New Delhi : With online business to business (B2B) marketplaces emerging as a hub for SMEs to connect with their customers online, Tolexo India’s largest online marketplace for industrial goods and supplies, has taken the lead to spur the growth of online B2B commerce in India by working closely with Google to drive its growth across India and categories on Google search.
With more than one million products available on its website, which serves more than 2.5 lakh businesses, Tolexo was looking to ramp up acquisition across India and categories to cement its leadership in the space. Acquiring right customer by keeping costs in check is key priority for most businesses.
Google identified the challenges and worked on a solution to scale Tolexo acquisitions built around Google search. Using a combination of product listing ads and remarketing techniques, Tolexo was able to boost its order growth by three times and also able to bring down the cost of new customer acquisition by 15 percent over the year.
Speaking about the growth, Founder Tolexo, Brijesh Agrawal said, “At Tolexo, we are delighted that Google has partnered with us to spur the growth of the online B2B commerce space in India. It has made significant contributions towards our larger vision of enabling Indian SMEs to fulfill their business needs in the most seamless manner. We look forward to a continued association with Google and to together evolving the benchmarks for the industry as a whole.”
Speaking about Tolexo growth, Nitin Bawankule, Industry Director for Google India said, “We saw great synergies in our goals with Tolexo. We, at Google, are focused on helping SMEs go online through our various programs, and enabling online B2B marketplace to scale, was a perfect way to help Indian SMEs realize the value and impact of doing business online.”
“We were able to gauge the B2B demand by looking at search queries in the B2B space for Industrial goods, and we realized that there was great demand with queries coming from all over India. By leveraging our advertising products like product listing ads and remarketing, we were able to help Tolexo meets its goal. Our Shopping ad formats today are not only helping drive orders but also helping Tolexo test and incubate B2B categories for their business growth,” added Nitin Bawankule.
According to Industry reports, online business to business ( B2B) segment is expected to grow to 700-750 dollars in India by 2020. (ANI)