In this digital era, B2B ecommerce platforms are relentlessly gaining vogue and have become the popular choice for businesses looking to streamline their operations and connect with other businesses online. The ineffable side of these platforms is that they help businesses buy and sell goods and services more efficiently and conveniently. This is why B2B ecommerce platforms are considered one of the most valuable tools for businesses, irrespective of their size.
This article unveils everything you need to know about B2B ecommerce platforms, including their benefits and types, along with some of their key features. So stay tuned!
Benefits of using a B2B e-commerce platform
While the benefits of using a B2B e-commerce platform are numerous, below we shall shed light on the most compelling ones. Have a look at a few of them!
- Improved efficiency
One of the most significant benefits of using a B2B e-commerce platform is that it can play a significant role in improving efficiency. By allowing businesses to do transactions online in the form of buying and selling goods, these platforms completely eliminate the need for manual, paper-based processes, which can be extremely time-consuming and also prone to frequent errors. This, in turn, can save crucial time for the businesses, and they get empowered to concentrate on several other vital aspects of the business.
- Cost Savings
Another significant benefit of using a B2B e-commerce platform is that it opens doors for businesses in terms of cost savings. This is because the streamlining of the procurement process has greatly reduced the need for manual processes. As a result, businesses get the chance to save money on labor costs and alleviate the risk of errors that can further pave the way for additional expenses.
- Increased visibility
B2B e-commerce platforms are also hailed for increasing visibility for businesses. By allowing businesses to demonstrate their products and services online, these platforms make it all that easy for potential customers to discover them and connect with them.
- Better customer experience
B2B e-commerce platforms continue to remain the favorite choice of many buyers, as they also help to improve the customer experience. By bestowing a convenient online platform, buyers get the privilege of shopping from the comfort of their homes. This helps to meet the customers’ needs more quickly and efficiently, leading to greater customer satisfaction and loyalty.
Types of B2B E-Commerce Platforms
It is to your knowledge that there are several different types of B2B e-commerce platforms, each with its own benefits and quirky characteristics. Let’s quickly glance at some of them!
- Marketplace Platforms
When it comes to shedding light on marketplace platforms, they are online marketplaces where businesses can buy and sell goods and services. These platforms are known to connect buyers and sellers directly. What’s more, marketplace platforms have maintained their spotlight for a very long time, principally due to the fact that they offer an eclectic range of tools and features to facilitate transactions in the form of product listings, payment processing, and shipping and logistics.
- Procurement Platforms
Known to be specially designed, these platforms aim to help businesses manage their procurement processes more efficiently. Once again, just like marketplace platforms, procurement platforms offer a wide range of tools and features to help businesses oversee their procurement workflows like requisitioning, purchase order management, and even supplier management.
- Private label platforms
The much-hyped private label platforms have been in the news of late, and for a good reason. It enables businesses to create their own branded e-commerce storefronts, allowing them to sell their products and services directly to their patrons. Further, these platforms provide a range of tools and features that empower businesses to oversee their storefronts, like catalog management, order processing, and customer service.
- Vertical Platforms
These platforms were designed only to serve some specific industries or niches. For instance, there are B2B e-commerce platforms that can do wonders in the healthcare industry, the hospitality industry, or the construction industry. Vertical platforms typically offer solutions that fulfil the immediate needs of those industries.
Key features of B2B E-Commerce Platforms
B2B e-commerce platforms are known to offer a range of features that make the process of buying and selling more streamlined, efficient, as well as cost effective. Let’s quickly shed light on some of the key ones:
- Advanced search and filtering capabilities
The most pivotal feature of any B2B e-commerce platform that grabs the attention of many out there is its advanced search and filtering capabilities. These platforms are designed specifically to make the buying process pretty easy for customers. For example, the advanced search and filtering capabilities ensure that buyers can search for specific products or services using different parameters, such as price range, product category, supplier location, and more. The wonderful side of this feature is that the buyer is able to save his or her precious time when scouting for products or services.
- Multiple payment options
Another vital feature of B2B e-commerce platforms is their fundamental ability to offer multiple payment options. It is for your enlightenment that when you visit any one of the above platforms, you will essentially have a range of options to make payments from. Some of them include credit/debit card payments, bank transfers, and online payment gateways. This ability to offer different payment options seals the deal by ensuring that buyers can make payments easily and securely, greatly enhancing their overall shopping experience.
- Inventory Management
There are also inventory management features available with B2B e-commerce platforms. Wondering what its all about? Don’t worry, we have got you covered!
This feature typically allows suppliers to oversee their inventory levels and stock availability in real-time. Another highlight of this feature is that it helps suppliers prevent overselling or underselling their products. What’s more, it also ensures that buyers can lay hands on products without enduring any delays or issues.
- Customer Relationship Management (CRM)
B2B e-commerce platforms are also known to provide customer relationship management tools. Their existence helps suppliers manage their customer relationships more effectively. In other words, CRM tools help suppliers build long-term associations with their customers, enhance customer satisfaction, and increase customer loyalty.
- Custom pricing and discounts
Another compelling feature of B2B e-commerce platforms is their ability to offer customized pricing and discounts to their customers. Since the prices suit the pockets of the patrons, it emerges as a great way to retain them as well as lure them to buy more. This significantly helps to increase the sales revenue of a business.
- Mobile compatibility
Users are privileged to have access to these platforms through their smartphones or tablets. This means they can remain updated with the products or services while on the move.
Get connected with Market Time
If you are a business owner who intends to gain from the many perks offered by these platforms, you might be looking for a provider that helps create a B2B e-commerce platform for you. If yes, you can use the services of the leading provider, Market Time. We provide you with leading solutions to help your business thrive.
Feel free to connect with us if you have any sort of questions on B2B e-commerce platforms, order management software, or anything else. Our skilled team of experts is available around the corner to assist you.