Using B2B Marketplaces To Sell Your Products

B2B Marketplaces

Merchants are constantly seeking innovative ways to expand their customer base, sell more goods, and encourage existing clients to make additional purchases. Although there are both online and offline sales, more and more businesses are selling their goods on B2C and B2B marketplaces.

Online B2B markets are still an underutilized option for B2B merchants to obtain access to a substantial number of new consumers, even though B2C marketplaces are extremely effective at luring potential customers. which, a year ago, surely didn’t exist.

The rise in popularity of B2B marketplaces has been driven by the digital acceleration brought on by the pandemic and millennial B2B buyers who are flocking to digital platforms for their purchasing decisions. Learn to sell successfully on the best B2B marketplaces in this blog.

Why sell on a B2B Marketplace?

Business-to-business (B2B) marketplaces have been operating for more than 20 years, but they are just now beginning to become extremely popular. Over the past two years, the variety of vertical B2B marketplaces has more than tripled.

Demand has increased as a result: 40% of firms now get 50% of their goods and services from marketplaces. Additionally, it is anticipated that the B2B e-commerce sector will be worth $2.3 trillion by 2023.

If you’re unsure whether your company will profit from using a B2B marketplace, have a look at these advantages.

Quickly Satisfy Customer Demand For Digital Experiences

According to Accenture, 90% of B2B customers desire to modernize their procurement processes. Only 7% of industrial suppliers, however, want to revamp their sales division in the following two years.

Instead of creating your own digital sales infrastructure, you may use an existing marketplace to quickly meet this customer expectation.

Marketplaces offer the tools necessary for both current and potential clients to locate your items online and place orders using a quick checkout procedure. 

Increase Sales And Create New Revenue Streams

By selling directly to a wider range of distributors and end users, producers and suppliers can create new revenue streams.

Coordination of the completion and delivery of less-than-truckload goods may involve hiring new carriers, settling on spot costs, and setting up the technical infrastructure to track shipments. The increased cost might not be justified given the difficulty.

However, many markets already have a strong technological and logistical foundation. This infrastructure enables vendors to quickly and affordably fill orders of any size.

For instance, selling to smaller customers enables large manufacturers to create new revenue streams. Small manufacturers, meanwhile, have the chance to take bulk purchases than they would typically be able to fill.

Profit From Platform Marketing

The bulk of marketplace owners employs marketing techniques to entice particular leads and advertise the goods that are featured on their websites. Businesses can still benefit from the platform’s advertisements even with less money invested in marketing.

The connectivity of the market can also assist retailers. Customers are already swarming to the platform in seeking information, commodities, and services as a resource for product comparison.

Due to this, businesses can expand their network of potential clients without making a big outward effort, either online or offline.

Testing & Market Validation Of New Items

Consider that you have two different prototypes for a new product line. Which one will you create in large quantities?

Without risking the reputation of their brand on unproven products in untapped areas, suppliers can leverage the market environment for market testing and A/B testing of product variants.

Once you can demonstrate that there is a market for a given product, you may start manufacturing it with confidence that your investment will pay off.

Preserve Your Cash Flow And Offer Good Terms To Your Clients

Frequently, B2B vendors must wait 60 or 90 days before being paid. Vendors should seek a marketplace with integrated buyer finance to prevent this.

Vendors will be able to receive payments quickly while still giving customers longer terms thanks to this. This is a win-win situation because the financial flow will be safeguarded for both sides.

Additionally, by using the global market owner’s credit rather than their own, smaller businesses and people with weak credit can obtain funding at far better rates.

Increase Social Proof

Before buying, up to 91% of consumers read online reviews. However, creating your social proof campaign from scratch can be challenging, particularly for a new business or a brand with a new product line.

Users can quickly rate products and leave reviews using the built-in feature of most marketplaces. By doing this, you may strengthen your brand, elicit favorable reactions, and ultimately increase sales.

Top B2B Marketplaces

Following are the top 10 B2B websites in the world that can support your business:

  • Amazon  
  • Alibaba
  • Rakuten 
  • Made-in-China 
  • eBay
  • AliExpress
  • Global sources  
  • EC21
  • ECplaza