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A Complete Guide To Understanding B2B eCommerce Marketplace

By |November 8, 2022 November 14th, 2022No Comments

The B2B sector, which has historically prioritized customer connection, has been the slowest to embrace the digital transformation. However, this has been changing in recent years. Many B2B organizations have realized the fact that a B2B eCommerce marketplace is a very effective means of electrifying their business model, developing larger ecosystems, and tapping into new income streams. 

According to Forrester, B2B platform transactions in the United States alone are estimated to be worth $ 1.8 trillion by 2023, making internet sales channels essential to corporate planning for 2022 and beyond.

The following guide is designed to help you navigate through this complex world and find the one that will suit your needs the best.

What Is A B2B eCommerce Marketplace?

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A B2B eCommerce marketplace is an online platform that enables businesses to buy and sell products and services. Businesses can use a B2B eCommerce marketplace to find suppliers, place orders, track inventory, and manage payments. A B2B eCommerce marketplace offers a convenient way for businesses to connect with suppliers and customers around the world.

A B2B marketplace can be used by businesses of all sizes, from small businesses to large enterprises. A B2B marketplace can help businesses save time and money by simplifying the buying and selling process. In addition, a B2B marketplace can provide businesses with access to a larger pool of potential customers and suppliers.

In terms of business model, there are three sorts of B2B marketplace. They are as follows:

B2B services marketplaces: Service marketplaces only provide the essential services to address business challenges.

B2B product marketplaces: Product marketplaces connect businesses and help to sell items.

Hybrid marketplaces:   Hybrid platforms connect businesses that offer both services and products.

If you are considering using a B2B eCommerce marketplace, it is important to choose a reputable platform that offers a wide range of features and tools. You should also consider the fees associated with using a B2B eCommerce marketplace.

Read More: The Definitive Guide to Mirakl Marketplace

5 Reasons Why You Should Sell On A B2B eCommerce Marketplace

Gartner’s Future of Sales research shows that by 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels. This is because 33% of all buyers desire a seller-free sales experience – a preference that climbs to 44% for millennials.

1. Increased Visibility: When you sell on online B2B marketplaces, your products are placed in front of a larger audience of potential buyers. This increased visibility can lead to more sales and brand recognition for your business.

2. More Efficient Sales Process: B2B marketplaces provide a more efficient sales process by streamlining the buying and selling process. This can save you time and money on marketing and administrative costs.

3. Greater Reach: Selling on online B2B marketplaces gives you the opportunity to reach buyers from all over the world. This expanded reach can help you grow your business and increase sales.

4. Improved Customer Service: B2B marketplaces offer improved customer service features, such as buyer protection programs and dispute resolution services. These features can help you build trust with buyers and improve customer satisfaction.

5. Access to New Markets: By selling on online B2B marketplaces, you can access new markets that may be difficult to reach through traditional channels. This expanded access can help you grow your business into new areas and reach new customers.

What Are the Benefits of Using a B2B eCommerce Marketplace?

Benefits of B2B eCommerce Marketplace

There are many benefits of using a B2B eCommerce marketplace.  Here are some of the most obvious benefits that will help your company save time and money. 

1. Access to a larger customer base: One of the biggest benefits of using eCommerce marketplaces is access to a larger customer base. If you’re only working with a limited number of customers, it can be difficult to grow your business. But with marketplaces, you have access to thousands or even millions of potential customers. This makes it much easier to grow your business and increase your sales.

2. Increased exposure: Another benefit of using eCommerce marketplaces is increased exposure. When you sell through a marketplace, your products will be featured on the marketplace’s website and in its search results. This gives you increased exposure and helps you reach more potential customers.

3. Reduced costs: Finally, another major benefit of using eCommerce marketplaces is reduced costs. By selling through a marketplace, you can reduce your own marketing and distribution costs because the marketplace takes care of those things for you. This allows you to focus on your core business activities and helps you improve your profitability.

Having P21 ERP for their backend processing and streamlining, C.W. Hayden Co. got in touch with DCKAP Integrator to integrate their P21 Cloud System with the Mirakl marketplace to sell faster and smarter with all the data they need in one place, updated and ready-to-use. Read more here

What Should You Know Before Starting Your Search For An eCommerce Marketplace?

Tips to choose the best eCommerce marketplace

When you are ready to start looking for an eCommerce marketplace, there are a few things you should keep in mind. 

  • First, you need to decide what type of products you want to sell. Some marketplaces specialize in certain industries, so it’s important to find one that matches your business. For example, if you’re a manufacturer of industrial equipment, you’ll want to find a marketplace that sells to other businesses in that same industry.
  • Second, consider the size of your company and your specific needs. There are marketplaces that cater to small businesses and others that are better suited for larger enterprises.
  • Third, you need to consider your budget. Some eCommerce marketplaces can be quite expensive, so you need to make sure you find one that fits within your budget.
  • Fourth, you need to think about the level of customer service you want from your eCommerce marketplace. You should make sure the marketplace you choose offers good customer support in case you have any problems with your store or products.
  • Finally, you need to read the terms and conditions of each eCommerce marketplace before signing up. This is important so that you know what rights and responsibilities you have as a seller. Once you have considered all of these factors, then you are ready to start searching for an eCommerce marketplace!

Recommended Reading: 3 BEST B2B ECOMMERCE PLATFORMS FOR WHOLESALE DISTRIBUTORS

These are some of the general requirements you need to consider when choosing an eCommerce marketplace to stage your B2B business. Beyond this, there are 6 critical functions that you need to consider in order to reap the most out of your B2B eCommerce business:

1. Multi-vendor capabilities

A marketplace is a place where vendors and buyers can meet, interact and transact business. A B2B marketplace will enable multiple vendors to sell their products and services through a unified sales interface. The marketplace provides a single point of contact for all the businesses, which can be accessed by both buyers and sellers. It also provides an easy way for businesses to list their products in search results, so that they appear alongside other similar products. This makes it easy for potential customers to find what they need.

2. Self-service functions

A B2B marketplace allows buyers to manage their own buying process without having to rely on any third-party service provider or agent. The buyer can browse through products available on the platform, select the ones that interest them and book an appointment with the seller directly without having to deal with additional intermediaries such as phone operators or travel agents who have no knowledge about the product details or pricing options available with each vendor.

3. Information security functions

A B2B marketplace offers information security features so that buyers can ensure that sensitive data remains private and secure while being transferred through the platform. This will help prevent hackers from stealing sensitive information like financial details or information about suppliers’ products and services, which could be used against them in future disputes over payment terms or delivery dates etc.

4. Easy-to-use search navigation

A well-designed B2B marketplace will have a clean and intuitive search function that makes it easy for buyers to find what they need, when they need it. They should also be able to do so from anywhere in the site, with no need to log into an account or download an app.

5. Fast, flexible workflows

The best B2B marketplaces make it easy for companies to build sales pipelines and create leads by providing a fast and flexible workflow for deals that have been closed or have been submitted for consideration. These can include things like sending out emails or sharing updates with prospects on their activity on the platform.

6. Integration options

The best B2B marketplaces offer integrations with other popular tools used by buyers like CRMs and web forms so that they can manage all of their sales processes more efficiently and effectively without having to use any additional software products themselves.

Listen to our Podcast: How Integration With P21 & the 3M Marketplace Improved Online Sales for C.W. Hayden

What Are the Challenges You Might Face While Selling On B2B Marketplaces?

  • The procedure of placing an order in B2B is often far more complex than in B2C and C2C. Sales cycles may be lengthier, with a lengthy procedure involving an RFP, negotiation, proposal, and contract. Various certifications, verifications, and NDA agreements may be required. Because suppliers are accustomed to dealing with cost estimates rather than accurate bids, the customer may prefer that real costs be recorded, reported, and invoiced in accordance with a Purchase Order. Organizations may also have special payment, billing, and credit terms needs.
  • B2B transactions can pose significant hazards. While the high average order value represents a fantastic potential for a marketplace, it also provides a greater requirement to trust the provider and the platform. Failure to effectively acquire a crucial service or item may cause whole projects to be delayed, stakeholder relationships to be jeopardized, and entire teams to be placed in uncomfortable situations.

Learn more here: Check out how DCKAP Integrator bridged the gap for Jendco Safety Supply by synchronizing data updates between BigCommerce and Mirakl, giving no space that leads to inconsistencies in the backend books.

Choose the Best & Get the Most Out of B2B Marketplace

B2B professionals are investing more in the deployment and optimization of eCommerce channels in order to boost client demand and remain competitive in their market. The B2B marketplace is something you should explore whether you are an established firm or a startup.

A B2B eCommerce platform has several features and functionalities that help to boost efficiency and decrease business risk. However, the most successful B2B marketplace platforms all have one thing in common: they recognise the competitive advantage they bring and use cutting-edge digital technologies to sustain it.

Want to know more about B2B marketplaces and integration? Get in touch with our experts in DCKAP. 

Aiswarya Madhu

Author Aiswarya Madhu

Aiswarya Madhu has two years of experience in content creation. Pen and Paper, without them her life is dry. She can manage keyboards too. At present, she navigates the intricacies of eCommerce. When not engaged in writing, she enjoys savoring books and tea.

More posts by Aiswarya Madhu

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