Evolution of B2B Market in India’s E-commerce Space
The Indian e-commerce space has seen a spurt of incredible growth in the last decade and the trend is likely to continue in the future as well. Business Standard has reported that India’s e-commerce market, which comprises of Business to Consumer (B2C) and Business to Business arenas, will be $100 billion by 2020.
Amazon, the world's biggest retail giant, spotted the potential of the e-commerce market and made entry at the appropriate time. Today, Amazon has a significant dominance in the e-commerce segment. It's hardly any news that B2C occupies a considerable share of e-commerce pie and the B2B market has a lot of catching up to do. The sheer success of B2C e-commerce has given impetus to B2B market players to open up to the potential of scaling business on digital platforms.
In an emerging economy like India, businesses are sceptical of doing transactions online because of lack of trust and for fears of fraud and misappropriation of funds. However, due to the advent of great online payment technologies like PayTm and strict rules by RBI governing digital transactions, these mental roadblocks have been removed to a large extent. This has also led to a growing optimism on conducting business online not only for B2C players, but B2B players too.
E-commerce expert, Kevin Randall believes that “The growth of the Internet and e-marketplaces along with accelerating technological product obsolescence has resulted in a hyper-informed and commoditized B2B marketplace as a lot of trust factor goes into buying and selling.”
With the increase in access to the internet, businesses gain access to a broader audience if they choose to do commerce online. ShakeDeal aspires to be an enabler for businesses to transact online and help them grow by becoming their growth partner. ShakeDeal intends to help enterprises in being better at what they do by using ShakeDeal's platform so that business goals can be achieved.