What Is An Online B2B Marketplace？
B2b is the abbreviation of business-to-business, which refers to the Business model of data and information exchange, express delivery, and transaction between enterprises through a private network or the Internet.
B2b is through the internal network of enterprises to connect products and services, through the b2b website close contact with customers, through the rapid response of network speed, to provide consumers with better service, so as to promote the business development between enterprises or between consumers.
What is B2B Marketplace?
In traditional B2B e-commerce, digital commerce is conducted between a seller and multiple buyers. B2B marketplaces bring together multiple buyers and sellers on a single website. In addition to acting as a market operator, a market operator can sell its own products and services, thus simply running the market. The market is popular among B2C buyers, but according to data research, 70% of transactions in the enterprise market will be B2B by 2023.
Then digital sellers with high commodity values will create a new digital ecosystem with the nature of the market. Purchasing and supplier management professionals like the versatility of markets. Buyers can fulfill various purchase needs through a process and maintain a central digital record of purchases and offers. B2B marketplace solutions attract operators and sellers because they can generate revenue by reaching audiences that are more likely to miss out.
B2B e-commerce markets can be global, offering a wide variety of products; Vertical, offering many of the same types of products; Or level, offering different products with similar characteristics (e.g. second-hand goods). In general, B2B marketplace platforms are much like e-commerce sites by connecting buyers and suppliers. However, the provider can be an independent contractor or a provider providing services in an online marketplace.
B2B is an e-commerce mode of bulk goods trading and buying and selling between enterprises and their suppliers and customers. Its transaction amount is much larger than B2C, but its transaction frequency is relatively small.
According to relevant data, in 2010, China’s B2B e-commerce turnover amounted to 3.8 trillion yuan. In addition, according to the statistics of international data company IDC, the global B2B and B2C revenue in the next few years have substantial growth, and B2B growth and revenue will greatly exceed B2C.
The trading objects of B2B e-commerce activities can be any kind of product, can be raw materials, can also be semi-finished products, or finished products. The scope involves petrochemical, hydropower, transportation, storage, aviation, national defense, construction, and many other fields.
B2B e-commerce activities are the most complicated of all kinds of e-commerce transactions, mainly dealing with the trading of raw materials and products between enterprises and the corresponding information query, trade negotiation, contract signing, payment, document exchange, inventory management, and goods transportation.
If it is international trading also related to customs, commodity inspection, international transportation, foreign exchange settlement, and other business, there is a lot of information exchange and communication between enterprises.
Therefore, in the transaction process, the format of contracts and various documents is more strict, the operation process is more standard, and the effectiveness of the law is paid attention to. In contrast, B2C electronic transactions are simple in operation, involve relatively few departments and personnel, and are more random in operation, with relatively few relevant legal provisions.
Advantages of Online B2B Marketplace
Reducing Procurement cost By establishing e-commerce with suppliers, enterprises can realize online automatic procurement, which can reduce the manpower, material, and financial resources invested by both parties for the transaction. In addition, the purchasing enterprise can integrate the internal procurement system, and unified procurement from suppliers, to achieve bulk procurement to obtain discounts.
To reduce inventory costs, enterprises establish an inter-enterprise e-commerce system with upstream suppliers and downstream customers to realize the efficient operation and unity of logistics and maximize inventory control. For example, by allowing customers to order online, the efficient operation of the enterprise business process can be realized, and the inventory cost can be greatly reduced.
In addition, enterprises can establish a unified e-commerce system with suppliers and customers to achieve direct communication and transaction between suppliers and customers, reducing the turnover link.
Expanding Market opportunities. By establishing online business relationships with potential customers, enterprises can reach markets that are previously difficult to reach through traditional channels and increase their market opportunities. For example, through online direct selling, 20% of new customers come from small and medium-sized enterprises. Through the establishment of e-commerce with these enterprises, the transaction costs of both sides are greatly reduced, and the interest motivation of online procurement of small and medium-sized enterprise customers is increased.
Top3 B2B Marketplace Platforms To Grow Your Store In 2022
Alibaba International station is the earliest established business of Alibaba Group. It is currently the world’s leading cross-border B2B e-commerce platform. Mainly help domestic enterprises to do foreign trade wholesale business, and expand overseas buyers. Alibaba International station focuses on serving small, medium, and micro enterprises worldwide. On this platform, buyers and sellers can find each other online more effectively and close deals faster and with more confidence.
In addition, the one-stop customs clearance, tax refund, logistics, and other services provided by Alibaba’s comprehensive foreign trade service platform make the export circulation of foreign trade enterprises more convenient.
TradeKey is a globally known and useful B2B website. TradeKey is dedicated to collecting and analyzing buyer data from all over the world. TradeKey works with many of the world’s powerful groups and organizations, designed for small and medium enterprises, with a focus on exports.
It is a new online B2B site that is growing rapidly and creating a new and improved way for buyers and sellers. Headquartered in Dallas, Texas, all of its major operations come from Karachi, Pakistan.
It has now become part of CPEC which makes trade relations between Pakistan and China better. The main purpose of the website is to help Chinese suppliers, distributors, and manufacturers reach their potential audiences.
How to Build a B2B Marketplace?
Write a detailed requirements plan that identifies the topic, style, functionality, performance, etc., required for the b2b platform site. In this way, we can cooperate with platform developers smoothly, and at the same time, it is also conducive to timely communication and communication in the process of the company’s b2b website construction.
In the construction of the b2b e-commerce platform, industrialization operation and characteristic operation are the key components in construction planning. The platform with industrial operation is more able to resist risks. The characteristics of the b2b e-commerce platform are also very important, we need to select the right market product positioning, and master the consumption habits of customers, in order to better attract target customers.
The font style should be clean and simple, and the product information should pay attention to the screen resolution to prevent distortion and affect the look and feel of customers. Quantity, specification, color, and price must be clearly identifiable. Don’t forget product annotations and purchase button design.
Let the customer purchase process be simple For customers when buying something, they must hope that the process can be simple. Therefore, the b2b e-commerce platform must simplify the customer purchase process. In addition, the customer feedback mechanism should be set up, and the feedback and message should be properly handled, so as to gain the trust of customers.
The purpose of developing the b2b platform is actually to sell goods and make profits. Therefore, the presentation of goods is crucial. We can design the way and location of the product display on the website according to customers’ hobbies and requirements, coupled with a strong copy guide, so as to better reach a deal.
The B2B model is the most extended history of e-commerce, the development of the most perfect business model can bring profits and returns. Its profits stem from the decline in various expenses due to relatively low information costs, as well as the benefits of supply chain and value chain integration. eCommerce among enterprises will eventually become the main part of E-commerce.
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