Info-tech

B2B e-commerce segment growing faster than B2C in 2020: StoreHippo

Hemani Sheth Mumbai | Updated on December 14, 2020

Growth in the B2B e-commerce segment has been significantly faster than the B2C segment this year according to the Annual Trends Report released by StoreHippo.

The e-commerce platform noted that growth in B2B consumer segment was 200 per cent faster than the B2C segment this year.

Overall growth in both these segments was driven by the shift to digital channels and automation.

“Automation has also revamped the business models of the brands this year. Automation has made both B2B and B2C business models more streamlined, efficient, transparent and less prone to errors, which has garnered better growth for the brands,” the report said.

From kiranas, large enterprises, grocery to pharma, businesses were more inclined digital channels in 2020.

The advancements in the digital services have also given “the right impetus to a host of brands to adopt the ‘Hyperlocal E-commerce Model’ in order to stay abreast in the market,” as per the report.

Another trend observed in the industry this year has been the increase in the active use of m-commerce. StoreHippo recorded that up to 8 per cent of sales were done through the mobile.

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“With mobile apps, customers can be easily persuaded to buy more and can be targeted better with personalised offers, creating a win-win situation for the retailers. Furthermore, mobiles have remained a constant companion for the people, even when they were locked inside their homes, eventually leading them to binge shop from the safe confines of their homes,” it said.

This year also experienced significant growth in online sales during the festive season. E-tailers experienced about 40-60 per cent growth in sales this festive season, out of which the majority of sales were driven from Tier-2 and Tier-3 cities.

Rajiv Aggarwal, CEO, StoreHippo, said; “This digital wave which is likely to dominate in 2021 as well, and will also give rise to trends like agile payment gateways, integration of technologies to meet the deliveries, personalisation and shift towards D2C amongst others.”

“As the relevance of statistics changes with the dynamic global situation, this Trends Report showcases how most businesses adapted to the situation and strived to restore the growth as early as possible. Technology played the most important role and has drastically changed the user behaviour this year,” Aggarwal added.

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Published on December 14, 2020
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