Leveraging B2B Marketplaces for Your Business

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Leveraging B2B Marketplaces for Your Business

Unlike traditional B2B business where one seller interacts with multiple buyers, the B2B marketplace is a platform that brings together multiple buyers and sellers on a single website.

The marketplace owner has the option to sell their products or services apart from operating the B2B platform. As per the Gartner research report, 70% of transactions on marketplaces will be B2B by the end of the year 2023. Taking that into account, medium to high-value digital sellers are likely to create an altogether new digital ecosystem with marketplaces. If you are into the B2B business, you need to seriously take note of the Gartner forecast.

Types of B2B Marketplaces (Business-wise)

b2b market place

Based on the product or service sold on the B2B platform, the B2B marketplace can be classified into two types – Vertical B2B marketplace and Horizontal B2B Marketplace.

Vertical B2B Marketplace is a B2B platform that enables you to buy and sell products in a particular niche only. It means that this type of marketplace allows commerce between all the segments of a particular industry only. Examples of Vertical B2B Marketplace can be industries like Electronics, Chemicals, Automotive, etc. If you are into the construction business, then the Vertical B2B marketplace for Construction Industry can help you to get in touch with all the businesses that supply construction-related products and services.

Horizontal B2B Marketplace is just the contrast of Vertical B2B Marketplace. Here you can buy and sell products and services from different industries and segments. In this case, even if you are from the construction industry, the Horizontal B2B Marketplace can also let you connect with businesses associated with bulk furniture suppliers to help set up your new office!

Types of B2B Marketplaces (Business Model-wise)

Apart from the business-wise B2B marketplace classification seen above, going a step ahead based on the business model, B2B marketplaces can be further classified into three types – B2B Product Marketplace, B2B Service Marketplace, and Hybrid Marketplace.

The B2B Product Marketplace is a market platform that connects different businesses to fulfill product supplies. An example that can be cited under this type is that of a construction company and an equipment supplier.

In addition to, the B2B Service Marketplace is a market platform that connects businesses offering services to each other!  The example of a construction company and a manpower agency supplying engineers and laborers can easily be cited under this type.

The Hybrid Marketplace is a market platform that offers more than one type of business model irrespective of whether it is B2B, B2C, or even C2C. It is a complex area involving both B2B and B2C relations. For example, Amazon and Alibaba are both B2B as well as B2C product marketplaces.

Advantages of B2B Marketplaces

Whether you are a manufacturer or a distributor, a It is a platform for all businesses. The advantages of carrying out your business on a marketplace are manifold. It involves a low-entry cost whereby sellers can do away with creating or developing their e-commerce website.

A marketplace is an easy way for you to set up your business account. You won’t spend weeks, months, even years setting up a storefront. Creating one, you just then just need to load your product information to start selling!

The most important advantage that a marketplace offers lie in access to an already engaged audience. The marketplace helps you to build your audience. All this helps in the expansion of your reach to more and new customers.

Read Similar article: B2B and B2C Marketing – Differences Every Marketer Should Know

Top B2B Marketplaces

Businesses are always on the look-out for ways to grow their business. And, using online B2B marketplaces, they can do this.

Therefore, being a relatively untapped territory, It provide easy access to a large audience. Listed below are some of the top online B2B marketplace.

Alibaba

Launched in 1999, Alibaba is the world’s biggest online commerce company. Apart from having millions of users, Alibaba hosts millions of merchants and businesses.

IndiaMart

With a selling model similar to that of Alibaba, IndiaMART is India’s largest online B2B marketplace. It connects buyers to suppliers.

Amazon Business

Amazon Business is the B2B marketplace that provides business customers with the pricing, selection, and convenience of Amazon. It enables professional sellers to tap business customers on Amazon.

What is a B2B Website? Examples of Top B2B Websites

A business-to-business website or B2B website is one that is designed explicitly for selling products or services to businesses only. It is not meant for selling to retail consumers. Some of the examples that can be cited as B2B websites are www.oracle.com, www.uline.com, etc.

Certainly, A visitor is likely to enter your website through a result generated by the Google search or via an attractive FB post. But, a visitor is unlikely to stick around for long if they find the website confusing or feel irrelevant. To avoid the bouncing rates, it’s important to make sure that the website branding and visuals provide the necessary support along with pleasing content. Listed below are some of the best B2B websites for businesses that have put the needs of their audience first.

Evernote Business

Evernote is an app that stores everything that you feel can lose track of! Example – your boarding pass, or a shipment consignment receipt, an article to read, a to-do list, etc. Above all, the app syncs everything between your computer, smart-phone, or tablet.

As, it is a single-page website that showcases a concise CTA. Combined with straightforward pricing, an animation down the page shows the ease with which the app can be used. Small paragraphs of text help to list the benefits, and the ample white space allows creating a better hierarchy.

Hootsuite

Hootsuite is interchangeably referred to as a “Social Media Management System” “Social Media Management tool”. Used to keep track and manage your social network channels, it enables you to understand what people say about your brand so that you can respond accordingly.

The website outlines the overall features and benefits of their product. They straightaway ask visitors to pick their business bucket – Pro level for smaller companies and Enterprise for larger businesses. Other pages detail all the benefits of their app.

Trello

Trello has all that you need to organize all your projects of any size. Filled with cards, Trello board is a list of lists that a team uses. Each card allows you to add comments, upload files, create checklists, add due dates, etc.

The Trello Business Class straightaway offers how to manage any of their projects with anyone. However, they showcase how businesses, using paid subscriptions can benefit from security and control. Being a clean and organized site, it’s aplenty with white space.

The Closing Remarks

As discussed above, there is a clear distinction between B2B Marketplace and B2B Websites. Another term that can be useful to you is  that– These are platforms that gather B2B business and companies related data from various data providers. Data Providers then help data buyers to gain access to this verified and organized information from multiple sources which in turn is used for marketing, sales, and Business Intelligence (BI) purposes by marketers.

Are you an enterprise in the B2B business? or you are planning to select your business data marketplaces? Are you unsure about choosing your B2B marketplace? Best Data Provider that is into the latest trends in digital marketing can help you. We constantly organize, update, and verify our databases to ensure that they are accurate, reliable, and adhere to various guidelines.

Connect with us at [email protected]

A sound technical background backed with excellent web-researching skills, Sanjit is a passionate, dedicated and creative guest blogger with KAP Enterprises. He infuses words with the right thoughts to make his content the most effective and informative for his readers. He is equally proficient in handling Web content, Technical content, SEO content, eDM content, Blogging, PowerPoint presentation, and Social media posting.