Advanced virtual B2B marketplace is the ‘Now’ of all businesses. Statistica confirms that one-third of B2B buyers always purchase from such a marketplace. Furthermore, recent technological developments in B2B marketplaces have given new definitions to the field. In today’s unprecedented world, they serve as the best possible environments for businesses to get done.
What is a B2B Marketplace?
A B2B marketplace is an online marketplace that replaces traditional physical markets of business. Advanced networking systems allow customers to directly meet sellers via digital means.
So how does an online marketplace differentiate from the traditional methods?
Simple! Just imagine an all-you-can-get supermarket in a big building. The virtual B2B marketplace is where you can view all products and services, compare quality, assess, select requirements, and purchase or sell from B2B businesses anywhere in the world. This virtual platform works as an intermediary for the transactions between the service provider and buyers. It helps create a new sales channel or improve the existing relationship between the company and clients.
What Do You Gain?
One of the main advantages any marketplace brings is to reach, engage and activate relationships with prospective and existing customers. It creates a business ecosystem that enables real-time, active interactions.
Key technologies like artificial intelligence, cloud computing, data analytics, business intelligence, and machine learning offer information and analysis that informs you about what to get as per their requirements. Any changes in the markets can be reflected or predicted by advanced technologies.
A B2B marketplace adheres to the three categories of people in business – seller, buyer, and supplier. Here’s how.
Seller
Managing inventory and updating data becomes easier for sellers in virtual B2B marketplaces. Product information and its related data can be directly uploaded online as and when updates are made, informing the buyers automatically. Aggregate demand requirements can be captured via intent data and pricing can be negotiated directly with the prospects. Sellers see the opportunity to sell more via such online marketplaces.
Buyer
For buyers, a B2B marketplace becomes the discovery point of finding products based on their demands. Selection becomes much easier. Advanced communications enable active interactions with the seller, and they can discuss the specifics of a product and prepare accordingly. It enables workflow automation with the help of accurate data.
Supplier
One of the main advantages of the online marketplace for a supplier is the standardization of the sales. A virtual market can be used to store or display all the product catalogues and related information that the buyers and sellers are looking for, along with updates. A single window display system where everything is available at the same time can help suppliers in automating workflows.
Whether you are a buyer, seller, or supplier, the B2B marketplace has value for you. The space provides you with comprehensive information for all your business transactions and the direction for growth. With the latest biztech advancements, rest assured that marketplaces are very profitable, simple, and direct.
