Digital marketplaces are flourishing today thanks to the introduction of various advancements in technologies like Artificial Intelligence (AI), Machine Learning (ML), real-time personalisation and has become popular with customers offering a convenient way to compare products and check quality, prices all at one single source. The digital marketplace is a simple type of online e-commerce platform that brings buyers and seller together under one roof and where product and service information is provided and transactions for buying and selling are conducted.
This kind of marketplaces are especially beneficial for B2B businesses where most manufacturers, wholesalers, dealers, distributors, retailers face the problem of non-performing products or overstocks and are looking for means to liquidate them into profit. It is also important for B2B companies to explore marketplace to scale their business, grow their reach and break into new -markets.
There are many ways in which digital marketplaces are beneficial for the B2B business. Below are few of them:
Database of Verified Buyers/Sellers :B2B marketplace has a database of approved buyers and sellers who are verified then registered. The partners are assessed for their business stability, quality of products and due diligence.
Upload and sell quickly :Digital marketplaces give you the advantage to upload your products easily and give it wider reach apart from the seller’s own geographical area. Buyers also can get access to a number of products that they might be interested to stock in but unable to get in their region.
Competitive Market Prices :In an online marketplace, multiple sellers can list their stock at different competitive prices giving the buyers an opportunity to choose the best B2B liquidation deal that suits their business.
Connect Buyers and Sellers :B2B buyers and sellers who are registered in a digital marketplace are connected on a single platform without a necessity for the buyers to visit multiple distributors physically to source their requirement.
B2B Customers get eCommerce Experience :Majority of the B2B industry is dominated by the millennials who hold the key decision-making positions in the business-to-business companies who seek the same consumer experience as B2C customers get on e-commerce shopping sites.