The way we do business is continually changing and evolving—especially with the introduction of new technologies. Businesses are now quickly moving from the old in-person way of promoting products to using online B2B marketplaces. B2B marketplaces are becoming so popular that experts estimate the industry to hit $1.8 trillion in value by 2023.
Initially, not many businesses were keen to B2B eCommerce to promote and sell their products. Then, the world was hit by the COVID-19 pandemic and many businesses had no alternative but to look to eCommerce to stay in business and remain competitive. Instead of using seminars to network, businesses started adopting the use of B2B marketplaces to promote their products globally.
Even though the threat posed by COVID-19 has diminished, businesses now understand how crucial a B2B marketplace can be to the growth of a business. Regardless of the products you produce, a B2B marketplace offers massive advantages to both sellers and buyers. If you are running a business, then must visit win loss analysis for business. In this post, we look at what a B2B marketplace is and some of its benefits.
What is a B2B marketplace?
A B2B marketplace is much similar to a B2C marketplace with the only difference being it brings different buyers and sellers together instead of sellers and consumers. Just like in the B2C model, businesses sell their products online but usually do so in bulk along with other value-added services. While in B2C eCommerce buyers are consumers, in B2B the buyers are other businesses.
If you want to learn more about B2B marketplaces you can check out this important source of help for your business in terms of an excellent platform for running the business. Here companies can sell their products, raw materials, partially finished parts, offer consultancy services to other businesses, and much more. Buyers can also compare prices between different manufacturers and choose one with the best deals.
Advantages of a B2B marketplace
Provides a larger customer base
Usually, when businesses are targeting to reach a wider audience, a lot of promotions and adverts have to be run which usually requires funds. With a B2B marketplace, you can grow and increase your customer base in any part of the world without having to hire extra staff or partner with other businesses.
Expanding your business across international borders can be challenging especially with all the bureaucracy you need to comply with. By using a B2B marketplace, your cross-border transactions can go through with minimal fuss as what you will do is utilize shipping companies that operate globally.
Helps build a strong online presence
Technology has changed how we approach many things. If someone wants to know about a product, they go online, check its specifications, price, and reviews. This is why it is important to grow your online presence, as it will help you generate more leads. Many small businesses have found it difficult when it comes to building an online brand but a B2B marketplace can be of great assistance.
While it will not be easy at first, choosing the right B2B marketplace will be the first key step. You can then proceed to regularly update your product information and content. Many reputable B2B marketplaces are SEO optimized meaning your products have high chances of being viewed.
Reduction of costs
One of the areas where businesses spend a lot of resources is in the marketing and promotion of their products. Regardless of the channel you use, you will still have to spend a lot of money running these promotions. A B2B marketplace can play a key role in lowering those expenses as your online catalogs can reach several people at a minimal cost. There is no need to spend cash on printing or running adverts to promote your products.
