Many reports indicate that B2B marketplace sales will be exceeding four trillion dollars by 2024. This rise is not unexpected due to the rise in Covid-19 cases all around the world where people prefer online transactions more. This trend is applicable in all industries across the globe.
These trends have far-reaching implications for businesses across multiple industries. Especially for communications service providers (CSP), the rise in popularity of B2B marketplaces coincides with the expansion of Internet of Things (IoT) packages, providing these service providers with an opportunity to improve their offerings.
So, let us understand more about B2B marketplaces so that you can place your business at the edge of better ROIs.
A B2B marketplace is an online marketplace where B2B customers purchase bundled product offerings, stand-alone products, or subscription packages. All purchases may not be from one seller or provider but multiple ones. A marketplace may be provided by an independent third party or primary supplier, who offers its products and services together with partners and other external companies.
The product range varies according to the company’s business model. A customer can make a one-time transaction or purchase subscription services. B2B store sells physical products, SaaS (and support), or professional services. For CSPs in the IoT space, the key benefit of using a centralized marketing platform is the ability to combine all three in an on-demand business model.
Best Features of B2B Marketplace
You can customize your B2B marketplace to match your brand, whether it’s through a drag-and-drop interface or custom coding. Utilize a platform that can sell all types of products you offer, a fast and seamless purchase process, versatile product profiles, customizable sales options, and a list of related integrated third-party products and services.
Look for a platform that allows your business to offer programs immediately or automatically start the fulfillment process after a customer completes a transaction. Automating functions improves the customer experience and eliminates back-end work. Automation helps reduce the complexity of the platform, as well as better customer experience. Additional features can also include customer management tools, partner solutions, advanced reporting options, and real-time data visibility.
The online marketplace can provide more value by promoting new products and services created by third-party developers. Business solutions and existing offers from partners and other suppliers can be supplemented with new solutions. A comprehensive set of developer tools and integrations and a simplified approval process can help pave the way for a valuable and dynamic ecosystem.
The end goal of any business is customer satisfaction. The B2B marketplace platform should provide a single sign-on for all related applications. Customers benefit from platforms with centralized user management where they can control access, track usage, and more. Personalized ads and customer segmentation help you increase engagement and promote products in the market.