Biomall Simplifies the Purchase Procedure through Aggregation and Online Portal-based Presence
Dr. S Jhaveri
Managing Director
Biomall.in

e-Marketplace is an emerging concept at the Indian business landscape. Biomall has carved out a niche in the laboratory, life science, and diagnostic products segment. The author here narrates the emergence of Biomall with an emphasis on their USP and customer value proposition, global presence, future business expansion strategy, challenges & restraints, benefits of e-market place, and many other associated parameters.

Conceptualisation of Biomall
Scientists in India and other developing countries usually follow the traditional purchase system wherein they need to contact numerous distributors to acquire different kind of laboratory products, as - in most of the cases - one particular distributor has limitation in their supply range. And from that point, a plethora of activities starts for the lab-in -charge in terms of - quotation receipt from each of the distributors, purchase order generation, experiencing the wait-time for the product delivery, and so on & so forth. The efforts don't stop here. Track-andtrace of quotes and orders from various distributors at times becomes tedious and time consuming. At times, buyers may even need to wait for months to get their product(s) delivered at their door-step.

To address this pain-point, Biomall emerges with an aim to simplify the purchase procedure for the laboratories by aggregating the suppliers on their platform and also with the implementation of online transaction facility. Here buyers can directly purchase the products of their choice and need without getting into the multiple sub-nodes viz inviting quotations, etc. This shortens the purchase cycle significantly from 7-10 weeks to 7-10 days. Not only is that, it also reduces the costs associated with buying the products offline.

Biomall as an e-Market Place
Biomall.in (www.biomall.in) is India's no. 1 ecommerce marketplace, specifically dedicated to laboratory, life science, and diagnostic products. It hosts over 100,000 products from more than 150 brands across 100+ categories such as chemicals, lab-equipment-andconsumables, microbiology, diagnostics, molecular biology, chromatography, etc. The uniqueness of Biomall is: researchers and laboratory users can buy laboratory items online and directly by using its secured payment gateway.

USP and Customer Value Proposition
The biggest USP of Biomall is - their online portal-based presence, dedicated only to laboratory, life science, and diagnostic products. This carves out a niche for them over several other contemporaries. Those contemporaries though are into marketplaces, are generic in nature. They sell all kind of products.

In addition to this, with Biomall, the buyers can enjoy the facility of purchasing multiple products of multiple brands at one go. Buyers get the option of quantity selection and the secured online payment. The lucrative part for them is the bagging the bulk discount for a purchase of more than 10 packs.

Other than pursuing the buying activity, purchasers do have the flexibility of posting any sort of enquiry, which can even encompass the products not found or products not available on the portal. Such queries then in turn get shared with all the registered sellers on the portal, who can then send an online quote to the buyers as per product availability.

Global Presence & Future Expansion Strategy
International buyers find it useful to get different kind of lab products from a single platform at a good price; and since Biomall consolidates the order into one single shipment, they also save on the shipping costs. Biomall has a high conversion rate for international leads, and has successfully exported to over 35 countries in Africa, Middle East, Asia, Europe, South America, and North America. As a part of their worldwide expansion plan, Biomall has been concentrating on channel partnering with distributors and agents.

Challenges and Restraints
As of today, certain major challenges that Biomall face are:
  • Most institutes still rely on the old purchasing system. Aggregate purchasing will require a lot of awareness and marketing campaigns highlighting the benefit of online aggregate purchase for them.
  • Dealers who offer credit facility and have deep relationships with various buyers also prevent people from buying online
  • Logistics and delivery issues are prevalent for tier 3 and tier 4 cities due to inadequate infrastructure. Reaching out to those places is still a concern.
Suppliers' Benefit from Biomall over their Solo-Business Attempt
India is a good manufacturing hub for the chemical laboratory products, microbiology products, lab equipment, lab safety supplies, genomic kits, in vitro diagnostic kits, and many more. Biomall acts as a good marketing platform, especially for small- and midsized brands to promote and to sell their products online. It offers special marketing services like email marketing, SEO and SEM, online advertising, social media marketing, and video marketing to the suppliers to help create more awareness for their brands at the national and international level. To add more benefit -dimension to it, the digital marketing cost is just one-tenth of the offline marketing cost.

Also, Biomall helps their suppliers to address a major pain-point by waving out the traditional door-to-door visit for product promotion and lead generation. Such traditional procedure not only does require multiple followup visits, but also causes lengthy wait period to get the purchase orders. The story doesn't end here. Long wait period & several follow-up visits after supplying the product(s) to their customer(s), are also the teething issues. So, if we consider the entire process chain from lead generation to receiving payment, it takes close to 7 - 14 weeks for traditional purchase mode. With Biomall, suppliers are able to take the advantage of direct online selling. They get their orders in no time, and the timely payment is also ensured without the need of any follow-up. Suppliers/Vendors enjoy a seamless experience at the Biomall platform in terms of enquiry handling, as well as order-stock-dashboardand- offer management.

Knowledge Sharing Initiatives and Business Rationale
With the help of the Biomall's blog (https://blog.biomall.in), the Company aims to bring up the scientific temperament in the country. In Dr. S Jhaveri's words, "We share articles about different laboratory technology, latest scientific research, upcoming scientific events, science jobs, etc. Through our webinar series, our endeavor is to enlighten the young minds in various stretches of scientific research. We are planning to have a new webinar series to guide scientists for buying laboratory equipment, wherein our seller partners shall also get a chance to promote their equipment".