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Considering their features and capabilities, B2B markets are still quite exploited. However, the trend is changing and many companies are beginning to realize the huge potential of this promising online channel store. Now, a common position with respect to adopting the market as a sales or purchase channel will change the way a company engages in sales and procurement, leading to ultimate productivity and sustainable profitability.

What is the B2B Market?

The online job marketplace is an online site where buyers and sellers come to talk, collaborate and transact business. The B2B market deals with a large number of companies participating as a community. The main objective of the market is to organize a business platform filled with features that allow members to run different business processes online and increase company productivity.

Two key indicators of a company’s productivity are increased revenue and cost savings. Both of these indicators will show better results if the company incorporates market features into possible areas of its business.

Here are some compelling reasons why companies should start using the B2B market without hesitation:

1. The B2B market is a large community of buyers and sellers

By entering the B2B market, companies gain instant access to thousands of potential customers and suppliers. The average B2B market has over 100,000 members. This provides an opportunity to expand the business by finding new customers and suppliers from this new community. Working closely with members of new socially-owned companies, they are given every opportunity to dramatically expand their businesses.

2. The real-time marketplace allows customers to make quick decisions

Buyers can study, compare and research a product on the market without leaving it. This ability of the B2B market to provide the key information needed to make purchasing decisions helps customers make a faster purchasing decision.

The study shows that a full 47 percent of shoppers visit the site without all the information they need to buy the product. Products offered on the market are integrated with the e-catalog and store. This helps to significantly increase customer conversion rates.

3. The sophisticated eCatalog helps to show the overall features of the product

ECatalog is an online product content management solution with a powerful user interface that provides efficient navigation, search and integration capabilities for organizing and publishing product information, and enables you to manage your business processes related to buying and selling in real time.

It stores product content in one database and organizes product information according to a predefined categorized hierarchy. It also has sophisticated search capabilities so customers can easily find products.

Studies show that in many cases, customers are unable to make final purchasing decisions due to poor content of the resulting product, which has lost business opportunity for companies. To avoid this, all B2B markets are adopting one type or another of an advanced cataloging system that delivers a compelling value proposition. As a result, companies can expect increased revenue, better customer satisfaction and a shorter sales cycle.

4. A sales solution speeds up the sales process and reduces overhead

The B2B market integration chain covers all stages of the sales process, including listing, negotiating, billing and tracking of shipments. The electronic sales process significantly reduces the sales cycle, allowing for lower processing costs. An electronic sales solution also helps reduce errors in documents that are often associated with paper systems.

5. An e-procurement solution makes it easy to buy

Electronic procurement is a way of conducting transactions between buyers and suppliers over the Internet. The e-procurement system is an integral part of the B2B market. Procurement through the B2B market has many undeniable benefits. Transaction costs are reduced thanks to a streamlined transaction process. This saves time and stops unreasonable employee costs.

Aberdeen Group estimates that the automation of procurement activities will save mid-sized companies $ 2 million a year. And that means nothing to the cost savings resulting from better supply chain cooperation.

6. The Web Store brings new opportunities for the company’s retail business

Although you can enter a wide range of B2B customers through the market, the B2B market feature that enables participating companies to build their web store using the same Catalog provides a great opportunity to target a completely different market segment. This is a unique opportunity in itself, as recent research has shown that an increasing number of small businesses with fewer than 20 employees make more than 25 percent of their online sales.

There are other benefits that a company can gain from participating in the B2B market.

For buyers, participants in B2B market market offer:

  • Lower transaction costs – simplified transaction processing.
  • Access to new vendors – Elimination of B2B participation
    geographical barriers and provides access to new suppliers.
  • Save time – enables faster approval, process ordering and
    delivery tracking.

For suppliers, it offers:

  • Reduced inventory costs – Clearer visibility and forecasting
    capability allows companies to significantly reduce inventory management costs.
  • Access to new customers and markets – B2B market offers new
    a sales channel that opens many new opportunities for suppliers.
  • Increased sales – with access to the wider market, suppliers have
    the potential for increased revenue.

  • Reduced overhead – Thanks to a simplified supply chain
    overheads can be reduced by up to 30 percent.
  • Reduced order processing costs – Supply chain solutions a
    B2B exchange can enable sellers to significantly reduce order processing costs.
    Studies show that order processing costs can be reduced by
    $ 70 to just $ 6.
  • Reduced sales and support costs – By automating sales and
    companies for customer support processes can reduce overheads
    25-30% easy.

B2B markets are comprehensive business solutions for many company needs. Usually the market offers a huge range of features and functions. Participating companies can choose the features they need, use them effectively, and take advantage of all the benefits mentioned above.

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by Nowshade Kabir

 

 

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