What is B2B?
B2B is a term that refers to Business to Business.
If you are familiar with electronic commerce then B2B would be very important to you. B2B covers everything from electronic market transactions to making business leads and creating relationship with market developers, consumers, resellers, suppliers, distributors, and other business partners.
On the time where everything can be accessed online, B2B Marketplace is a perfect niche for businesses who don’t have big budget for sales and marketing. B2B marketplace makes it easier and possible for every business to grow.
10 benefits of B2B Marketplace:
1.) Expect High Return
Using B2B portals would not just save you thousands of dollars yearly but you also get a much deeper insight into your business target audience and what their needs are. This means that B2B marketplace could initially jumpstart your search for leads and potential suppliers in the global market.
2) Avenue of Millions of Buyers and Sellers
The B2B marketplace could give you the upright number of buyers and suppliers that you would for your business. This would involve dozens of contacts and leads that you can check out for your business.
One of the greatest advantages of registering with an online B2B marketplace is the upright number of buyers and suppliers you can directly have in contact with. This will include thousand of potential business partners from all over the world.
3) Instant Sales Automation
When you receive your endless database of buyers and suppliers, you will have a vast amount of opportunities waiting in line for you. You can follow companies and get notified about their latest or current products and in return could automate your sales process.
4) Search Engine Rankings Boost
Getting traffic in your website might be difficult but if you use B2B marketplace can give you an instant boost for your website traffic and gives you a shortcut on getting the first page of Google search.
5) A Perfect Marketing Research Platform
Online B2B marketplace can only give you an excellent chance to study and reflect the products and services of your competitor. You can check out the competitors’ prices, current sales, product features etc. This is what we call competitor analysis and this is very important to any business.
6) Elevate Your Business Branding
As I have shared from the beginning, small businesses may face financial problems when it comes to marketing and branding strategies. This is where B2B marketplace will become a big help.
B2B Marketplace will give you chance to showcase and promote your products and can put your advantage towards any leading companies. This is a good placement to elevate your product and be in the same line with the established brands in the industry.
7) Expansion of Business Network
I believe that that value of any small business would be equally relate to the number of influence of its business network. In fact, most companies now spend big budget for networking.
In B2B marketplace, expanding your business network will not cost you with almost no add on cost. You can easily get in contact with the most influential companies that could feature or compliment your business. You can even get in touch with them personally to build mutual trust and partnership.
8) Your Passage to Product Innovation
Most of the successful companies now are have uses B2B marketplace to explore new business ventures. This could be opportunity to elevate your business and innovate your current products and create something new in the market. As a small business, use the power of B2B marketplace to get ahead in the competition and be as innovative as possible maximize your business.
9. Global Access for Visibility and Trade
B2B marketplace gives you access and visibility to thousands of buyers and sellers from across the globe. This will reduce the effort for your business to be known to some buyers and instant promotion of your products in an international market.
10. Low Risk
If you are unsure of giving an all-out commitment, don’t worry, because in B2B marketplace is known to be low risk because transactions through online portals would incur less budget in your marketing cost and you can get thousands of leads in a small amount.
It is really true that with the emerging presence of online B2B portals, online business development is now simple and easy. With so many emerging marketplace to date, it’s hard not to consider the perks of maximizing one’s business and at the same earning more by pursuing the B2B Marketplace.
Let’s take for example Malaysia technology startup called Dropee.
They launched the full release of its business-to-business online marketplace last month. Dropee is a B2B marketplace that connects suppliers and retailers on a digital platform, enabling both to digitise sales orders and track inventories and providing fulfilment of goods and access to real-time data.
The company introduced a new web interface to further streamline connections between suppliers and retailers. They are able to support any number of suppliers and retailers and offers functionalities to help speed up documentation processing and better manage relationships with customers.
Dropee’s platform allows suppliers to launch promotional campaigns where they can specify which of their customers are eligible for discounts from Dropee’s listed prices. It highlights a more streamlined ordering process as well with retailers placing new orders or reorders directly with the supplier without requiring a sales person from the supplier to help them.
Dropee also enables retailers, easier discovery of products at wholesale prices based on the categories they select to describe themselves (such as convenience stores or restaurants).
Dropee and other B2B marketplaces serve as bridge that would give you the connection to thousands of buyers and suppliers in the industry that could potentially bring bigger income for the business.
Did you find this article helpful for your business? Feel free to share on social media by using the super-easy share buttons below!