B2B eCommerce has been booming, and this trend will continue as more businesses take advantage of digital marketing. In today’s digital age, companies rely on digital marketing to get their message out there, with Statista estimating that 17% of the B2B sales in 2023 will be transacted digitally. eCommerce is easier than ever before, and it’s become the go-to channel for most businesses to sell their products, services, and solutions to potential customers.
With most B2B buyers now having access to online marketplaces, businesses have gone a lot further when selling directly through their websites than through an intermediary such as a third-party marketplace. This article will reveal what business-to-business (B2B) eCommerce has changed in 2022 and how B2Bs can prepare for it.
What is a B2B Marketplace?
Before we explain what a B2B marketplace is, let’s look at the meaning of B2B eCommerce. B2B eCommerce is a channel to sell products and solutions to other businesses. The sales of B2B are mostly made through in-depth sales calls, training, and enablement. It also include face-to-face meetings and meetings over the phone.
Although B2B sales can occur in many ways and channels, online eCommerce is one of the most common. The reason for its popularity is that the internet is one of the most accessible marketing channels for B2B businesses. With the right strategy and tactics, online B2B sales can be a powerful growth driver for your business.
A B2B (business-to-business) marketplace is an online procurement platform that allows a set of approved suppliers to sell their products to a set of approved buyers. A marketplace operator or sponsor determines who is authorized to conduct business. The sponsor establishes the rules regarding what may be acquired, by whom, and at what price. This makes it easier to automate purchasing decisions.
Depending on the marketplace being enabled, a wide range of marketplace operators and sponsors exist. For instance, some sponsors are start-up technology companies seeking to disrupt an industry by digitally linking suppliers to buyers. Sponsors also comprise traditional supply chain departments of giant retail corporations that seek to link global suppliers to myriads of retail locations.
Other sponsors include franchise corporations that wish to conveniently link franchisees to approved vendors and control aggregated pricing throughout the network. Nevertheless, a marketplace sponsor aims to bring together a group of approved suppliers with approved buyers, set rules for how the marketplace can work, and automate the process with online technologies.
Fundamentally, B2B marketplaces serve as the intersection between eProcurement and B2B e-commerce. B2B marketplaces benefit businesses that want to offer a cutting-edge purchasing process that is convenient for buyers and suppliers and mobile, transparent, inexpensive, intelligent, and affordable.
How B2B Marketplaces Have Changed Business in 2022
The popularity of online marketplaces for B2B eCommerce has skyrocketed. Remarkable online B2B websites such as Directoro and other similar sites have made it easier for businesses to sell their products and services to each other. Businesses can use this channel to reach potential clients and customers, sell products, and create brand awareness. Companies can also use B2B marketplaces to purchase products and services.
Furthermore, businesses can advertise their products or services on B2B marketplaces, and buyers can search their inventory and make offers based on their preferences. Organized marketplaces like eBay and Amazon allow buyers and sellers to search for, compare, and transact based on various factors.
The next phase for B2B eCommerce will be more about the seller and less about the business. In the future, business owners will have to shift their focus from selling to self-service. Businesses will be expected to offer customers more services than sell products.
According to research, around 50% of B2B customers indicated that enhanced personalization was a fundamental factor when looking for online sellers to establish relationships. In addition, customers can spend 48% more when their shopping experience is personalized to meet their needs.
Therefore, as customer demands become more complex, businesses will have to offer more customized solutions. AI and machine learning will be an essential part of this trend. AI can be used to enhance the services offered by businesses. Businesses will now have to provide more value to their customers to expect a payback on investment.
However, you’ll want to use technologies to scale engagement and sales across your entire organization to find long-term success. The most important thing to remember is that the channel needs to be part of your digital strategy. Therefore, make an effort to ensure your online presence is designed to reach as many potential customers as possible.
The Bottom Line
The future of B2B marketing is shifting. How businesses operate and sell their products or services to other businesses has changed drastically over the past few years. From social media to artificial intelligence, mobile apps to virtual reality, B2B marketing has accelerated in the last few years. This is why we are experiencing many changes within the B2B marketing ecosystem. We hope this post has helped you understand how the B2-B marketplace has changed business in 2022, what’s in store for the future of B2B marketing, and how to stay ahead of these changes as a marketer.
