A B2B (business to business) online marketplace is a platform through which sellers, buyers and businesses can communicate information regarding products and perform transactions in one unified place. It allows sellers to access a larger customer base at a lower cost, whereas sellers can make product discoveries much easier.
Though custom eCommerce portals and static pages worked well in the past, this is no longer the case. With the increasing popularity and rising competition of marketplace platforms, the need to be present on a B2B eCommerce platform has become inevitable.
Online marketplaces have become increasingly sophisticated with features which cater and are tailored to all B2B marketing strategies. They play a large role in product discovery when it comes to wholesalers, manufacturers and distributors, resulting in a highly efficient platform where supply and demand among seller groups can be identified and carried out seamlessly. Here are some of the benefits of a B2B marketplace for your business:
1. Improve Sales
Undoubtedly, attracting an higher number of clients can boost your sales, however, there are much more ways that a marketplace website can boost your business performance. By choosing the right online marketplace you would be able to showcase the most specific and relevant product recommendations for your customer. You can not only sell products more efficiently but also highlight items with more features, resulting in powerful up-selling and cross-selling opportunities.
2. Lower Your Costs
A huge benefit of a B2B marketplace is the fact that you can minimize your cost while growing your revenue. By streamlining and automating procedures such as client information provisioning, order entry and customer services, your business cuts down on unnecessary costs while making its processes more efficient than ever.
3. Reach New Customers and Markets
With a B2B marketplace platform, you are able to reach more new clients, even in new marketplaces. Your online marketplace will not rely on the availability of a sales team and your digital sales portal will be available at all times, 365 days a year. In addition, this will also eliminate any time difference challengers, helping to serve a wider international market through your trade platform.
4. Get Customer Feedback
What keeps clients coming back for more is a seamless online buying experience. Undoubtedly, clients base a buying decision based on positive reviews from other buyers, rather than promotional descriptions from wholesalers or manufacturers. Through a simple review, customers share their enthusiasm with other customers which in the long-run aids sales and the image of your business.
5. Improve Search Engine Rankings
SEO efforts can be tough, tedious and getting traffic to your website may be difficult at times. With an online marketplace, you can give our website traffic an instant boost, as it gives you an easy shortcut to getting on the first page of Google.
6. Lower Risk
Of course, it is worrisome to commit to an entirely new sales strategy all of a sudden. However, an online marketplace is known to be an extremely low-risk solution as it incurs less budget in marketing costs and gathers thousands of leads for a fraction of the cost of traditional lead generation strategies. The development of B2B marketing strategies is exceptionally quick, simple and easy with a trade portal, which will maximize sales efficiently and seamlessly.
Did you find this article useful for your business? Make sure to visit Xpann’s website for all your B2B Online Marketplace solutions.