As per the statistic report, the global B2B eCommerce transactions were said to have reached trillions back in 2019 in the US alone. The rising B2B eCommerce is one of the most popular trends. It is nearly impossible to understate this consequence of the online marketplace model, given how it transformed the entire business relationship between the B2B sellers and buyers, besides doubling as a networking point.
Owing to the growth of the trend, it indicates a huge scope for the conventional B2B wholesalers and distributors to adopt the online B2B marketplace to stay ahead of the curve.
Understanding B2B Marketplace
A type of eCommerce platform, the B2B marketplace enables B2B buyers and sellers to conduct their business in an online space. While in B2C, businesses offer both their services and products, the B2B marketplace features sellers as brands, wholesalers, suppliers and manufacturers and customers to be other businesses. The marketplace operator processes these online transactions.
How will Suppliers Benefit if they Become part of the B2B Marketplace?
There’s a huge scope for suppliers to scale their sales and expand their business by being a part of the B2B marketplace, here’s how:
They Can Establish and Construct Their Strong Online Footprint
When you digitize your catalogue, it automatically helps you stay apart from other competitors in the market who follows the same conventional B2B sales. When sellers display their products online, they can attract more buyers and embrace bigger deals.
They Can Capitalize on The Present Buyer Demand and Grow Their Network
Millions of B2B sourcing experts are shopping on the most popular B2B marketplaces already. The buyers benefit from the convenience of shopping at B2B marketplaces. They also enjoy the confidence of engaging and connecting with various reliable and verified suppliers on one platform.
The B2B Marketplace is Budget-Friendly Affair
It usually takes lesser money to access the B2B marketplace and this gives all size companies and business models to afford them. This also offers the scope to the suppliers to minimize their operating charges. They no longer have to update detailed printed catalogues or splurge money on the conventional marketing channels.
B2B Marketplace includes Easy Set-up Features
The B2B marketplace includes a standardized interface for users followed by an easy-to-use portal as well, where sellers can enter their product and business details and start their online business. The B2B marketplaces not only integrate product management, and payment services but also shipment and CRM.
How to Succeed and Make the Optimal use of B2B Marketplace?
Establish Reliability and Trust
Give everything that is required for your buyers on the other side to trust you like:
- Build your company profile with accuracy and comprehensive details.
- Use authentication procedures and verification methods to verify yourself.
- Display other information that proves your business credibilities like photographs of your organization, employees and office, awards, licenses and certificates.
Post Products and Manage Them
When you post premium quality products, you will be able to succeed in the competitive world. Take the help of descriptive keywords to name your products, or to describe them to scale your rankings within the marketplace platform. You can also count on attractive photographs and videos to attract buyers.
Practice Flexibility and Be Adaptive
Flexibility will help your business to flourish and grow further. Understand your customer needs and use them to benefit yourself. Flexibility might run inclusive of price modification, product customization, and more.
Address Customer Inquiries
Orders are incomplete without inquiries. Always ensure to handle inquiries professionally and in an organized manner.
Provide Sample Products
Good customers might ask for sample products to check the quality before placing a bulk order. Facilitating this is simple if you can provide a product sample.
The competition is turning fiercer for the B2B marketplace and the scope is vast. Using the B2B marketplace as an approach to expand your sales is the smartest strategy ever, especially for SMEs who have limitations on their marketing budget. Join now - ExportersIndia.Com and start selling your products to reach the peak of business success.
