MMK online marketplace sales increase 2.7-fold in one year
Magnitogorsk Iron and Steel Works (MMK) sold 80 thousand tonnes of steel products through its online marketplace, MMK Market, in 2023, which is a 2.7-fold increase from the previous year. This was reported by Dmitry Gamper, Deputy Director for Finance, Economics and Corporate Affairs at MMK Trading House, who spoke at the third national conference “E-Commerce in the Metals Market” held in Moscow.
In total for the year, RUB 6 billion worth of products (including VAT) were sold through MMK’s corporate marketplace, according to Mr Gamper. Meanwhile, the number of orders on the marketplace exceeded six thousand, an increase of 28% year-on-year. On average, the marketplace ships 24 orders per day and registers seven new customers per day, while the total number of daily visits is approximately 1,000 individuals.
Today, MMK’s marketplace enables customers to buy products from across the MMK Group of companies directly without intermediaries, at wholesale prices and in a convenient format. Customers can purchase anything ranging from a box of nails to large batches of goods, both from those available in stock as well as placed to order. The marketplace’s customers include both individuals and legal entities.
According to Mr Gamper, the marketplace is constantly expanding its functionality and improving the quality of service and the speed with which customer orders are fulfilled. In particular, the marketplace has introduced an automated delivery service which gives customers the opportunity to quickly compare the cost of delivery by seller versus the cost of self-pickup. The marketplace also helps to ensure prompt receipt of the order by sending confirmation of the online order via text message and keeping the customer informed about the order status.
The MMK marketplace offers online payment by bank card via the Faster Payments System (SBP) for individual customers and has increased the number of points where customers can make a card payment via a terminal. In addition, the marketplace has developed an automated process for individual customers to file for a refund in cases of overpayment or order refusal.
MMK's marketplace also provides prompt service and convenient payment options for legal entities. Customers can pay with a business card online and receive a specification and invoice for payment, as well as information on the credit limit for obtaining deferred payment (for existing customers), crediting or bank guarantees from MMK Market’s financial partners.
For their convenience, customers of MMK's online trading platform can also use a specially developed mobile app with a full functionality, including:
- a convenient catalogue with intuitive search and filtration;
- a personalised customer profile with an order history and flexible choice of payment methods;
- simple order placement in just a few clicks;
- integration with MMK Group companies’ internal systems for seamless interaction.
The third all-Russian conference “E-Commerce in the Metals Market” was held in Moscow on June 3, 2024. The event brought together more than 100 managers and specialists from metal trading and metallurgical companies; metal service centres; companies who are consumers of metallurgical products; representatives of commercial, procurement and sales, and marketing departments; heads of corporate IT departments; and top managers and specialists from Internet-based projects (electronic stores, B2B trading platforms, marketplaces and aggregators).