A business-to-business, or B2B, business model is one in which a company sells their products first to another business, which will then often sell the product at a retail store at a marked up price.
In traditional B2B eCommerce, One seller engages in digital commerce with multiple buyers. A B2B marketplace brings together multiple buyers and sellers on a single website. The marketplace operator may sell their own products and services in addition to serving as the marketplace operator, simply running the marketplace.
Marketplaces are popular with B2C buyers but according to Gartner research, by 2023 70% of transactions on enterprise marketplaces will be B2B By that time, medium to high-merchandise value digital sellers will have created an entirely new digital ecosystem with marketplaces.
Sourcing, procurement, and vendor management (SPVM) professionals love the versatility of marketplaces. Buyers can fulfill a variety of their purchasing needs with a single onboarding process and maintain a central digital record of purchases and quotes. Operators and sellers are drawn to B2B marketplace solutions for their ability to generate revenue by reaching audiences they might otherwise miss.
A B2B eCommerce marketplace can be global, offering a wide variety of products, offering different products.
Benefits of B2B eCommerce
– Scalability and growth
An eCommerce store should strengthen your online presence and attract more customers that are interested in what you have to offer.
– Increased productivity
B2B eCommerce can allow businesses to focus on what matters most – building relationships and leaving behind the monotonous tasks that can easily be taken care of on your behalf.
– Improved sales process
An automated sales process not only means that you save valuable time and money, but it also makes the process more straightforward for your buyers to complete their order.
– Stronger brand
Develop a stronger brand with an online presence and full control over growing, promoting and marketing.