Are you thinking to get started with B2B online marketplace? In this Era of digitalization do you think your offline business will probably become extinct? Is your business going undiscovered? Do you want to expand your business?
Before we dive into your questions let’s understand What is a B2B online marketplace?
Business to Business Marketplace is an online marketplace, which acts as a center where various businesses and industries such as suppliers, importers, exporters, retailers, wholesalers, and so on can connect with each other for selling and buying the various products at one place. In a simple terminology, it is a digital marketplace where a business is engaged with another business in terms of commercial transactions.
B2B has been a part of business since very long but B2B online marketplace brought multiple businesses together online.
B2B online marketplace is a platform where trade is done between two parties similar to B2C but the difference between them lies in the fact that B2B is business to business while B2C is business to consumer.
Business to Business trading is said to be a center for business community where traders deal with people with similar trade or business profile and crack new deal.
According to Forrester forecasts, US business-to-business or B2B e-commerce will grow as big as $1.13 trillion by 2020, and will soon outdo business-to-consumer or B2C e-commerce in revenue by at least two folds.
According to Statista, Last year B2b businesses have earned USD 7.66 trillion. In comparison with B2c it is three times more.
Its uniqueness and success has lead to the establishment of intermediaries that design the online business portals and bring complementary business together under one podium.
Just like B2C marketplace, B2B connects multiple sellers to buyers. Buyers will have the option to compare and buy products.
Advantages of B2B online marketplace-
More customers– B2B online marketplace is a very attractive way to reach new customer and you directly contact various customers which includes retailers, wholesellers, distrubuters, and traders etc.
Drastic growth in business– Attracts more customers by showing them other items that they might be interested in and encouraging them to purchase related products, hence this is how B2B online marketplace allows you to cross-sell and up-sell goods.
Low cost– Website does not need big investment as vendors don’t have to develop their own ecommerce platform. Neither do they have to spend as much on marketing because the marketplace is responsible for taking care of the promotional activities.
24*7 Availability– The biggest advantage of a B2B online marketplace is that it is operational 24 hours a day. So you as a seller would be able to leverage even those hours when your store would be usually closed.
Better SEO Ranking– If you use a B2B online platform it can give an instant boost to your website traffic and gives you a shortcut on getting the first page of Google search.
Customer Support- Customer retention is one of the main factor, a great online buying experience keeps your clients coming back for more, and it might even help drive sales. With the help of Internet, Your business can provide customer support more effectively. This means better customer satisfaction and increased profitability.
Convenience– Just like B2C buyers, the B2B customers also want convenience and accessibility, from online research to price and product comparison, from personalized recommendations to online payments and transaction.
How to find first customers in the B2B service industry or in B2B service marketplace?
The process of finding your first customer isn’t so intuitive when you are just a start up.
Below are some key points which can help you to find the customers without spending a dime.
Social Networking site- One of the best and easy way to get connected with your customer is social media, at a basic level, it’s good to set up your social channels when you start your company. It will provide your clients one other additional channel to get in touch with you. Facebook, Twitter, and Linkedin are essentials for pretty much all businesses these days.
Blogging- Start focusing on blogging. You can easily discover and develop relationships within your market with immediate feedback. Blogging will surely Increase your online searchability.
Affiliate marketing- In today’s world affiliate marketing is a viable strategy for your startup. When it comes to affiliate marketing it’s important to specify very clear terms and conditions with your affiliates.
Apart from these techniques you can use paid media also like Google adword, Google adsense Reddit etc.
How does one start B2B Marketplace? Or how to create B2B marketplace?
To start off with B2B marketplace, first we need to understand that what actually a B2B marketplace requires. B2B (business-to-business), which is also known as e-biz, is the exchange of products, services or information between businesses, rather than between businesses and consumers. In your daily scenario, it can be understood with the concept of exchange of goods or products between wholesaler and retailer.
For handling a B2B marketplace, you will need a platform which can manage the multivendor marketplace. A marketplace where numerous vendors will be able to exchange the products and stabilize an online B2B business.
Well, there are numerous open source platforms available which allows wide scalability and transparency. You can also extend or enhance the functionalities and can customize it according to your requirements.
What we are offering-
After selecting the software, now the next mandatory functionality will be a Multivendor Marketplace enriched with the B2B features. Considering the inevitable future of B2B and Marketplaces, CedCommerce has meticulously compiled complete B2B Marketplace for Magento 2 solutions which will help you in establishing a most innovative B2B Marketplace as the package contains all the required extensions fulfilling the requirement of B2B like uploading products in bulk, purchasing products in bulk, negotiating prices over large quantities and so on.
Features of our B2B Marketplace-
- Social Login allows the vendors as well as customers to login or signup with their social media accounts for multivendor marketplace. Instead of filling personal and login details of sign up form.
- Bulk Product Upload provides the vendor a facility to import or export the products in mass and can update the product information in bulk.
- Invoice and Report generation feature entitles the vendor to generate the invoices for the orders placed for their products.
- Flexible Commission between Owner & Seller such that owner will set the commission for individual vendors. It facilitates the admin to set miscellaneous conditional rates for every purchase of his vendors’ products.
- Vendor’s Review & Rating entitles the customer to rate and send their reviews for the concerned vendor.
- Reliable Payment Gateways allow the customers to pay through your payment method.
- Multishipping Methods entitles the vendor to offer various shipping methods for customers.
- SEO Analysis is used to analyze the traffic and accordingly increase your ranking in search engines.
- Vast Support solves queries (if any) and provides 24X7 support to customers.
To enhance your multivendor marketplace with B2B marketplace and Let me apprise you with the extensions for magento based online store which are highly used by the customer-
- Purchase Order System will allow end customers to request store owners for products which aren’t currently listed in their store’s catalog. Customers will have to provide necessary details about the product while making its request like name, images, quantity, products URLs, etc. Both parties can negotiate price and quantities of the requested product and close the deal accordingly.
- For any B2B business, negotiating prices and terms with your customers plays an important role in closing the deal. Request For Quotation extension will allow specific customer groups to request a quote and negotiate price/quantity of products with the store owner.
- The Pre-Order extension allows end-customers to place orders for products which are currently out of stock or will be up for sale soon. They can reserve their copy with partial payment and can pay the remaining amount after the stock replenishes. With pre-orders sellers can know beforehand the likely demand for the product and can manage their stock accordingly. Tier pricing can also be applied to pre-order products encouraging customers to buy larger quantities to avail discount.
- Group buying extension exploits the default tier pricing feature of Magento by allowing the end-customers to form a group through invitation and collectively purchase products in larger quantities to avail even higher discounts.
- Configurable Matrix extension streamlines the process of creating configurable products. Configurable products are the one which has multiple attributes, for example, a t-shirt which might come in various colors and sizes. It displays all the configuration of a product (maximum two attributes) in a matrix format and customers can purchase multiple quantities of each configuration in just one order.
With these B2B extensions available for any M2 platform, it’s time to think about the benefits these tools could bring to your organization as you look to engage, win and retain your B2B customer base to drive a double-digit growth in digital commerce platforms through 2020.
You can also refer the following link in order to know more description, and Pricing etc.
Read More Blogs Related to B2B Marketplace:
- B2B Marketplace for Magento 2 – CedCommerce
- Five Reasons B2B Companies Should Launch Online Marketplaces
- B2B Basic And B2B Advanced Packages
- Importance Of Request For Quotation Extension In B2B Marketplace