Entrepreneurs looking for ways to grow their business can start by selling on e-commerce platforms. For many, online marketplaces are an untapped opportunity as they provide easy access to large new audience.
More and more companies are undergoing digital transformation. Part of the process is to setup an online storefront which has the power to completely change how clients interact with brands. B2b companies lagged behind b2c companies in this area but are quickly catching up.
We’ll explain why it’s a huge benefit for companies to showcase their brand, products, and services on a b2b marketplace.
What is a business-to-business (b2b) marketplace?
A business-to-business (b2b) marketplace is a platform where suppliers and buyers interact to conduct transactions. B2b marketplaces can be defined as a website where goods and services can be bought from a wide range of suppliers1
B2B vendors are usually wholesalers and distributors. Unlike in a business-to-consumers (b2c) marketplace, where one can pay immediately using credit cards, a b2b marketplace is a platform to place orders and there is usually a required minimum quantity. Every company will have a different ordering process – and b2b marketplaces are there to simplify the buying and selling experience.
Reasons why companies should be listed in b2b marketplaces
1. It’s easy to set-up
It won’t take you months to set-up your own storefront. Most marketplaces would just require you to enter your company information and you’re ready to upload your products and services.
2. It’s inexpensive
Setting up your own b2b website for your customers is tedious and would incur costs for hosting and licensing fees. Developing it from scratch would be more expensive. You can setup your profile for free in most b2b marketplaces.
3. It gives you access to a brand new audience
Listing your products and services on a b2b marketplace will easily generate quality leads for your business. Your listing will be easily accessible to buyers and even those who are just browsing the catalog.
4. A platform for testing new products
You can easily test the engagement with your new products on a b2b marketplace. You can measure engagement by using insights and analytics tools provided by b2b marketplaces.
5. Competition insight
You can easily search for other products similar to what you offer. You can easily adjust your prices and offer discounts to attract more customers.
6. SEO improvement
B2b marketplaces are a great tool to direct traffic to your own website and improve your search engine ranking. Your products and services listed on the platform can be discovered more easily on the web because marketplaces will take care of the technical work needed.
B2B marketplaces provide free services that B2B companies can leverage to boost their brand value, improve their SEO scores, test new products, and be a tool for competitor analysis.
Business leaders can establish productive relationships by listing on B2B trading platforms. It will just take a few minutes to set-up your company profile that will effectively help your enterprise to grow.
1 Ramsdell G.: The real business of B2B, The McKinsey Quarterly, No. 3, 2000