September 23, 2020
B2B marketplaces offer various benefits for all parties involved in the process of buying and selling products on an online B2B marketplace.
There are three main roles in a global B2B marketplace: namely, sellers, buyers, and marketplace owners. Each of them gains specific benefits from their own perspective. Overall, all parties involved enjoy advantages such as cost savings, better marketing, greater market reach, and streamlined workflows.
Let’s take a look at the specific benefits each role on a B2B marketplace gets.
Online marketplaces give operators of the platform a deep insight into what their potential buyers and prospect suppliers really need at a global scale. They also benefit from offloading the main marketing tasks to their global suppliers, which reduces operational costs.
Since they have all the demand figures by suppliers in one place, they can negotiate better prices based on the aggregate demand. Furthermore, they have direct contact with numerous buyers and suppliers, which gives them a better chance to capture leads and grow their business.
Creating a B2B marketplace is finally is a chance to develop your business or to create a new one on a specific market where a need is identified.
A global B2B marketplace streamlines procurement workflows and markedly reduces costs by enabling buyers to have access to both sellers in one single online platform. Just like with sellers, buyers can automate partially or fully their workflows pertaining to any procurement process. For instance, buyers can fully automate the purchase of goods and services once you connect your marketplace account to an ERP system.
Also, online marketplaces give buyers access to a global pool of sellers, which enables them to research and compare prices and product features at scale, searching for the best offer that fits their specific needs.
B2B marketplaces allow them to easily upload and manage their entire product catalog while keeping track on all orders and the overall demand for their products in a single online platform.
By using an online B2B marketplace, sellers get a single point for collecting orders, which results in markedly lower costs for order processing. They can also collect feedback for their products and delivery processes in a single place, which helps to respond quickly to any suggestions from their buyers.
Finally, all three types of participants on a B2B marketplace get specific advantages that do not depend on their specific business role.
All roles on an online marketplace get access to a huge number of potential business partners from all over the world. Regardless of your role, you can easily build a large database of leads and prospects to whom you can send personalized offers or orders.
Any of the roles can automate various processes and procedures related to the selling, delivering, and ordering goods and services. One huge advantage is that you can automate procurement and delivery processes even without connecting the online marketplace to an ERP.
All roles also have an opportunity to improve their brand awareness by building a great product catalog or page for their products. The same applies to buyers as in most cases they are also manufacturers of goods or service providers.
Finally, all three roles benefit from exceptional analytics capabilities in fields such as marketing campaigns, sales effectiveness, product mix, inventory turns, customer sales effectiveness, and customer engagement.
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November 1, 2020
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