Business to business marketplace is a growing sector of sales, opening new channels of opportunity for small and mid-size wholesalers.
As the majority of sales happens online these days, ecommerce tools like wholesale B2B platforms have already changed how wholesale business is conducted.
How to effectively sell B2B products online? What are the benefits of such a marketplace? Here is everything you need you know about B2B wholesale marketplace.
B2B Marketplace Explained
The wholesale marketplace connects the suppliers with other businesses that are interested in their products. Sounds simple, but it is a little more than just a place to finalize transactions.
Nowadays, this type of business is conducted online, which is why the B2B wholesale marketplace is often referred to as B2B ecommerce marketplace. Such marketplaces are designed to allow wholesalers to market, sell, invoice, and fulfil orders using a single platform, making the selling process easier and more effective.
B2B marketplace is usually operated via a wholesale B2B platform, so an app that enables you to manage orders, inventory, and finances, all in one place. Here are a few interesting facts that support the idea behind B2B wholesale trade platforms:
- 75% of B2B wholesale procurement spending is projected to happen online in the next few years.
- Marketplaces account for 50% of current global online sales.
- Only 6% of B2B wholesale buyers don’t currently use B2B marketplaces.
The Basic Types Of B2B Platforms And Services
There are three main types of B2B marketplaces, each offering unique services and structure. Get to know the basic principles to realize where your business fits in.
- Buyer-oriented marketplace – also known as e-procurement, it is recognized for having not many buyers, but a lot of suppliers. The buyer owns the site, and the sellers list competing products at different prices, targeting large buyers only.
- Supplier-oriented marketplace – also known as e-distribution, can be run by a single business, and it is typically owned by a supplier. It’s associated with having not many suppliers, but a lot of buyers. Excellent option for those that prioritize building a loyal customer base.
- Intermediary-oriented marketplace – also known as e-exchange, it is known to feature many buyers and sellers. Typically owned by a third party, that connects sellers and buyers for a small transactional fee. The most beneficial option for small and medium wholesalers.
Benefits Of B2B Online Marketplace
Using a B2B wholesale platform can provide you with a lot of advantages when it comes to managing and growing your business. Maximize wholesale growth with a wholesale platform for better profits, management, and control.
Look at the biggest benefits of B2B ecommerce marketplaces and find out for yourself whether being a part of one is what your business needs.
Digital catalogue managing is so much easier. Adding and removing products from your wholesale offering is more straightforward if you are using a virtual display tools. If you are using a ready-made platform, you also don’t have to know much about coding or IT.
A few clicks and your new and improved offer is public. Digitalization of your B2B business is the first step you should take to run your company with less resources and problems.
You can standardize the way you bring new products to the market. Since your online infrastructure is solid, as it is based on wholesale B2B platform, you can replicate your processes and streamline introducing new products. Especially beneficial feature for all producers and manufacturers that focus on diversification and growth.
Making sure that your customers have a pleasant experience doing business with you. Every additional step a client has to take to make a purchase, the higher the chance they abandon their order.
B2B marketplaces are built with the clients’ needs in mind and limit this risk. Using an ecommerce wholesale marketplace, you can attract more customers while still providing the best experience. The better the experience, the more likely it is that you will retain your business partners and stabilize sales in the long-term.
B2B online marketplace is a land of opportunity for all wholesalers. It is just selling made easy. You can cut the costs of managing and selling your products, better control the order to delivery route, and expose yourself to countless potential customers.
Know also that the best B2B marketplace varies based on the characteristics of a given industry. The most important thing is to find a platform that offers the tools you need to make informed decisions. Consider getting on a B2B marketplace platform – your direct competition is already doing it, don’t stay behind.