IndiaMART's Tolexo Expands B2B E-Commerce In India
Indian B2B marketplace IndiaMART Tolexo has launched its B2B Ecommerce Mobile App for 47 million SMEs. The company believes this is the first step towards building a whole new mobile-focus eco-system which is now disrupting the way businesses buy and sell. The e-commerce firm is also investing $2mn in building the mobile product, framework & technology, to accelerate the development. The company has also hired Gaurav Jain Ex- Engineering Manager for MobileApps from Snapdeal, to lead the mobile technology initiative.
Buoyed by the fact that its mobile site already has over 400,000 businesses using it every month, the company is making the buying experience all the more seamless for B2B buyers and sellers.
“We have witnessed consistent growth in the number of users interacting on our mobile site, proving the transition of the traditional businesses to the online way of buying. The further investment in the mobile tech will ensure that we stay ahead of the curve and provide the best user experience to businesses.” said Harsh Kundra, Co-founder, Tolexo.
Even though the market size of B2B is nearly six times higher than B2C, the Indian e-commerce landscape has been dominated by B2C companies until now. But the company believes, considering 100 percent FDI is allowed in B2B e-commerce in India, the opportunity to grow the current $300 billion worth market is enormous.
With an increase in the appetite of businesses for convenience & transparency in business buying, coupled with high growth rate of smartphone penetration in India, a Walmart report details that India’s B2B e-commerce is expected to expand to $700 billion by 2020.
At present, more than 90 percent of Tolexo’s customer base includes small and medium businesses, with the maximum traction coming from Tier 2, 3 & 4 cities. The company therefore believes the mobile opportunity will continue to be a key focus for Tolexo.
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