Given its characteristics and capabilities, the B2B market is still underutilized. However, the trend is changing and many companies are starting to see the great potential of this promising online channel. Now the common view considers adoption of a marketplace as a sales or purchase channel will change the way a company handles its sales and procurement bringing improved productivity and sustained profitability to its bottom line.
A business-to-business marketplace is an online place where buyers and sellers communicate, collaborate, and conduct business transactions. The B2B marketplace treats a large number of participating companies as a community. The main goal of the marketplace is to set up a feature-packed business platform that enables members to perform various business processes over the Internet and increase business productivity. You can also take professional help via https://www.keepital.com/ for your business.
Image Source: Google
The two main indicators of a company's productivity are revenue growth and cost savings. Both indicators show better results when a company incorporates market characteristics into its potential areas of operation.
For Buyers participating in B2B market offers:
Lower transaction costs – streamlined transaction processing.
Access to new suppliers – B2B marketplace participation removes geographical barriers and provides access to new suppliers.
Time savings – provides for faster approval, ordering processes, and delivery tracking.
For suppliers, it offers:
Reduced inventory costs – Clearer visibility and forecasting ability allow companies to considerably reduce inventory keeping costs.
Access to new buyers and markets – The B2B marketplace provides a new sales channel that opens up many new opportunities for suppliers.
Increased sales – with access to a wider market, suppliers have the potential to increase revenue.
B2B marketplaces are one-stop business solutions for many of the company's needs.