How to enhance greater success in 2023 when using a B2B Marketplace.

The use of online shopping and trading is increasing by the day. The pandemic that hit the world in 2020 has been really dreadful, however it has influenced consumer behaviour worldwide. Due to lockdowns in several places worldwide, it led to closures of many businesses as well as searching for alternatives to keep the business going. 

B2B marketplaces are very important, the technology has advanced so much that it offers transparency in trade. Online business has become so easy that more and more companies are adapting online business to their day-to-day activities. 

The top B2B platforms in the world are located in Asia. Companies like Alibaba.com, Indiamart, Madeinchina, Amazon, eBay, DIYtrade, Intermesh and some others are the drivers of B2B platforms. According to various sources more people are using one stop solution marketplaces and as a consequence more B2B marketplaces are emerging. 

Regions 

The continent Asia accounts for approximately 80% of the global B2B marketplace. Alibaba.com coming from China, Indiamart representing India and Lalaaji.com an upcoming B2B marketplace from Pakistan. Furthermore, in North America B2B marketplaces are also popular and there we have two giants running the show, Amazon, and eBay. After the Asia pacific region, it is North America claiming the second position. There are other regions which are experiencing growth and popularity in B2B marketplaces. Europe, Latin America, Middle East, Africa are investing into various B2B components and breaking it down in marketplaces. 

Key drivers

Business owners are accepting the very fact that online platforms are much better for growth and turn out to be more effective. According to a McKinsey & Company report, 65% of B2B companies will be transacting online in 2022.6 One of the major factors driving the B2B market growth is the increased acceptance of online platforms by business owners who want to build an online presence. Other factors include the proliferation of digital business mediums, ease of doing business and fulfilling orders, and increased third-party B2B marketplaces.

Right, let's dive into how to get the best out of the B2B marketplaces worldwide. Once you have found the B2B marketplace you like to join, you will need to register the company and provide all necessary information so that the company is filtered in the right market segment. 

• The company profile.

Provide the maximum information about your company in order to impress and obtain trust from customers. Essentially, new customers would like to know more about businesses before they consider doing business. The information must be accurate and up to date. The company profile is going to create and shape your online image. Therefore, provide high quality images of well written and formatted descriptions. Focus on the products you specialise in and showcase your talent. Completing your company profile with the relevant keywords is essential so that customers can find you easily and of course find you in the correct category. 

Pricing

Set competitive prices is one of the most important factors. Many set the prices initially very high and drop down massively which results in the customer having doubts. Rather, know the prices competitors are offering and calculate what competitive price you can offer in order to enter the race. Bear in mind, all customers regardless of where they are from, they always will orientate first and obtain various prices from different suppliers. For example: a company in the United States will explore China, Pakistan, India, Vietnam and so on. 

Expertise and credibility

Suppliers are keen to develop long lasting relations with potential buyers. Therefore, showcase your experience, history, certifications, current production, and customer testimonials. Essentially, if you have a mismatch with a supplier for a particular product, no issue. As long as you have conducted the talk in the best possible way, the customer may return at a later date for something else.

Product listings

Showcase all the products you can manufacture or source. Regularly updating your product catalogue is essential, you do not want to attract customers and then eventually disappoint them by saying NO. Detailed product specification, good quality product images, minimum order quantity and price variations should be visible. If you have some relevant qualifications or certifications demonstrate and mention them too. Good qualitative product listing will be a solid driver in conversions. 

Marketing

The B2B marketplaces are a combination of many components. The tools provided by the platform should be used in order to increase the exposure of your company and products. Furthermore, companies can choose to boost some products via sponsored listings, social media campaigns, targeted emails, or extra key words in search. All of these tactics will enable companies to increase visibility which will automatically increase the probability to find more customers.

Customer service

Understanding the needs of the customer is vital so the best possible service can be provided. All the incoming inquiries should be dealt with care and promptly dealt with. Customers should feel welcoming and valued so that they openly can share with suppliers about issues, concerns and so on. Once the service is good and customers are being valued by their suppliers, there will be a mutually respected connection which possibly can last for a long period. Gaining customer satisfaction is highly important in order to give them the best experience which will lead to repeat business and positive word of mouth referrals.

Enhance your performance.

Monitor the monthly visits on your website, products views and what products are gaining more traffic than others. Try several templates for product pages and monitor which style is gaining more views. Regularly monitoring the performance metrics such as customer feedback, customer chats, negotiations, conversion rates and sales volume will allow companies to identify weaknesses. Identifying weaknesses is a great thing as it gives space to improve as a supplier to gain more. Making data driven decisions can help to optimise the overall performance of the business. Every business wants to expand and grow, being on top of your regular monitoring sessions of the company will be a great supportive tool to do so. 

Collaboration

Building bridges with more customers and suppliers on the platform gives higher chances to possibly land a good deal. Therefore, networking in business is essential. Some companies may face the dilemma of receiving a large order but are unable to fulfil it with their own capacity, then having a great supplier on your side who can help and also enjoy the order is a win - win situation for all. Furthermore, it is good to collaborate with complementary businesses to expand reach, improve reputation and explore potential partnerships. 

Stay up to date.

We are now in 2023, and like they all say, in technology the sky is the limit. B2B orientated marketplaces continuously will be working on their technology and features in order to remain competitive and relevant. Suppliers must always have an eye for news, announcements, and new add on. Every time, there is a change that’s essential for suppliers to explore to see whether they may have to adapt a new strategy, tool, or service. Being on top of everything will allow every company to make decisions accordingly and swiftly move to growth. 

 

References: 
https://www.globenewswire.com/en/news-release/2022/05/30/2452660/0/en/Global-Business-to-Business-B2B-E-Commerce-Market-is-Expected-to-Reach-USD-18-771-4-billion-by-2027-Exclusive-Report-by-Astute-Analytica.html 
https://www.grandviewresearch.com/industry-analysis/business-to-business-b2b-e-commerce-market 
https://www.grandviewresearch.com/industry-analysis/business-to-business-b2b-e-commerce-market 
https://www.gartner.com/en/sales/trends/future-of-sales 
https://www.grandviewresearch.com/industry-analysis/business-to-business-b2b-e-commerce-market 
https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/busting-the-five-biggest-b2b-e-commerce-myths 
https://contentmarketinginstitute.com/2020/09/b2b-industry-benchmarks-budgets-trends-research/ 
https://hingemarketing.com/library/article/beyond-referrals-how-todays-buyers-check-you-out