It should come as no surprise that business-to-business (B2B) e-commerce is growing and will continue to grow as long as people are addicted to technology. The primary question is how marketplace B2B e-commerce will evolve in the following years. We all know that seamless shopping experiences in B2B aren’t as simple as they appear to the 73% of B2B customers.
For instance, take into account the product specifications, payment conditions, configure-price-quote (CPQ), purchase orders and discounts, and re-ordering. Because of these obstacles, traditional high-friction corporations have not been stopped from attempting to shake up the sector. With fantastic success, companies such as Grainger, Amazon Business, and Alibaba has actively adopted the B2B marketplace business model to become a one-stop-shop for their target clientele. What’s the trick to doing the same with your business?
What to look for in a B2B marketplace with several vendors
To put these high-touch transactions online, manufacturers and distributors require technology to remove obstacles to online sales and deliver a pleasant buying experience. Unfortunately, creating an e-commerce website is not as straightforward as creating a standard one. Keep these considerations in mind when you study multi-vendor marketplace technology.
Self-service: The vendor onboarding process
Find an e-commerce platform that makes the process of enlisting your suppliers as simple as possible. Using your tool, they should be able to make adjustments and add new items. Giving your partners access to your marketplace can help them understand their clients better.
Catalog size and price flexibility
Why is Amazon so well-liked? You won’t have to go seeking anything else if you can find it here. Using the marketplace system you employ, you should be able to add things from a wide selection of vendors with only a few easy clicks. Your marketplace platform should include catalog connectivity, mass editing capabilities, and advanced product metadata. Additional flexibility is required in your catalog to enable bulk discounts and product packages.
It would be wonderful to have a single site for all of your company’s goods and services. You can audit and manage your orders and payments in a single, centralized system using multi-vendor OMA and IMS, streamlining your back office. Conduct win loss analysis for achieving your future goals.
Product descriptions with customizability
Each industry has its own set of obstacles and possibilities. If a product picture and weight are necessary in one market, dimensions, many diagrams, and instructions on how to correctly utilize the items may be required in another. There are several methods to use the internet to increase trust in your product offerings, but you must choose the most advantageous to your consumers.
Payment processing improvements
Payments from customers should be accepted in the method in which they are most comfortable, even if it means utilizing a purchase order or an invoice. A streamlined procedure should be in place to guarantee that clients may pay in the most convenient way for them. Furthermore, unlike traditional commerce, marketplaces, multi-vendor, or B2B enterprises must accept payments and reward their commerce partners. Your platform must also enable subscriptions and vendor payouts.
Effectively manage orders from multiple suppliers
Although order orchestration is a crucial feature of contemporary commerce, third-party applications that are “better” than the systems that have been in place for decades are increasingly being employed to handle order management. Order management, a critical component of every organization, must be included in your multi-vendor marketplace, from checkout through fulfillment and returns.
Assure the authenticity of multiple vendors
Several e-commerce platforms have plug-ins that may create Frankenstein’s monster of programs that can serve as a marketplace. If you want to make the marketplace of your dreams, search for technology that integrates several sellers within the platform.
Create a buyer and seller network in your marketplace
As a manufacturer or distributor, you must guarantee that your transactions are as efficient for both buyers and sellers as feasible. As a distributor, you want your sellers to quickly and efficiently deliver their products to your clients, therefore increasing their bottom line. On the other hand, your consumers will view you as a resource to whom they can turn for guidance on which things will best fulfill their needs. If you ensure that your marketplace fits the expectations of both sides, it will rapidly become a revenue-generating machine.