B2B marketplaces are making a bigger mark on business-to-business digital commerce.
Gartner predicts that by 2023, 70% of enterprise marketplaces launched will support B2B transactions. If this prediction proves true, B2B businesses will increasingly look to digital marketplaces creating wider ecosystems and to generate new revenue.
Competition in this space is also expected to intensify – much like the B2C marketplace landscape of the past decade.
Ten years ago, Amazon was considered a book retailer from Seattle. It posed no immediate threat – or so people thought! Then Amazon began to grow. Some mischaracterised it as a Ponzi scheme. How wrong they were.
Today Amazon is the world’s 4th largest company by market capitalization.
Consider these facts:
- Worldwide B2B marketplace sales could reach an estimated $3.6 trillion by 2024, up from an estimated $680 billion in 2018.
- Amazon Business is set to top $31 billion in revenue and $52 billion in gross merchandise volume by 2023, including sales by third-party sellers on the marketplace.
- A September 2019 survey of more than 100 buyers on digital buyer expectations by Digital Commerce 360 B2B reveals that almost half of B2B buyers complete more than 25% of their purchases on marketplaces.
- According to Gartner, at least 70 percent of enterprise marketplaces launched will serve B2B transactions by 2023.
Marketplaces help give your customers what they want!
Increasingly, customers want the ability to buy multiple products on well designed, highly secure, and easy-to-use marketplaces.
Another reason why B2B buyers often prefer marketplaces is price transparency. Historically, B2B buyers have worked closely with sales teams to get custom quotes from multiple vendors for similar products. Comparing prices was often a big, time-consuming challenge. On many marketplaces, however, comparing prices is as easy as point and click.
What do ChannelCenter’s unique customer marketplaces have to offer?
- Allows you, and your customers to create a unique marketplace for specific customers.
- Allows customers to see and purchase only the products that you want to make available to them
The Marketplace store enables customers to search, browse and easily find detailed product information in their own unique, customized store.
Quoting, invoicing, purchasing, and sending product information can simply be actioned directly from the store.
Platform clients can setup products with imagery, descriptions, specifications, and additional information, as well as define users required for manually provisioned products.
In the catalogue area users define pricing for the default product catalogue and can set different pricing for specific clients. Vendors are created in this area, either via vendor credentials or as unique vendors. Promotions can be set up and managed here, allowing specific products to be offered at a reduced rate to customers.
The products SKUs are automatically checked against the ChannelCenter Product Information Management (PIM) to populate, synchronize, and standardize product information and imagery.
Product, Vendor and Promotions Management:
Provides each customer with a unique marketplace, which can easily be white labelled. Each unique marketplace can have different products and pricing. Offers simple click to buy shopping cart methodology which mimics public ecommerce platforms, thereby increasing platform adoption.
Browse, search for and order products with full shopping cart functionality:
The Marketplace Store forms the central aspect of ChannelCenter’s Marketplace functionality. Users can browse and search the store, as well as order products and services online via the platform.
The shopping cart experience is designed for resellers and distributors and gives them the functionality to convert their shopping cart contents directly into a quote or invoice, or to simply email their customer with all related product information.
Save time with centralized product information:
Detailed product information is contained to a single area for easy reference, and to act as a ‘single source of truth’ in the interests of simplicity and transparency.
The product information is collected directly from the vendor and forms a ‘global’ standard for that product going forward. The product code is then used as the identifier and product imagery, descriptions, specifications and related products are incorporated into the system automatically.
Users gain the convenience of up-to-date, relevant, and accurate product data, without the laborious manual process of needing to capture the information in their systems for each product individually.
About the author:
Dave Smythe is Head of Marketing at ChannelCenter. ChannelCenter’s fully digitised customer platform is uniquely positioned to help ICT resellers and customers engage and transact. Although we believe in the plug and play nature of our platform, we partner with you and do much of the heavy lifting to ensure hassle-free integration and successful platform adoption.