Bharat eMart: Revolutionizing Indian B2B e-Commerce Marketplace
Bharat eMart is a B2B e-commerce marketplace that aims to revolutionize the way businesses in India connect and grow.
The platform provides a one-stop solution for brands, manufacturers, distributors, wholesalers, and retailers to connect.
The platform offers products in various categories, including Fashion and Textiles, Electrical and electronics, FMCG & Grocery, Home & Home Improvement, and other industrial, agricultural, or automotive hardware and machinery.
BharateMart aims to provide retailers access to a vast range of products at competitive prices.
It provides access to a vast base of distributors and wholesalers for bulk transactions.
BharateMart is backed by Rare Enterprises, a Rakesh Jhunjhunwala legacy, and supported by the Confederation of All India Traders (CAIT).
Magento Development Services helped BharateMart to create a successful online marketplace that changed the way businesses connect and grow.
The Rapid Growth of Online B2B Marketplaces in India
The Indian economy provides significant potential for online B2B marketplaces to transform the way businesses operate.
According to a report by PayPal, cross-border B2B e-commerce in India is expected to grow at a CAGR of 28% from 2021 to 2026, reaching $54 billion.
One of the major reasons for B2B marketplace growth is the increasing adoption of digital payment services.
Several favorable public policy changes have also provided strong backing to B2B marketplaces in India.
Overall, the B2B e-commerce market in India is ready for rapid growth, with tech-enabled marketplaces representing a market opportunity.
Bharat eMart’s Challenges And Requirements
BharateMart aimed to create a feature-rich online marketplace that helps with the various needs of businesses across various industries.
As BharateMart desired to scale its operations, it required a platform that could manage growing traffic, transactions, and user base.
With a focus on offering a wide range of products, BharateMart needed a solution that could handle various product categories and bulk transactions.
Also, with the complex tax structure in India, BharateMart wanted a solution that could simplify tax process for its vendors and ensure smooth transactions.
B2B marketplace
Magento 2 B2B Marketplace extension provided BharateMart with a complete solution to create a B2B marketplace similar to Alibaba, Indiamart, ThomasNet, and EC21.
It transforms a standard Magento 2 store into a feature-rich B2B marketplace, allowing multiple vendors to list their products and manage their storefronts
The extension offered various built-in features such as a separate supplier microsite, request quotations, quick orders, contact suppliers, and supplier reviews.
It Enabled vendors to register, create profiles, and manage their product listings independently.
Vendors can add/edit products, set prices, manage inventory, and handle orders.
Daily Deals and Discounts
Magento 2 Daily Deals extension allowed the admin to create daily deals and promotions to attract more customers and increase sales.
The extension provided features such as a daily deals countdown timer, product badges, and a customizable design.
This enabled to create and manage daily deals or flash sales, promoting customer engagement and boosting sales.
This helped merchants set up daily deals for specific products, specifying start and end times, discounts, and quantity limits.
Automated GST Calculation
Magento 2 Multi-Vendor GST Tax module helped BharateMart to comply with the Indian GST tax regulations.
The extension provided features such as automatic GST calculation, tax invoice generation, and tax reporting.
This simplified the process of GST (Goods and Services Tax) compliance for multi-vendor marketplaces operating on Magento 2.
It helped vendors set GST rates for their products, ensuring accurate tax calculations during transactions.
Conclusion
The teamwork between BharateMart and Webkul has resulted in a powerful and feature-rich B2B marketplace that transformed the e-commerce industry in India.
These extensions collectively provided BharateMart with the tools and functionality necessary to create a B2B marketplace.
This simplified operations, and ensures compliance with taxation regulations, contributing to its growth and success in the Indian e-commerce market.