Online marketplaces are getting massive popularity, so does the competition. Thus, a Magento B2B eCommerce marketplace owner also looking to gain better turnover is acceptable.
Magneto eCommerce B2B marketplace is an amazing solution that can serve multiple online sellers and buyers in one place. This broad platform has two broad categories: B2B e-commerce marketplace and B2C e-commerce marketplace.
However, the phenomenal flourishment of the B2B eCommerce marketplace hooking us towards it. And that’s why in this article we are discussing this significant chunk of the eCommerce pie, Magento 2 B2B Marketplace.
But do you know, according to Gartner, “Approx 70% of enterprise marketplace will serve as B2B transactions by 2023.”
Apart from that, the current revenue of Amazon and Alibaba is enough to understand the future of B2B marketplaces. After all, they are the leading examples.
So it will not be wrong to collect some more knowledge on the B2B eCommerce marketplace in our next segment.
Understand B2B eCommerce Marketplace-
To understand B2B marketplaces are those large eCommerce stores where multiple third-party vendors sell their products.
However, traditionally, B2B eCommerce served sellers in a personal digital environment that limits their reach. Therefore, to provide a healthy playground for demand and supply, B2B Marketplace comes into light.
And with time, it enlarged in many types, including:
- Horizontal marketplace
- Vertical marketplace
In these marketplaces operators, not monitor the entire shopping community but can sell their products and services.
Here are two distinct features:
- Niche players- Particular niche market and community users
- Market leaders- Already gained a large customer base and organic traffic
eCommerce Marketplace Characteristic:
- A vast number of vendors, buyers, and suppliers all can take part and benefit;
- A participant can be both buyers or sellers or even both;
- The marketplace owner can set their own rules and penalize for violation;
- Seller and buyers can take part in transaction anytime and anywhere;
- Divers products for many categories are present;
- Marketplaces are intermediate between sellers and buyers;
How Magento B2B Marketplace benefits every intent?
The Magento platform serves all in place such a cost-effective solution, better marketing, greater market reach, streamline workflows. Form of words, we differentiated the benefits for owners, sellers, and buyers.
Owners- Marketplace owners are the first beneficiaries of it. From deep insights on what a potential buyer & suppliers need on a global scale, it offers a lot more. It reduces operational cost from offloading marketing tasks and gives demand figures in a single place. Also, the platform has better-negotiable prices based on aggregate demands.
Not only owners but sellers to buyers Magento 2 marketplace can value all.
Sellers- B2B Magento Marketplaces offers easy-to-operate catalog upload & manage features that sellers use with no complicated settings. Apart from that, they can also time-to-time track orders and overall demands.
It helps to build order collection from a single point. Online marketplace results in the selling process at a lower cost for order processing. Also, help to collect feedback for both delivery and products. This ultimately helps the sales team to respond rapidly to suggestions.
Buyers- Marketplaces offer an efficient shopping process as everything in one place, like a big shopping mall. At the platform, buyers can automate partially or fully their workflow and the same goes with the purchase of goods and services.
However, the second automate (goods purchase and services) is only available for ERP accounts). Rather than this, it also serves buyers global pool access of sellers, which gives them the power to compare and choose best.
Benefits of Magento B2B marketplace-
- Build up brand presence- While delivering a place for multiple buyers, it helps you to sell your products. It enlarges the chances to target qualified buyers and close more deals. And as these marketplaces operate 24/7, it makes your products always visible to the customers.
- New Item popularity test- In an open environment of B2B marketplace, your company can easily inform the seller and buyers about your project release and development. The marketplace offers insights and sales-trends into segments so you can quickly grab market demands.
- Customer globalization- Magento B2B marketplaces, do not permit you to serve you only in the safe zone of native places but extend it globally. With the functionality to serve into distinct languages, it offers a better personalization experience to all customers. It cut out the complexity of global transactions.
- Diversify revenue source- It’s good that you have your products to sell, and it’s great if your products perform well. However, the positive part of the marketplace is that you can earn a commission, subscription, advertising fees, and so on.
Apart from this, scalability, customer-centric, customer reach, digital agility, and flexible payment are other by-products with some aforementioned.
Why magePoint as the Last Stop?
At magePoint, without breaking a flow, we are continuously serving Magento marketplace development services for the past 7 years. In these years of Magento store development, we have worked with many enthusiastic clients and successfully built their dream to be profitable marketplace owners.
Now it’s your chance! Contact us for the same.