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The emergence of online marketplaces heavily influences the current dynamics of the business-to-business industry. B2B sales thorough online websites are all-time high and accelerating at a fast pace. According to the Gartner research, by the year 2025, 80% of commercial sales would be carried out via B2B marketplaces, making it the primary means of wholesale trade. It presents numerous opportunities for the exporters and foreign buyers to connect with the international market easily. It is high time for commercial traders to accept and embrace the modern method of trade and gain a competitive advantage over their competitors.
Online B2B marketplaces are known to connect an individual seller with multiple buyers on one page. Mimicking the concept of a B2C online store where a consumer can look for their desired products and the store delivers it to them, B2B marketplaces allow the wholesale traders to browse through the offerings of different companies, compare prices, contemplate the quality, and choose the best products.
Business to business traders loves the versatility of these marketplaces. Sellers can list their products and connect with multiple foreign buyers at once. International wholesale exporters are thrilled with the concept of B2B marketplaces because of their ability to generate new business leads and revenues that they won't be able to grasp by traditional means. Similarly, buyers are also able to solve several purchasing needs through B2B marketplaces.
A B2B ecommerce website opens new trade corridors for global businesses. SMEs (small and medium enterprises) are widely known to advantage with B2B marketplaces' enhanced reach. They are designed to promote export business in a unique way. They act as the intermediate step between foreign buyers and exporters. To conclude, B2B websites are the virtual trade environment that creates new trade channels for the sellers with buyers.
A B2B marketplace allows the sellers and exporters to access a large consumer base at low costs and make their products discoverable for foreign buyers very easily. As per the research conducted by McKinsey & Company in 2020, about 75% of B2B traders confirmed that they prefer to indulge in online transactions over in-person sales interactions. Online B2B marketplaces are getting sophisticated in their features, offering tailored solutions to cater to various needs.
B2B marketplace is still a unique discipline and has numerous benefits that must be taken into account. Here are some of the most common benefits of using B2B marketplaces for exporters:
It goes without saying that attracting more clients can help boost business sales; however, with B2B marketplaces, you will not only get more clients, but you would also be able to show relevant results to the prospect customers. These websites encourage foreign buyers to purchase related items. In addition, they can also display products in different languages and highlight the key features to enhance powerful up-selling and cross-selling opportunities.
With B2B marketplaces, export businesses do not have to rely on traditional approaches to reach and gain new customers. They help to attract new customers than they could dream of contacting directly, even in foreign markets. No need to count on sales representatives; B2B marketplaces are your 24/7 active sales agents. They will eliminate the language and time barriers and are ideal for reaching new B2B customers.
One of the optimal benefits of B2B marketplaces is that you can now cut back on costs while generating more revenue. The initial cost to access B2B websites is low that any company can easily afford. These websites allow suppliers to decrease their operating costs by helping them to find customers, client information, and customer service and making the process easier for them.
With B2B Marketplace, accessing international markets get less tricky. The little start-up costs allow even small business to sell their products in global markets. It is the most cost-effective method of promoting products locally as well as internationally. Since these websites can be translated into different languages and operate round the clock, reaching foreign land is quite comfortable with it. Small businesses now do not need to spend a fortune in marketing their products internationally.
Improving search engine ranking can be an exhausting and time taking task. Driving traffic to your website is not a piece of cake, but with B2B Marketplaces, you can instantly give your business traffic a boost!
Did you know B2B Marketplace can help in developing brand awareness among prospect customers? By digitalizing your product range, you will automatically get ahead of your competitors. This online catalog maximizes your chances of reaching a genuine audience base and will attract new customers to your brand. Since online marketplaces have millions of global customers, opportunities to reach a vast audience are amplified.
Definitely, it is a risk to start a new sales campaign. But relying on online marketplaces is totally a low-risk solution as it requires a minimal budget, and it can gather thousands of genuine leads against the very little cost. In contrast to conventional strategies, online websites are high-speed, simple, and cheap. This can help businesses maximize sales efficiently.
B2B online marketplaces are the fashion for the wholesale industry. With these websites, you can expect to get more customers globally than you can ever dream of. They act as the intermediate step between the exporters and foreign buyers. B2B commerce is increasingly depending on wholesale websites. Numerous studies show that more and more traditional customers are opting for these digital channels to enhance their reach with every passing day.
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