E327: 📦BUILDING A FLEXIBLE B2B MARKETPLACE PLATFORM FOR RAPIDLY EVOLVING INDUSTRIES
EXPLORING B2B MARKETPLACES WITH Monika Jain OF PRESTO
Welcome to another exciting episode of the B2B Commerce Corner! Today, I had the pleasure to interview Monika Jain, the co-founder of Presto. Presto offers a robust Marketplace-in-a-box platform, primarily targeting B2B merchants but also supporting B2C and D2C models. Our conversation was enlightening and packed with insights. Here's what we discussed.
THE EVOLUTION OF eCommerce
Monika and I kicked off by discussing the rapid evolution of eCommerce over the past decade. She noted how the space has evolved dramatically, especially with the rise of marketplaces. Historically, marketplaces like local town bazaars allowed traders to come together. Today, we're seeing a digital version of this ancient practice. Monika emphasizes the rich legacy of trading and how it's shaped humanity since the earliest of times.
PRESTO'S UNIQUE OFFERING
Presto stands out by offering an all-in-one solution for setting up marketplaces. Unlike other marketplace software that can be expensive and time-consuming, Presto focuses on simplicity and cost-effectiveness. The platform allows merchants to integrate third-party sellers into their websites seamlessly, effectively creating an endless aisle experience for customers.
Monika clarified that Presto operates in the background. The technology is white-labeled, meaning the merchants get the spotlight, not Presto. They offer all the bells and whistles—admin panels, seller panels, discount engines and more—making it easier for businesses to focus on their core operations.
SIMPLIFYING B2B COMMERCE
We discussed how Presto has evolved to focus more on B2B functionalities. About 70% of Presto's merchants are now B2B. This shift came post-COVID when many companies realized the need for digital channels. B2B commerce brings its own complexities like managing minimum order quantities, partial fulfillments and credit accounts. Presto addresses these challenges by offering dynamic pricing, quote management and even credit control features.
INTEGRATING SERVICES AND PRODUCTS
Monika highlighted the growing intersection between products and services. For example, a paint company not only sells paints but also offers painting services. Similarly, a beauty salon chain might sell beauty products through its on-demand services. Presto's platform allows businesses to manage both products and services effortlessly, making it easier for them to provide a complete customer experience.
REGIONAL ADOPTION AND FUTURE PLANS
Presto has a strong presence in India, the Middle East, and South Africa. They are now focusing on verticalizing their platform to target specific sectors like telecom, banking and beauty services. Additionally, they are participating in the Indian government's initiative to democratize commerce, making it easier for businesses to discover and transact with each other on a national scale.
FINAL THOUGHTS: THE PATH AHEAD
As we wrapped up, Monika shared future goals for Presto, from integrating more peripheral services to strengthening B2B functionalities. The aim is to make the platform even more robust and adaptable to various industries. With plans to expand their market reach and deepen their product offerings, Presto is well-positioned for continued success.
CONCLUSION
Our conversation underscored the growing importance of digital marketplaces, especially in the B2B sector. Presto's commitment to simplicity, cost-effectiveness, and comprehensive service offerings positions them uniquely in the marketplace software landscape. I hope you enjoyed these insights and consider how they might apply to your own eCommerce strategies.
To learn more, check out the related THE ECOMMERCE EDGE Podcast episode below: