common models that can be named is the marketplace set up, where a said company plays the role of a mediator and connect both buyers & sellers. Majority of the India ecommerce companies have shown interest in offering both logistics and warehouse facilities to the sellers.
Concept of Business to Business -
The business model of business to business is less explored. As it is pretty much clear by its name, business to business transaction where two businesses are responsible for doing commercial activities. When it comes to retail transaction; it is trading between business and customer whereas when one company has purchased material from other company for one business needs, it is termed as B2B. Experts of the industry is of the view that B2B is the surely the future mainly for India.
B2B and Ecommerce -
Ecommerce is believed to have all the qualities that is required to assist the growth & development of B2B market in India. If ABC company has plans to purchase raw materials, it can be done via online marketplace. If two companies are doing business online, it saves varied hassles for both sides. Pumpkart.com is a well-known online B2B marketplace for water pumps and related accessories. It offers a platform for the dealers, manufactures, and buyers to both buy & sell pumps. The customers are provided with varied payment choice such as EMIs, COD and online payment, etc.
Leading names in India -
Talking about leading names in India, Mjunction is the biggest name in this sector. It is a private company having a joint venture with Steel Authority of India (SAIL) and Tata Steel. The company was founded in 2001 and till now the company has carried out transactions of more than Rs.3, 60, 000 crore.
In B2B arena, there are other players as well such as Amazon. The portal has understood the market in and out. It’s a US company and they have launched a successful B2B platform for the merchants. The company came up with Amazon Business in May 2015, an invite only model.
In the end we can conclude that right potential of ecommerce has yet to be discovered. Similarly B2B is also a rewarding opportunity, which has unable to cement itself owing to varied hiccups. The ecommerce industry can function in tandem along with B2B segment in order to benefit both businesses. In order to be successful in O2O space, it is important that you are having a dialogue with your consumers, gather their valuable feedbacks and get to know about the post-sale experiences, etc. Positively, the coming years will see more takers for B2B.