Nowhere is this more apparent than in the success of two of the biggest B2B marketplaces in the world - Alibaba and Amazon Business. Amazon Business is reportedly on track to achieve a massive $31 billion in gross merchandise volume in 2021. This is forecast to reach $83 billion in gross merchandise volume by 2025.

Meanwhile, Alibaba.com reported that in 2019 it already had 10 million B2B buyers across 190 countries.

It's not just the big names that are able to take advantage of the B2B marketplace boom, either. Small-scale B2B marketplaces are also taking off, especially in the USA. There are countless ripe opportunities for B2B businesses to create highly focused marketplaces that serve a particular industry, niche or vertical in a targeted way.

In particular, there is a definite first-mover advantage for B2B businesses operating in sectors which are not currently served by an existing platform.

However, to succeed in this fast-growing area, B2B businesses need to get their strategy right. That means delivering an online buying experience that caters to B2B best practices specifically and choosing the right marketplace platform to build a site around.

1. Give B2B Customers What They Want

In order to develop an effective B2B marketplace, you need to know what your customer wants.

This isn't just about products or services. It's about catering your strategy to fit the target audience. In this case, that target audience is made up of buyers who are purchasing on behalf of the goals of an entire business.

You need to think about what these B2B buyers are looking for when choosing a sales partner. There's more at stake for a B2B buyer whose core business is relying on the purchases they make than a B2C shopper making a one-off buying decision.

What Are Some Key B2B Marketplace Considerations for businesses?
  • High quality products and services
  • Reliable buying experience
  • Affordability
  • Ability to get products at scale
  • Quick order turnaround and fulfillment
  • Expert support

By understanding what drives B2B sales, you can create a B2B online marketplace that meets those needs and speaks to B2B buyer audiences in a way that communicates the value of your products.

Of course, you should also ensure that your marketplace partners, products and services are of the best possible quality. Who you associate your business with will often have a noticeable impact on your brand.

Also bear in mind that your offering will also impact the type of marketplace strategy you adopt. For example, a business that sells products or materials will approach a B2B marketplace in a different way than one that sells a service.

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Avensia AB published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 15:14:05 UTC.