Posted by New Delhi: B2B online marketplace TradeIndia has ventured into the B2B e-commerce space. It launched TI Shopping an e-commerce portal for customers to buy products directly onsite from the TradeIndia platform.
The new portal primarily focuses on the FMGC category and TradeIndia has also partnered with ePayLater, to offer interest-free credit to both buyers and sellers.
TI Shopping portal launch together with ePayLater will further TradeIndia’s growth and expansion objectives. It aims to simplifying and streamlining the payment and transactional ecosystem through a zero-interest payment service.
The TI Shopping portal’s focus is B2B e-commerce market in India, mainly the small and mid-sized businesses (SMBs) like kirana stores, hotels and restaurants, offices, etc.. It offers a $60 billion revenue opportunity.
The Indian retail ecosystem is a $1 trillion market of which food and grocery comprise a substantial 65% share. About 96% of this market is unorganised and served by over 14 million kirana stores; the rest 3% comprises organised brick and mortar retail, also called modern trade, and the remaining 1% constitutes B2C e-commerce.
On average, a kirana store procures about Rs 6 lakh worth of supplies every month. If half of these purchase is transferred online and if the kirana store orders online on a daily basis, then the average order value will still be at Rs 10,000. This is an order of far greater magnitude than that of consumer-led online grocery.
“We are thrilled to announce the launch of our marquee project, the TI shopping platform that will enable buyers and sellers not only to simplify the shopping process but also offer interest-free credit to both,” said Sandip Chhettri, CEO, Tradeindia.
“We have long been associated as the leading emissaries of the B2B circuit but now we are ready to plunge deep into the realm of B2B commerce. As India is the largest hub of small businesses and kirana stores in the world, such an industrious transition will hold enormous growth potential and expansion opportunities for the overarching industry,” added Chhettri.
TradeIndia has onboarded over 1000 sellers and over 4000 SKUs with the aim of connecting a vast number of small businesses to interact and procure directly from manufacturers and suppliers and also help them to gain access to credit.
ePayLater offers credit lines of up to Rs 25 lakh via a simple and intuitive process that can be completed by buyers anywhere in India within 10-15 mins.
TradeIndia shopping’s collaboration with ePayLater will prove instrumental in readily aiding a network of 600,000 plus kirana shops spread across 400 plus districts in the country to transact via this portal.
ePayLater has already enabled credit access to over 10% of this comprehensive Kirana network nation’s comprehensive Kirana network and has built an approved credit pool of over 400 crores already.
Customers such as kirana shops will now have the opportunity to purchase products directly on the TI Shopping portal with TradeIndia paying on behalf of the procurer and later receiving payment from the buyer within an interest-free duration of 14 days. This will be realized through TradeIndia’s advanced AI technology and will help both buyers and sellers locate leads and avail credit facility.