What are B2B Marketplaces?
A marketplace is an eCommerce site where customers can choose from many products from multiple third-party sellers. It connects multiple sellers and buyers from different industry verticals. While sellers can get access to buyers from a wide reach across the market, the buyers on the other hand have the option to compare and buy products and offers from many different sellers all in one place. B2B is a term that refers to business-to-business. It covers everything from electronic market transactions to connecting suppliers, distributors and other channel partners under one roof.
B2B marketplaces are platforms on which manufacturers, wholesalers, suppliers, distributors, dealers, retailers can trade with each other. The main goal of B2B marketplace is to simplify the process of buying and selling. B2B marketplaces offer the same possibilities as the B2C marketplaces, except that they adapt and cater to the business-to-business audience. At a time, when every business is offering services that can be accessed online, B2B marketplace is a perfect niche for businesses to sustain and grow their business in an easy and steady manner.
Benefits of B2B Marketplace
There are various benefits of buying and selling on a b2b marketplace that can help the businesses to by providing instant visibility to a large user base and reach across geographies catering to the needs of a large group of audience. This helps to increase sales and diversify customer base. This type of platform is particularly beneficial for small and medium businesses who otherwise have to invest huge amount in buying or selling surplus stocks.
B2B marketplaces offer multiple advantages to sellers as well as buyers. By using these platforms for distribution of their products, B2B sellers can benefit from a reduction in cost in terms of storage cost, maintenance cost, infrastructure cost etc. and get access to a large audience on the online B2B ecommerce, multiple sales channels, platform to showcase their surplus inventory products, deal promotion through different digital mediums. On the other hand, buyers can benefit from a wide choice of products, simplified purchasing process, option to compare products from multiple sellers, reduced transaction costs and better purchasing experience.
Another primary advantage of registering on a B2B online marketplace is access to vast number of sellers and buyers without the hassles of appointing a middleman or salesperson. They also provide flexible payment options and real-time inventory tracking to give customers most accurate and relevant information.
Besides all these, one of the major advantages of these marketplaces are different discount for wholesale purchase. There are many sellers who are stuck with their unused inventory and want to liquidate them off in bulk. This becomes a great opportunity to the buyers too as they can buy the products they require in bulk at discounted prices.
B2B trade portals have simplified the online business and made it easier for b2b sellers and buyers to liquidate overstocks. A trade portal is a unifying platform for buyers, sellers and businesses that help communicate the product information and carry on purchase operations easily. They make product discovery easy for buyers while giving sellers access to a larger market, reducing operational costs for all players in the process.