The rapidly changing technology has brought lots of changes in every aspect of our life. We can access everything through the web. You can buy products and hire services online.
With the changing customer behaviour, online marketplace owners shift towards a seamless customer interface and flawless shopping experience.
What is B2B Marketplace?
The B2B marketplace is often known as the digital transformation of the traditional business. Developing a marketplace offers a unique system used by sellers, producers, end customers and other stakeholders at all stages.
It is like a boon for the growth of your traditional business model. B2B marketplace is a long term commitment of getting high revenue, visibility, customers and resources for your business.
It seems a typical process; even sometimes, people feel overwhelmed in this digital transformation. But, you can make it easier by breaking it into smaller tasks. This article will help you know the vital things before launching a successful B2B marketplace in 2021.
Why Launch Your B2B Marketplace?
Maybe you are running a B2B store with an established brand name and a big customer database. Possibly, you are a reputed company offering products or services. But, sooner or later, you realize to scale your business to a new level.
What is the best way you can use to achieve your goal? Isn’t it an online B2B eCommerce marketplace?
Along with developing a B2B online marketplace, you also need to streamline the following:
- Improve the product line
- Launch something new the market based on customer’s behaviour
- Increase the revenue channels
- Enhance the distribution channels.
All the things are necessary; however, the best way to improve your business success is to develop a B2B marketplace. You can either use third party marketplaces, or you can also create your B2B marketplace.
Creating your own B2B online marketplace offers you full control over your business process, activities, sales and customers. It will also help you know the type of services or products your consumers buy.
If you create your online marketplace, you can track all required data; it will help you improve your sales and revenue.
So, if you are interested in attracting new customers, connecting with suppliers and clients, and monitoring customers’ data in less time and efforts, it is time to build a marketplace. But, you need to have all this information in hand while launching a successful marketplace website.
1. Analyze Your Goals
As said, starting your online marketplace offers lots of benefits; however, going online is worthless without specific goals. B2B eCommerce tends to reach new customers and achieve business goals.
Shifting to an online marketplace without clear objectives is like calling a taxi without any information about the destination. Analyze your expectations, performance indicators and build a digitization roadmap.
Defining goals will help you optimize existing business operations, increase your client portfolio, processes, and expand your market.
After deciding your goals, you need to prioritize them. Moreover, never forget to define the KPIs (Key Performance Indicators) to check and monitor the progress. Evaluate the performance regularly, track order size, sales cycle, order frequency, total online sales etc.
2. Define Your Requirements for the Website
To launch a successful B2B marketplace needs lots of things to consider. After setting up your goals, define your website’s requirements. It is also known as the minimum viable product (MVP). It is a proven strategy for creating a website using basic features.
It enables the website owner to factor customer’s reviews and deciphers their expectations into the complete process of website design and development.
As here we are talking about MVP so, no one can avoid the importance of the website’s functionality. Always bring your deep focus to the website’s functional features and flow of processes.
It will help you get desired results, including faster ROI. Please focus on the essentials and benefits your website will offer to its audience.
There are the following factors you should consider while defining your website requirements (MVP):
What will be the initial version of your website launch? How will it interact with the users? Who are the users? What will functionality serve to the users? What will be the flow of the website? All factors are inclusive in the functionality factor. Relying on your product or service niche, there are some more parts of MVP are listed below:
– Shopping lists
– Product catalogues
– Bulk ordering
– Merchant accounts
- Business Model
What you should consider after deciding on the functionality of your B2B marketplace. Well, it is a business model you need to focus on after setting up functional features.
It is one of the most vital elements for building a marketplace. A relevant and suitable business model helps you build and scale a profitable marketplace. Be tricky while choosing a suitable business model.
- Personalized pricing
A well-defined MVP strategy helps you create your website in less time and effort. Well, customers are the key to success in any business.
So, you should consider their feedback and work accordingly to improve your business performance. Integrate the essential elements into your B2B marketplace to add enhancements in the future.
- Customer Efficiency and Relationship Management Tracking
While developing a marketplace, it is vital to track the customer experience and how they understand your product or service. It is not a good deal to think about the success of your online store without providing a positive customer experience.
Without it, your customers will leave your website quickly; in turn, it will increase the bounce rate of your website. We know that tracking these interactions and data is tricky; however, CRM (Customer Relationship Management) systems help you record them.
So, integrate your eCommerce portal with a fully-functional and widely used CRM system. It helps you know all touchpoints of your clients.
Security is one of the major concerns in online transactions. Selling through online marketplaces needs high-level data security. To assure the security of your online website and customers’ data, use SSL certificates, captcha codes, set up permission rules and provide authentication through password only. Implement the top security features used in the payment industry.
- Personalized Prices
The B2B market is different from B2C, and you can see this while deciding your pricing policy. Prices in B2B and B2C marketplaces can’t be the same. Therefore, decide your pricing policy and customize it accordingly.
3. Marketing and Promotion
While framing a proper marketing strategy for your marketplace, be sure and work for long-term benefits. What is the best way to make it done easily? Isn’t it marketing and promotion?
Yes, a proper marketing and promotion plan should be considered to get higher sales and establish a trustworthy relationship between you and your customers.
Analyze the traffic sources and make a proper plan to enhance them. Focus on result-driven strategies to drive more traffic to your online marketplace.
You can use PR and Pay-Per-Click (PPC) campaigns to promote your website and increase its visibility on search engines. Always monitor the efficiency of your marketing techniques you are applying.
While starting your own online marketplace, you should promote your website regularly. It helps you connect with your customers for a long time. Be sure to communicate with your customers and offer them different kinds of benefits. Choose the type of rewards you can offer to your customers.
Many B2B marketplaces are selling their products online; if you start developing a marketplace quickly, your competition will soon be higher.
Always keep an eye on your competitors and the strategies they follow to promote their products or services. Use a step ahead of the marketing team and efforts from your rivals. Make your brand competitive to gain more profit and customers in today’s tech arena.
4. Secured Payments Options
Getting paid for customer’s orders is similar in both B2B and B2C marketplaces. However, B2B is a big world in terms of transactions as deals are done between the businesses.
Provide all possible payment options to your customers and enable them to get a flawless and hassle-free payment experience.
Not only online payment options but also offers your clients to pay via offline methods like:
- Purchase Orders
- Corporate Bank Accounts
- NET 30 (60 or 90)
5. After the Launch
Building a marketplace is profitable these days. Businesses are very progressive and need competition. So, to meet today’s market needs, you should be aware of all factors before launching a successful B2B marketplace.
Be responsive to your customers and keep track of their feedback. Analyze your customer’s behaviour regularly and work on your marketing efforts.
Never stop making improvements to your marketplace website. Identify the latest marketing trends, new technology, and buyers’ changing patterns to build and launch a successful marketplace in 2021.
Launching a B2B marketplace will need lots of things to consider. Businesses run for a long time only due to customer relationships. Therefore, it is time to invest a decent amount of time and money before launching your marketplace website.
This article offers a basic understanding of all the essential things you should consider before launching the marketplace. Why waste time for more? Start selling with an online marketplace.