While B2B marketplaces are all the rage now, it is time to hop on the bandwagon and kick start your ecommerce business successfully. Keep on reading and find out the main advantages of B2B marketplaces for your business and how to plan your strategy.
- 1 What is a B2B marketplace?
- 2 B2B vs. B2C: Main differences
- 3 10 advantages of selling at a B2B marketplace
What is a B2B marketplace?
Firstly, a B2B marketplace is a digital platform where buyers and sellers gather and carry out business activities. There, enterprises offer their products and/or services to other companies (manufacturers, wholesalers, distributors, etc.) on the same website.
As a comprehensive software solution, this model paves the way for small and medium-sized businesses to face challenges by providing useful resources that allow them to grow worldwide. Likewise, they provide services such as inventory and payments.
Which B2B marketplace platforms are available? You can access several platforms, such as the six following ones: Amazon Business, Ankorstore, Alibaba, SoloStocks, Virtual Expo and Zentrada.
B2B vs. B2C: Main differences
Both types of e-commerce platforms put different features at the disposal of people, which may be more adequate depending on the objectives of each business:
- B2B (Business to Business): Buyers search products or services and make bulk purchases. Also, the business transaction is carried out between companies and the process may involve more people and departments.
- B2C (Business to Consumer): Buyers search products or services for their personal use and make smaller purchases. Additionally, the business transaction is carried out between the company and the consumer and the buying process is quicker and easier than in B2B.
10 advantages of selling at a B2B marketplace
1. Reach a wider audience
If you want to expand your business and cross frontiers, B2B marketplaces cover aspects such as connecting with logistic and financial partners that eases the processes, since they already have a wide database of buyers and suppliers around the world.
2. Localise your business
When it comes to reaching international audiences it is key to translate, or transcreate, your content. That is: your website, as well as products names and descriptions, among others. That allows you to build a stronger presence online for your target audience.
3. Time and cost savings
Establishing your own e-commerce business from scratch requires time and money, whether it is for advertising, placing Ads, content creation or SEO optimisation for buyers to find your site. Those marketplaces are way ahead and already optimised their site, so you can save this step.
4. Quick and easy set-up
Following the previous point, in order to start selling you just have to create your account in the chosen B2B platform and add your products together with their descriptions. Most platforms feature a user-friendly interface and provide customer support to help during the onboarding process, too.
5. Attract your target audience
In order to attract your target audience, it is important to improve your products on a continuous basis. One of the options is to sell brand-new products and offer free samples for customers to test your new products and leave a review. Feedback is key to keep growing!
Besides feedback and the localisation services mentioned above that allow customers to access product descriptions in their native language, these platforms provide information about shipping, order history and others to improve the purchasing experience. Likewise, you can personalise your business page and collect data on your customers to keep adapting and meet their changing needs.
7. Competition and low prices
Since B2B marketplace platforms are well-established, building your ecommerce business there entails almost no risks and virtually guarantees huge returns. By paying an affordable membership and transaction fee, you can sell your products worldwide. That small investment allows you to set prices and compete with other businesses with attractive offers.
8. Flexible payment
B2B platforms stay updated with technology, and therefore include a wide variety of terms, payment and billing options. This flexibility facilitates the payment process for your clients, and thus builds customer loyalty and satisfaction.
9. 24/7 productivity
These digital platforms work non-stop and therefore customers can continually place their orders, view order status and other features. Since this tool takes on this task, it saves you money, time and effort. This automated ordering workflow reduces the possibility of mistakes and thus improves the business efficiency.
10. Build a reliable brand image
Building your business on a well-known platform by customers and suppliers increases the reliability of your business. Since the shipment and payment are managed by the platform, it is more likely to trust the process by both parties.
As a global agency specialised in Amazon, our experts create and execute advanced strategies based on data analysis through in-house technology. Thanks to the real experience of our team in the purchase and sale on Amazon and other mearketplaces, we’ll guide you through the marketplace to build a successful ecommerce business. Do not hesitate and contact us now!