We believe B2B markets are still in their infancy, even though many analysts and experts believe they have grown dramatically.
B2B marketplaces only represent 7% of all online sales. We expect that as 2025 approaches, these numbers will double in the next year.
This blog is for business owners who want to get a slice of the pie. We will discuss the main considerations that you should bring up with your eCommerce website developer in the sections below. Let’s get started!
7 key considerations for B2B marketplaces that you must know
Platform Visibility
Visibility is one of the most important factors to consider when building a B2B marketplace. This is crucial to the growth and size of your B2B eCommerce marketplace.
B2B marketplaces can only be as useful as their customers and merchants. For them to attract customers, they need to be prominent in many search terms. You’ll have to spend time and money on SEO if you want to make sure your B2B marketplace is seen.
A marketplace’s presence may go beyond the internet. To attract and retain users, it is important to have a presence in B2B publications, industry events, and social media.
Quality Control of B2B Buyers and Sellers
A high level of awareness is not enough to guarantee the success of a market. A B2B market offers a network that is already in place. A network’s quality is often more important than its size.
Alibaba, the Chinese B2B market, famously removed counterfeit suppliers from its website a few years ago. This poses a greater challenge for B2B market owners, who must now assess the quality of merchants’ products and services.
To ensure that only the right firms are participating, it is important to create barriers to entry. As part of your onboarding process, you can charge a membership or sign-up fee.
Platform Functionality and User Experience (UX)
It is difficult to attract enough high-quality buyers of high quality to a B2B marketplace. It is much more difficult to keep them. User experience (UX), or the user interface, of a B2B platform is critical for client retention. After all, both B2B buyers & sellers will be using eCommerce systems that are designed for consumers.
You need to follow the same principles for UX design as you would with e-commerce.
- Consider the presentation and use of product information
- Platforms Customization
- Page Speed
- Key Information
- Easy comparison
- Reviews and ratings
The internal search feature is another important tool. These features can be leveraged by B2B Bigcommerce Development Services to achieve long-term growth.
The B2B platform with similar features and a great UX will be preferred. The conversion from browsing to purchasing must be quick and fluid. Design and software are the main determining factors.
B2B Marketing
B2B marketing is very different from consumer marketing. B2B buyers are often more motivated by their knowledge than the emotional language used in consumer marketing.
In a similar way to websites, some marketplaces let vendors convey their brand identity by creating customized storefronts. Buyers can compare the goods and services of rival suppliers side-by-side, unlike website visitors. These aspects can improve a platform’s look and feel and increase its stickiness.
Data-based insights
Platforms that provide data to buyers and vendors will probably beat those without. After all, data fuels sales. Contrary to B2C purchases, B2B transactions are usually planned and justified prior to approval. The best evidence is usually data.
These insights can be used to improve other aspects of the client’s operations. They may, for example, notice that certain firms are more likely than others to request a particular product or service. It is important for salespeople to have this information when they are working with companies outside of the platform.
B2B Payment Services
B2B payment processing can be difficult. These sites are usually larger and more complex than B2C websites, requiring more negotiation and clearance by multiple parties. They also require longer payment installments.
Platforms are responsible for this. To ensure the success of third-party vendors, they need a safe and smooth transaction process. The buyer should be able to pay by invoice and specify Net 30 terms for purchases.
Inclusion
A platform’s ability to interface seamlessly with multiple software solutions will increase its marketability and, in turn, client retention. Our ERP experts use an API-first strategy to create systems. This reduces the workload of the A/R department and eliminates many tedious tasks.
Integration with software will help the end-user and influence their decision to join or use a marketplace. Integration possibilities can help overcome reservations about compatibility with other business tools. This may also open up opportunities for collaboration between software providers.
Conclusion
We have hundreds of marketplaces thanks to the rapid growth of B2B Bigcommerce.
If you are planning to launch a B2B market, now is the time. To grow and thrive in an industry that is becoming more competitive, B2B markets must be visible. Search engines are used to conduct most B2B searches. Appearing in the search results is crucial.
The quality of the B2B platform will be determined primarily by the companies that use it to buy and sell. To launch your B2B platform effectively, you must first take all the necessary steps.