Top Advantages Of b2b wholesale marketplaces For Your Business
The B2B eCommerce market is steadily evolving and is expected to reach $1.8 trillion by next year, according to Forrester. The pandemic has catapulted the online marketplace wherein sellers are employing every possible strategy to stay competitive. Most of the businesses have gone online during the start of the lockdown making it convenient and practical for all parties.
It was quite easy for suppliers to promote their products or services during pre-Covid but that has drastically changed especially when lockdown started. It became difficult for businesses to market their goods which even resulted in some closing down their shops.
The Rise Of B2B Wholesale
B2B or Business to Business wholesale establishments would sell their goods in the bulk to other companies. The latter will either use the items for their benefit or resell them to individual customers. Many retailers would benefit from purchasing from wholesalers because they get to have items at a much lower price.
Here are some of the benefits of the B2B wholesale process:
- Improved control over supply
- Helps increase AOV or average order values and volume
- Promote brand visibility
If you are looking to expand your network and connect to more possible customers, then the B2B marketplace is the place to be. Here are the cons of selling in a B2B marketplace:
Connect to a wider market
Sellers do not have to hire an additional workforce since a solid B2B marketplace can help them get the job done. One of the best aspects of the b2b wholesale marketplaces is the fact that their buyers are from various countries. The platform allows sellers to connect with potential buyers overseas and showcase what they have to offer.
Establish a powerful online presence
Sellers need to build their online presence through social media or through online platforms. In that way, they will be able to easily connect with their target market and even expand their business. With the help of B2B marketplaces, business owners do not need to create an eCommerce store since the marketplace can provide the groundwork.
Less operational costs
Every business owner knows the financial struggles that they must go through. Apart from operational costs, they must also spend on marketing and promotional techniques to make sure that their target market knows about their products.
But the presence of a B2B marketplace will reduce the costs and still provide the best results. The platform allows businesses to feature their online catalogues wherein it would be more convenient for the buyers to browse through them.
Fast and easy setup
Creating your account in a B2B marketplace is relatively easy since the steps are quite similar to setting up a social media account. The instructions are simple and once you are done with registration, then you can start adding the photos of your products.
Keep in mind though that most B2B marketplaces require their members to pay a minimal membership fee. This is totally fine considering that you will be able to experience the benefits of the platform.