Why is the B2B marketplace business model gains you a fortune in the coming years?
So you knew it’s the right time to start an online B2B marketplace. B2B business model is considered the greatest eCommerce model that brings buyers and sellers together under a single roof with a single storefront. Most of the studies and forecasts show good stable growth of the B2B segment, serving as the marketplace operator within much market competition in many business niches.
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In upcoming years, without any doubt, the B2B industry will bloom and be on track with the competition with other business models.
But 20 years before the scene is entirely different, business to business remain dormant. Still, after 20 years with many successful attempts by multiple entrepreneurs, a lot has changed; B2B marketplace businesses are at their peak and have great contributors to eCommerce sales figures.
Demanding the online buyers are familiar with the B2C business model, above B2B, 68% of the transactions on the enterprise-level marketplace will be B2B, said Gartner search.
For instance, a big B2B marketplace player from India, IndiaMart, earned $86.5 million in 2022 with over 6.63 million small and medium-sized businesses that offer around 63 products to 57 million buyers.
A perfect B2B multi-vendor marketplace business model should have the following in them:
Must-have functions on B2B multi-vendor marketplace business model
Bulk product uploading and editing
Now, vendors can edit and upload unlimited products in a few clicks via their backend panel.
Vendor micro-store and vendor backend control panel
Vendor backend control panel help vendors to control their micro store with multiple features such as filters, search, pages, and unique pages at the backend panel.
Checkout by vendor
Each customer can place an order from multiple vendors separately at the checkout process.
Multiple payment options
The multi-vendor marketplace platform offers your customers and vendors multiple payment methods for a convenient checkout process.
Vendor terms and conditions
Vendors can now set specific terms and conditions for the buyers to agree with before buying their products.
Comments and reviews:
A crucial feature for any business today that cares about its brand and reputation.
Vendor data pre-moderation:
Vendor data moderation ensures whether the vendor registered with the marketplace platform is flying under the marketplace rules.
This feature connects your customers with the vendors to communicate and answer the customer’s questions about their products and services.
Cross-selling and upselling
Through cross-selling and up-selling, a default feature enables vendors to show up the product suggestions on the product page of the marketplace.
Powerful catalog management
Vendors can have a flexible mass product import, configure products, filters, options and product categories via an extensive catalogue management tool.
Why Multi-vendor business model is a good fit for a B2B platform development?
A multi-vendor marketplace solution must need the following functionality to start your product, service, or both products and services B2B marketplace. Here are the reasons to start your B2B marketplace on an extensive multi-vendor solution.
Necessary Functions for B2B
The multi-vendor solution has over 300+ eCommerce features and functions such as SEO options, marketing and promotion tools, vendor functions, user experience, rewarding system, report generation, alerts and notifications, and more.
Minimum Viable Product
Launching a whole new B2B marketplace platform can cost you tons of investment, but if you’re not a sure shot, you’ll be successful if established. With having a guaranteed confirmation, you won’t spend even a penny on the marketplace project.
As many clients say, the B2B marketplace solution is the perfect combination of price and functional ratio, which guarantees a quick launch of your eCommerce marketplace with investing a lot of money. Hence, the B2B multi-vendor solution is a perfect solution to test MVP.
To know how scalable your B2B marketplace platform is, you must take an MVP test to figure out the exact potential of the platform when it stands in the crowded marketplace environment. Here having an MVP will not alone test your potential but also helps to grow and adapt the platform to the ever-changing business scenario. Webnexs is very flexible in developing flexible multi-vendor marketplace platforms, which every client has been using it.
Any multi-vendor marketplace platform must not leave the users behind; a support team are always at your doorstep to deliver a solution and after it. You’ll get free technical support for one year with assured seamless assistance. They’ll take care and help to set your B2B marketplace, maintain and upgrade it.
Curious to what multi-vendor solution offers for your B2B online marketplace? Request for a free demo to explore all features and functions today.