Global technology company ABB, through its India wing, announced the launch of an online B2B and B2C marketplace in the country to offer more than 6000 products from its electrification business for home and industrial buyers. The company mainly specialises in robotics, power, heavy electrical equipment and automation technology areas.
The company’s eMart hosts a wide range of products, ranging from digital circuit breakers, contactors, Molded Case Circuit Breaker (MCCB), modular switches, Miniature Circuit Breaker (MCB), Residual Current Circuit Breaker (RCCB), home automation, medium voltage relays and related products.
The company claims that its online marketplace, with a price transparent model, will empower partners to set their own competitive prices for their products on the platform. For consumers, the platform will allow them to gauge the details of the products through product and seller reviews available on the platform, besides interactive images of the product they intend to buy.
Recently, South Korean multinational electronics company LG Electronics also set up a company-owned online storefront in India to boost sales in the country during the Covid-19 pandemic.
“At ABB, we are committed to creating avenues that fast track the digital transformation journey for our customers and partners. The eMart is another achievement in the same direction, aiming to create a reliable yet distinct customer experience with digital solutions. It aims to build a digital ecosystem and infrastructure between the manufacturer, the partners, and the customers and provide impetus to the business climate and the Digital India program,“ said CP Vyas, president, electrification business, ABB India.
The company added that its eMart comes with the realisation that customers are increasingly preferring to shop online and one-stop access to immediate product requirements are the need of the hour. Tellingly, the realisation isn’t unique to ABB.
Indian Brands Take D2C Route
A host of Indian brands as well are going direct to consumer way (D2C). Consumer brands are not only skipping the third-party retailers and distributors by going direct-to-consumer (D2C), they are looking at offering authentic brand experiences. The direct feedback and customer knowledge gained through the D2C model throws at them the opportunity to develop a strong brand narrative, build brand value, improve conversion rate and repeat purchase and forge long-term relationships with customers to create brand loyalty. The focus on creating a strong brand narrative as well as a lasting connect with the customers sees these brands utilise strategies such as influencer marketing, cause marketing and visual marketing, beyond the usual advertising and marketing strategies.
According to DataLabs By Inc42+, the average revenue surge of 11 prominent and funded D2C startups in India including Ustraa, The Man Company, Yoga Bar, NUA, The Moms Co and others between 2018 and 2019 was 213%, whereas the expense surge during the same period was 151%.
According to Capgemini April 2020 research of consumer sentiment, most of the Indian consumers’ appetite for online shopping is expected to increase from 46% in the current scenario to 64% over the next six to nine months. And investors too are bracing for the D2C boom. D2C brands that have solved the supply chain hurdle and set up robust manufacturing while also identifying a sustainable rate of scaling-up are best positioned to advance further into the next phase.