Use of B2B Marketplace Extremely Essential for a Growing Business

Introduction:

Today’s B2B marketplace constantly watch out for ways to improve efficiency, reduce costs and  build strong customer base, simultaneously balancing their investments in a right way to drive more sales and  improve customer satisfaction.

E-commerce platform is seen as the engine to carry out profitable operations. B2B marketers realize that success lies in incorporating modern e-commerce capabilities, such as rich and interactive displays, personalized content, effective online merchandising and guided search.

B2B Marketplace

With the continuous growth of online commerce, customer expectations from B2B e-commerce are also changing rapidly. B2B companies who wish to carry out profitable business are looking for new ways to adopt e-commerce.

Benefits of adopting B2B E-Commerce:

E-Commerce enable companies to improve their services- grow business and reduce costs. Although specific industries get benefitted in different ways, here is the list of some common benefits which most of the B2B organizations are striving to achieve on modern B2B e-commerce platform:

1)      Improve operational efficiency and lower costs.

2)      Strengthen relationships with existing customers.

3)      Grow the business.

4)      Deliver the right information to partners, distributors, resellers and customers.

Increase in Operational Efficiency and Cost Reduction:

B2B Sellers

B2B e-commerce plays a vital role in improving efficiency and reduces costs by automating few processes which were previously manual and labour intensive and provides customer the option of self-service. The online channel has helped automating a wide variety of processes which includes approving buyer registration, delivering buyer specific online catalogues, contract based pricing, contract based terms and conditions.

 Building a loyal Customer Base:

B2B Portal

A great customer portfolio plays a key role in customer retention. B2B marketers are increasing their focus on enhancing the customer experience during the purchase process to add value and improve customer retention. This can be achieved by making it easier for customers to do business with them, improve responsiveness, service and help building their brand.

Here are few tips how this can be achieved:

  • A B2B platform can improve and design the user experience by allowing the vendors to provide rich pages, targeted dynamic content and sophisticated search capabilities.
  • Always make sure to provide a real-time chat or voice services to customers for any assistance during or after the purchase.
  • A B2B company can also strengthen the relationships with customers by directly influencing the customers and establishing a brand preference. They can also gather information about their customers in order to better understand and meet their requirements.

Grow the Business:

Growing Business

Now, more B2B businesses are focussing on growing revenue than cutting costs. It has been found out that 61% of respondents listed customer acquisition as one of their top goals.

Here are some tips to help businesses grow out of the box-

  • E-commerce provides a speedy time to market new products. For example, companies can publish their product catalogues online. The product announcements can also be done using an online medium, rather than travelling to multiple cities for a product roll-out.
  • B2B, E-commerce helps reduce risks and costs of entering new markets by simply opening new channels over the internet. It helps B2B suppliers to market their products to new geographies or industries at a smaller cost while forming a direct presence in the targeted market.
  • With the help of B2B e-commerce marketplace, suppliers can more easily determine which category of services and products will appeal to which customers. They can then direct buyers to the additional products they might want or need with the help of cross-selling or up-selling techniques.
  • It always works favourably to provide what your customers prefer. For example- many customers prefer not to interact with the sales people. Companies should provide a multichannel approach for customers to use their preferred channel. Moreover a goof e-commerce site will also bring in additional customers regardless of whether those customers want to transact or not.
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