In today's era of advancement and technology, the superior platform for marketing your business online is a website or B2B marketplace. With the increased use of the internet, people across the globe are moving towards the virtual world to buy or sell services and goods. Hence, businesses are working hard to build a strong online presence to enhance their ROI.
Indeed, with the increased needs, several businesses use dedicated models offering better services and getting maximum profit. For food delivery, rentals, hair salons, products, and services, there is nothing that is not in reach of eCommerce stores.
According to Statista, the B2B market is worth more than 7.6 trillion dollars. The revenue models for B2B businesses are adaptable in the B2B world.
What is a B2B Marketplace?
Business to business marketplace is an online venue that brings buyers and sellers to a single platform where they can communicate, trade, and collaborate effortlessly. A B2B marketplace manages a wide range of businesses as a community.
The primary motto of such venues is to organize a business platform equipped with multiple features that enable the participants to manage different transactions over the web and increase their productivity.
Two leading beacons of organizational productivity are Cost Saving and Increased revenue. Both of these beacons will demonstrate improved outcomes if an organization include marketplace features and functionalities in all possible fields of its business processes.
Some ionic B2B marketplace examples are Alibaba, Amazon Business, Etsy, eBay, Uber, etc.
Starting a marketplace business
As said above, an online marketplace brings sellers and customers together - supply and demand, respectively. A marketplace is a perfect platform that lets them facilitate their transactions and fulfill their mutual needs.
If you have a business idea that is dedicated and suits you, it is the right time to turn it into an online marketplace. Doing this will assist you in getting rapid growth, increased revenue, and business reach. Indeed turning your idea into an online marketplace is a successful business strategy.
How does a B2B marketplace look like?
In today's highly competitive tech arena, B2B eCommerce like Amazon Business is a stunner. It increased from $1 billion to $10 billion in terms of sales in three years. Moreover, more than 70% of online buyers use it to find products and prices.
It is also true that the new era of the B2B marketplace is limited to a fixed size organization. The new B2B marketplaces are divided into two main categories - market leaders and niche players.
As the name suggests, the market leaders are businesses that have a huge customer base, a wide range of organic traffic, and seek more growth by offering more facilities and services to their existing clients. The niche players are businesses that trade into a particular community of users or niche markets.
Merchants or vendors should be focused on the growth of their business by selling their products and services to more customers in different ways, and the online marketplace is one of those ways. For many B2B sellers starting a marketplace business is a limitless boundary that covers several benefits for a large number of customers.
Top online B2B marketplace examples are listed below:
According to Forrester, transactions on B2B online marketplaces in the US are predicted to reach $ 1.8 trillion by 2023.
While choosing an online marketplace, you must do in-depth research and analyze your business niche. Adopt the best platform that can assist you to grab technological advancements, customers' intentions, and huge revenue.
Best B2B marketplaces are:
- Alibaba
- IndiaMart
- TradeIndia
- EC21
- DHGate
- Amazon Business
- FGM Vendors
- Wholesale Central
- Joor
- Field Engineer
- Global Sources
Advantages of B2B Marketplaces
It doesn't matter the type of business you run; starting your business with a B2B marketplace is a profitable step. There are several advantages of B2B marketplaces, and some are described below:
- Easy Set-up
Indeed there are several online platforms available that assist in setting up your marketplace easily. You don't need to spend weeks or months setting up an online storefront, and you can start selling as soon as possible using a new platform.
- Low-cost entry
Lost-cost entry is one of the best advantages of starting an online marketplace business. Sellers have different options to launch their storefront on the internet.
Either they can create their own storefront with professional app developers or use third-party platforms to sell their products and services. Hence, undoubtedly, marketplaces don't need lots of upfront investment.
- Access to new customers
Marketplaces assist businesses to get new customers effortlessly. Therefore, you don't need to invest lots of effort and money to bring new customers to your online store.
This also helps you expand your business and earn more revenue. Marketplaces also enable you to test your products in the different online markets and relying on its success, and you can put more effort into making them successful.
In a nutshell!
If you are planning to start a marketplace business, now is the time to get started. Many organizations are launching their marketplaces to offer high-quality products, on-time delivery, and easy navigation. In turn, they are earning huge revenue and sustainability in today's fierce competition.
