With the help of VR and AR tools, the marketplaces aimed at B2B interactions make transactions quick, reliable, and result-oriented. What comes along with the convenience of an online marketplace is global reach. Let’s understand the developmental aspects of the B2B marketplace and how it contributes to scoring an expanded global reach.
Expectations from the B2B marketplace
The B2B marketplace is supposed to be capable of handling more complex issues. The B2B business involves more complex payment methods like checks, Terms, PO, Quote, and ACH. The second challenge is the maintenance of an invariably extensive and more enriched catalogue of products and materials. The custom orders processing is a new reality, and the B2B marketplace has to accommodate such requirements.
The need to go to the B2B marketplace
Here are some interesting facts
- Corporate purchases are happening at a faster rate on e-commerce platforms. About 48% of companies, according to a survey in 2018, now make about 70% corporate purchases online and about 23% of companies have increased this percentage to 75%.(source: https://www.digitalcommerce360.com/2018/09/17/whats-driving-b2b-buyers-to-ecommerce/ )
- About 75% of the communications and searches happen on online mediums before the start of the actual transaction. Thus, the B2B marketplace provides the right answer at the right time to the sellers eyeing at a global reach.
How businesses can attain global reach through B2B marketplace
B2B marketplace allows the sellers and buyers to be at the place where communication is quick, sales-oriented, and the overall terms of business quite more straightforward. The B2B marketplace offers following facilities that enable easy attaining of business reach:
- Offer language of choice: A tiny feature but with a huge impact. The sellers can include a language of choice in the drop-down menu at the header of their online territory and portray a global player’s image. The customers getting the information required in the preferred language are often likely to return to the seller.
- Offer currency of choice: Facility of making the transactions in the currency of preference provides much-needed comfort to buyers sitting at any corner of the world. The marketplace with this facility can empower the business with a basic tool: currency acceptance in a more relaxed manner.
- Increases the possibility of developing new business relationships and exploring new markets: Budget is always a constraint for SMEs and small companies. These companies find marketplace a happening place to explore new possibilities of doing businesses in newer territories. The hassled way of going to trade fairs now replaced by a marketplace gives better comfort in reaching out to new relationships without foregoing the existing ones.
How to use B2B platform for coming closer to global reach aim
The points indicated above show that the B2B marketplace is a promising platform for going globally. The sellers can make the best use of this possibility by using:
- PIM (product information management): This tool gives a realistic insight into the preferences, buying habits, business trends, and other essential data needed to penetrate a new market.
- Leverage on fulfilment support: Many B2B marketplaces like Amazon offer order fulfilment service. The new entrants can leverage the infrastructure to make possible for the customers faster and customized delivery. Every promise becomes possible to fulfil with B2B marketplace support.
Most importantly, do in-depth research before picking the marketplace. All B2B marketplaces do not fit every business model; thus, choose the one that functions in consonance with your brand philosophy. By doing these small researches, you can drive the B2B marketplace in your favour and use it to achieve your dream of going global.