A business to business (B2B) marketplace offers a venue for traders to collaborate, communicate and conduct business transactions. The B2B marketplace is designed to give large businesses a platform for members to trade and make purchases using the online resources. This helps with increasing the productivity and reach of a company. Here are several reasons to start using this community marketplace:
Large community of traders
By signing up to an established B2B marketplace, a company is given access to many potential suppliers and buyers. A typical sized marketplace is likely to include tens of thousands of members. This wide-ranging community of buyers and sellers offers a perfect opportunity to expand a business by sourcing new suppliers and customers. A business is often able to increase trade dramatically by working closely with the companies that gather on this type of marketplace.
Real time marketplace
A buyer on the B2B marketplace is given access to wide-ranging resources, which helps to conduct research, compare and study the available merchandise, including the changes in price. By providing the key information in a single market, it is easier for the trader to make the proper purchasing decisions.
Comprehensive display features
A typical B2B marketplace includes a comprehensive eCatalog to help with displaying the thousands of products. A powerful content management system is necessary to offer simplified navigation, real-time handling of market processes, sophisticated search capabilities, and ease in organizing and publishing product information. An advanced market place is beneficial to the trader to help meet shorter sales cycles, better customer satisfaction, and increased revenue.
Expedited selling process
An all-inclusive B2B marketplace is certain to help with expediting the selling process and reducing the wide-ranging overheads that many businesses can experience. These trading portals cover each stage of the buying and selling transaction, including negotiation, quotation, invoice and shipment tracking. Because the system uses an electronic sales solution, the sale’s cycle is reduced which helps to cut the processing costs. A full electronic system also helps to cut document mistakes which are often seen with the old-fashioned paper systems.
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Electronic procurement relates to the efficient methods used to conduct business over the internet between buyers and sellers. A B2B marketplace includes sophisticated eProcurement software as an integral part. Automating the procurement activities can offer a range of benefits to the many users on the marketplace. A significant benefit relates to the lower cost associated with using this modern transaction process.