It all started with the advent of B2C marketplaces like eBay and Amazon, on which our life is hugely dependent these days. They have brought variety to what all you can buy with an additional benefit of delivery to your doorstep just the next day. This has given rise to an entirely new marketplace where businesses sell to the other business.
B2B marketplaces have tremendous benefits and can give your business an edge over the competitors. This article digs into differences between B2C and B2B marketplaces, benefits of B2B marketplaces, and insight into the world’s top marketplaces.
How B2B Marketplaces Differ from B2C Marketplaces?
Although both the marketplaces connect the sellers to the buyers, the primary difference is that B2B marketplaces connect two businesses while B2C marketplaces connect businesses to individuals. While both the platforms allow comparison of products and list of different sellers in one place, here is what makes B2B marketplaces different:
- B2B marketplaces allow bulk orders; however, the number of purchasable items permitted on B2C platforms are limited.
- Quantity discounts are available.
- Quotations and RFPs for orders can be confirmed online.
- The customer can change pricing.
- Pay through different methods, including bank transfers and scheduled payments.
Benefits of Selling on B2B Marketplaces
B2B marketplaces are open to manufacturers and distributors alike. You may be looking to expand your sales channels or just distribute your products; you can tap into the benefits B2B marketplaces have to offer. Below listed are a few reasons why B2B marketplaces can be beneficial for you:
1. Low Entry Cost
The entry-cost on these platforms is negligible. You don’t need your own e-commerce platform to sell your products. Also, you need not invest separately in marketing. B2B marketplaces take care of both. Without much upfront investment, you can have your products listed on these platforms.
2. Hassle-free Setup
The setup is easy. You will not require to spend weeks or months developing your storefront. All you need to do is build your account and put your information to start selling. You can get up and running on the B2B platform in no time, and your business will grow exponentially.
3. Easy Access to the Audience
We consider this to be the most crucial benefit. Audiences make or break a business. B2B platforms already have an engaged audience who is searching for solutions. Therefore, you do not need to build your audience separately but just tap into the existing one. This significantly expands your reach and increases your customer base. They are also a great medium to test new products. You can plan and pick a product to see how it is performing, and depending on the results; you can pull or push it further.
How to Choose the Best Marketplace for your Business?
There are ample B2B marketplaces, and you don’t know which to pick. Well, this is a tricky part, but you can consider a few things before selecting a platform to sell on.
- Do your research and find out which are the popular platforms chosen by people of your industry.
- Find out what technology they use.
- Take a broader view of audiences and trends that govern the marketplaces.
- Dig deeper into niche markets and how they get their needs fulfilled.
- Lastly, consider the type of product you wish to sell and find out which medium is the best to make it reach to your target audience.
Leading B2B Marketplaces
While the web is flush with platforms that will fulfill your requirements, we talk about the three websites that are apparently the leaders in B2B marketplaces:
- Alibaba.com was launched in 1999 and it is a Chinese company that currently serves millions of buyers and sellers worldwide.
- Amazon Business is a B2B counterpart of Amazon.com and helps the professional sellers to reach business customers.
- eBay Business Supply was launched in 2016 and has a comprehensive range of products to offer to the buyers.