Have a website built with the help of Magento eCommerce development company? Are you into B2B eCommerce? This article is for you to help you boost sales.
But first, what is B2B eCommerce? When a business provides or takes a service from another business, it is a B2B eCommerce. The parties involved in the transaction are both businesses. Yes, it is that simple.
Do you know the company with B2B eCommerce is opting for the Magento B2B marketplace? Let’s understand everything about the Marketplace, its benefits, and from where to get it built.
Understand B2B eCommerce Marketplace
You have seen many B2C marketplaces, like Etsy or Amazon. However, it is predicted by the end of 2023, 70% of eCommerce websites will have a B2B marketplace. What is the B2B marketplace, and how it helps?
The B2B marketplace brings different businesses (seller and buyer) together to perform the transactions. The marketplace can have a single industry product or a wide variety of products from various sellers.
With the B2B eCommerce marketplace, it will be easier for a business to sell its products to potential buyers. SMEs (small-medium enterprises) often look for the business-to-business marketplace for both buying and selling.
Benefits of B2B marketplace:
- Streamlined procurement workflows
- The global pool of sellers and buyers
- Easy uploading and managing product catalog
- Effortless management and tracking of orders
- Lower order processing costs
Types of B2B eCommerce Marketplace:
Based on product types
Vertical: A business transacting products of one category is a vertical B2B marketplace. Here, you will find only one type of product or service.
Horizontal: A marketplace that provides shoppers with a wide variety of products having the same properties or from the same industry is a horizontal b2b marketplace.
Global: The best example of a global business-to-business marketplace is Amazon business. The global marketplace provides a broad range of products from different industries and categories. It is creating an ecosystem that will bring sellers and buyers with both high and lower needs together.
Based on the business model
Products: A product-based marketplace platform connects businesses for the fulfillment of product supply. It will have sellers and buyers dealing with different products.
Services: The name itself suggests, that a service-based marketplace brings together businesses providing services.
Hybrid: A Hybrid marketplace is for both B2B, B2C, and C2C transactions. It includes more than one type of business model selling products or providing services.
How Magento B2B Marketplace benefits every intent?
With the trending shift to the marketplace, don’t let your business left aside. Marketplace provides numerous benefits to leverage. A Magento development company will help you in creating a b2b marketplace.
Builds Brand Presence:
Physical store shutdowns at the end of the day, but a marketplace will operate 24/7 and 365 days per year. Hence, your brand will be visible to everyone at any time. You might think getting a B2B marketplace is costly but look at the brighter side. With the marketplace, there will be cost deduction on marketing actions, inventory management, and warehouse system, as it will operate everything.
Diverse customer base
With the Magento B2B marketplace, you can operate the eCommerce store in different countries and have a diversified customer base. Your products and services will be available to international companies as well (if you wish to). It will be more comfortable for sellers, manufacturers, and even distributors to attract a wide range of audiences or buyers for the provided products and services.
Optimize customer relationship
Who said you can’t build a customer relationship by online selling? Magento B2B marketplace allows you to chat with the customers and build a long-term business relationship.
As mentioned in the above section, a business-to-business marketplace is an ecosystem that gathers vendors and purchasers to make a fruitful transaction. You already know, marketplace runs 24/7, so you can provide professional help to the customer and create a long-lasting business relationship.
All these factors will boost your sales for a good reason. Along with that, you will also have another source of income as well from the marketplace. How? You can generate profits from commissions, subscriptions, advertising fees, etc.
Why choose Perception System for Magento B2B Marketplace?
Perception System provides Magento web development services and is one of the best among the others. It is building Magento marketplaces with expertise for the past 7-years. To date, they have created a dream project for every brand that is now earning ample profit with a boost in sales.
The ROI on the marketplace is significant. So, get a one for your business too, spike up the sales, and earn maximum profit out of it.