Over the last one decade, while e-tailing in India grew rapidly to become a $525 billion industry, its supplemental B2B e-commerce market failed to realize its full potential. Many B2B companies have begun building their own platforms to tap into this relatively less explored market that is expected to reach to $700 billion by 2020.
Within the B2B e-commerce space is a niche and much required solution to the unsold inventory issues faced by the 50 million strong B2B businesses that supply goods to the 14 million retailer base in the country. Excess2Sell.com – India’s largest pure B2B online marketplace for ageing assets offers a solution to this perennial issue while bringing the large unorganised segment under the organised B2B e-commerce space. With a registered partners base of over 21,000 pure B2B players, the company has a lead in the sector that connects close to 2,00,000 businesses through its online and app channels.
“The B2B e-commerce marketplace is a bull that is yet to be unleashed. We entered the B2B online excess inventory space in the year 2016 realising its need and potential. Within the first year of operations excess2sell mobilized over $2.3 million worth of excess inventory through the online platform. Since then the transactions have grown roughly 400 per cent annually and the introduction of the mobile app earlier this year is expected to complement the growth. Our aim is to become the single largest solutions based online marketplace that offers a simple and seamless interface to the Indian wholesaler, whose biggest challenge is liquidating the ageing stock,” says Mr Rajan Sharma, Founder & Chief Executive Officer, Excess2Sell.com.
Excess2Sell.com has grown at 60 per cent CAGR since its inception in 2016 and has mobilized over $12.3 million worth of excess inventory till date. The bulk of transactions on the company’s online portal are generated by goods falling under telecom & mobility, computers and, electronic & appliances. However the company also helps liquidate other products that include lifestyle and accessories, footwear and apparels, home furnishings and edible & non-perishable items, among others.
“As per a market report, approximately 1.2 million transactions take place daily in the e-tailing marketplace with electronics contributing for its biggest share at 47 per cent. This is followed by apparels at 31 per cent, home and furnishings at 8 per cent, books at 7, baby products at 2 and the rest contributing for the remaining 7 per cent. This gives a huge opportunity for excess2sell to be the platform to churn the unsold, excess inventory in this ecosystem. Our focus currently is on IT, Electronics, Telecom, and Mobility and over the last one year our online platform has helped liquidate close to 4 lac products in these segments. This is where we see big growth and anticipate the B2B landscape to change drastically in the years to come. The encouraging signs for us is the rate at which excess2sell has been receiving new partner registrations which has been steady growing over 100 per cent Y-o-Y. We receive approximately 70 to 80 new partner registrations per day, many of which are located in the tier 2 cities,” adds Mr Sharma.
With 100 per cent FDI allowed, global companies have begun to take interest in the Indian B2B e-commerce space which is expected to truly open up the B2B market and realise its full potential. Also the introduction of GST has allowed an Indian entity like excess2sell to unify and further simplify the information asymmetry in inventory to its advantage.
“B2B players are often stuck with unsold inventories which with time begin to depreciate. The current ecosystem for such ageing stocks is skewed as it does not allow the seller to openly disclose the reason for discounting stocks to its existing buyer base. Overcoming this limitation, excess2sell offers a confidential, anonymous and neutral platform for both buyers and sellers in the B2B space. The overstock ageing inventory segment is a huge opportunity as most B2B business verticals in India are still unorganised and we have the first mover’s advantage which we intend to fully capitalize on,” concludes Mr Sharma.
Chingari to Offer Indian Cultural Content on Its App in Partnership with OMTV
Chingari has partnered with OMTV, a newly launched OTT channel and the brainchild Blackboard Films. This will cater to the rising demands of the niche audiences to connect with Indian cultural programmes. Chingari will be able to provide its users with the OMTV programmes through their app. These varied programmes offered range from mythology & culture to food & history.
Chingari’s collaboration is an opportunity to further engage with their users’ shifting tastes. The competitive Indian digital platform scenario is pushing Chingari to think out-of-the-box. This tie-up is their venture to be both Indian & original. OMTV has been launched online with the concept to make available knowledge that is Indian in every possible manner. It plans to showcase the diverse & rooted Indian philosophy. Chingari plans to give the programmes their own platform to its users. The collaboration is seen a natural progress to the evolving thought process of both the Indian apps.
For Mr Sumit Ghosh, Co-founder & CEO, Chingari App, this exclusive collaboration is another way for Chingari to give its astute users a wholesome experience. “Chingari’s reach amongst young users, in particular, is big. And the extension methods in promoting talent & entertainment makes it a popular option amongst the users & collaborative brands. We always look forward to offering quality in terms of content. This partnership with OMTV is keeping this in mind.”
“At Chingari, we are always creative in terms of our unusual offerings that resonate with our users. The OMTV content perfectly matches our beliefs. The Indian connection here revolves around India’s cultural heritage. And it connects to our users who are modern yet want to connect to their roots. This alliance will be a refreshing change for Chingari, OMTV and our users,” remarks Mr Deepak Salvi, Co-founder & COO, Chingari App.
Nitin Jai Shukla, Founder & Managing Director, OMTV app, said, “OMTV is a humble attempt to showcase the diversity & deep-rooted philosophy present in the traditions of our nation. With “GYAAN BHI, GARV BHI” as the platform’s philosophy, we intend to offer varied content, from knowledge to culture and heritage to historical and mythological shows. Our partnership with one of India’s fastest growing short format video platforms Chingari in the first month of our launch is indeed exciting. Chingari is popular not only amongst youth but also in regions where people are rooted in culture. With our offering of an insight into our nation’s culture, this collaboration promises to be a distinct step towards making a positive impact by piquing on people’s curiosity to know more about Indian culture.”
OMTV plans to capture the extent of India’s Sanatan Dharma and inform about it through storytelling & programmes in fiction or non-fiction format. It is evolving itself to spread its roots & introduce Indians to their heritage. Blackboard films, the parent company, have worked as producer & co-producer on mega shows shown on premium OTT platform & GEC channels.
The partnership with OMTV will be another feather in the cap of Chingari’s attempt to be a global app with an Indian touch.
Koo Becomes #1 Hindi Microblogging Platform
Koo has become the place for conversations in Indian regional languages. Out of the 1 crore users on Koo, almost 50% (50 lakh) users interact in Hindi. Further, of the 52+ million Koos on the platform, nearly half are Hindi. By making available a microblogging platform in non-English languages, Koo has created the opportunity for people fluent in their native languages to participate and engage in online conversations.
A Koo spokesperson said, “The majority of the Indian people communicate in native languages, leaving them out of the social media discussion, which is largely in English. As we aspire to bring the next billion users to the internet and remove the bias against non-English speaking audiences, Koo is on a mission to democratize the voice of India. Koo has created a space where Indians who are comfortable speaking their mother tongues can express their thoughts and ideas freely. The platform enables users to Koo in their preferred language and rest assured that a large part of their community will understand the context without explanation. Koo seeks to bring people and communities together using language as a uniting factor.”
Conversations on Koo-Hindi range from social causes, political views, Bollywood, sports, current affairs, festivities, days of national importance, remembrance of National leaders, and other such campaigns. Based on a study of Hindi content on various microblogging platforms performed over a number of days and at various times, it was found that, on average, the number of Hindi posts on Koo is nearly double the number of Hindi posts on any other microblogging site. Further, the number of Hindi users on Koo has grown by 80% in the last 4 months, and the number of Koos in Hindi has doubled in the same period.
As per various studies, the Indian internet user base is expected to reach the billion mark in the next 5-6 years. The Indian language internet users are expected to grow at a significantly faster rate than English users.
Some Chief Ministers communicate only in Hindi
A few Chief Ministers of Indian states communicate only in Hindi on social media platforms. For example, the Chief Minister of Uttar Pradesh, Yogi Adityanath (@myogiadityanath), and Chief Minister of Rajasthan, Ashok Gehlot (@gehlotashok) post only in Hindi. Seeking to reach out to their Hindi-speaking users, both Chief Ministers post in Hindi on the Koo App. In addition, Chief Ministers of other states also post in Hindi on Koo.
Politicians and celebrities are joining Koo to connect with the Hindi users
Prominent leaders and celebrities from India who now use Koo have seen an uptick in their follower base. Recently, West Bengal’s All India Trinamool Congress (@AITC) – the party of Chief Minister Mamata Banerjee – created its official account on Koo. Shortly after, Tej Pratap Yadav of RJD also joined Koo. Similarly, Bollywood actors Tiger Shroff, Kriti Sanon, and Shraddha Kapoor are among the large number of Bollywood stars who have recently created official accounts on Koo.
Paytm Ropes in Telugu Stars to Educate Users About UPI Money Transfer
Paytm is driving its mission of financial literacy and awareness amongst people. The company will be educating users about UPI money transfers on the Paytm app and its allied benefits. For the same, the company has launched a campaign – #MyChoiceMyPaytm, which will begin in Andhra Pradesh & Telangana and will focus on Paytm’s top category in the region, UPI Money Transfer & elaborate on the benefits of using the app for seamless and fast money transfers.
Paytm has roped in renowned television actors from the region who have a strong youth appeal including Nirupam Paritala, Meghana Lokesh, Lasya Manjunath, and Ali Reza from the Telugu television fraternity. The ads capture slice-of-life situations & how actors’ lives have been simplified because they chose Paytm. Through the campaign, users can learn how they can easily link their Bank A/C on Paytm, how they can check their bank balance at one place & make a money transfer instantly from their Bank A/C to another, with just a mobile number.
Paytm Payments Bank is a NPCI-certified Payment Service Provider and Issuer Bank for UPI transactions. Paytm Payments Bank was the largest UPI beneficiary bank with a market share of 17.1%, according to RedSeer. It has over 155 million UPI handles on its platform for accelerating the growth of UPI payments at retail stores and even large merchants.
Paytm spokesperson said, “Paytm brings convenience in the lives of users, and we want our message to reach as many people as possible. With UPI money transfer, Paytm has been able to bring in benefits for the users with its fast transfers and seamless transactions. With this campaign, we hope that more users in Telangana and Andhra Pradesh can use the platform with ease.”
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