Building a B2B marketplace
The best way to build a B2B marketplace is to seek the help of professional developers, who can combine the strengths of e-commerce website development tools, Enterprise resource planning (ERP), Customer relationship management (CRM) and enterprise mobility. One of the most popular tools to build B2B marketplaces online is the e-commerce tool ‘Magento’. B2B entities can use Magento or the many other e-commerce platforms to create applications on which they can create and sustain trading communities. These purchasing portals can be used to sell products and services to other business entities. There are several advantages to moving enterprise trade to online marketplaces. Here are a few of them:
1. Global visibility and improved logistics
An online marketplace, such as eBay, provides sellers with a global platform and an international visibility allowing sellers to deliver products of every category to countries across the world. While site owners do not need to maintain any physical warehouse at all, sellers can even stock up stuff their at home and partner with third-party logistics-related service providers instead of maintaining a brick-and-mortar shop to store or display their offerings.This saves them from coughing up cash on rentals, décor, maintenance and more. What sellers also get, as a value added service in an online marketplace, is a well-managed ERP system that facilitates in automating inventories, shipments, deliveries and product replenishments.
2. Maintenance is low
Maintaining an online marketplace is less expensive than a physical equivalent. Vendors just need to sign up for the enterprise marketplace service to sell their goods to other business clients. This results in a reduction of overheads and other expenditure. Urban Outfitters owes its high return rates to its mobile and online initiatives, according to Morgan Stanley Research. What’s more? This also gives an opportunity to small and medium-sized investors to start a business or simply foray into the marketplace and grab a portion of the thriving online pie.
3. Versatility of products
Most B2B trading relationships are limited by their physical presence. There are both logistical and technical hurdles when it comes to managing and maintaining inventories belonging to a diverse range of businesses. An online enterprise marketplace allows vendors to sell a diverse range of products without being limited. Etsy, for instance, allows sellers to sell everything from homemade jams to antique furniture.
An e-commerce website provides a platform for both buyers and sellers to connect in a more efficient manner. While customer care and relationship management can be offered more efficiently, accessing product catalogues is also easier and more convenient on mobile devices and computers than physically visiting stores. ASOS is the world’s most visited apparel website, thanks to its focus on mobile and web development.
One of the most important features of an e-commerce store is the security it provides in the form of checkouts. Every transaction goes through hyper-secure payment gateways which in turn build buyers’ confidence. This is crucial to the sustenance of marketplaces. For example, PayPal helps thousands of sellers to offer secure card transactions online.
What is the future? Buy Now Pay Later TV
B2B marketplaces will continue to grow in size and stature mostly because of the cloud revolution. Cloud computing has enabled more companies to move towards enterprise e-commerce. B2B marketplaces tend to be targeted at niche audiences, which allow them to grow and flourish despite competition. Though we may not see an Amazon-kind of marketplace dedicated to business consumers, enterprise e-commerce will certainly grow because of the above mentioned advantages.