4 tips that helped IndiaMART reach the magic figure of 100,000 customers

MUMBAI, INDIA: IndiaMART—one of the largest online market places has registered 1 lakh premium customers on its online platform.

What helped the e-commerce company reach the magical figure? Here are 4 tips:

•    Initiative: Regular and timely innovative adaptations to harness the advantages of rising Internet penetration & proliferation of smart devices.

Outcome: Since April 2014, the paid-customer size saw a steep and steady twin-fold rise.

•    Initiative: Empowering MSMEs and innovating to add to their customers’ profitability.

Outcome: The brand is recognised for its pioneering role in the Internet business for inclusive growth and has mentored over 2 million MSMEs across India since its launch in 1996.

•    Initiative: IndiaMART 2.0

Expected outcome: The company’s to net revenue of Rs 365 crore in 365 days this year and take it to Rs 2000 crore by 2020.

Vision 2.0 will be a major growth area for the online marketplace which initially built the Rs 200 crore businesses by catering to small and medium enterprises. Currently, IndiaMART has about 1 crore buyers, 15 lakh suppliers, 3.5 crore products listed on its platform.

•    Initiative: Big Brands program

Expected outcome: The e-marketplace leader has now set its eyes on a new market segment—buying and selling needs of big brands.

Dinesh Gulati, Director, IndiaMART, said, “This will lend a fillip to With our Big Brands initiative, we are moving from the motto of More buyers, More Sellers and More Business to Big Buyers, Big Sellers and Big Business. We are now focusing to cater to the procurement needs of bigger businesses and bigger orders.”

The story so far:

From April 2006, with about 10,000 premium customers online, the journey to 50,000 till July 2014 was painstaking, what with economic slowdown and inflation dogging businesses, the company said in a press release.