Today all businesses have gone online and so has the marketplace where they can buy and sell their products and services. B2B Marketplace is exactly that – a digital platform that connects business to business specifically manufacturers, wholesalers, and retailers to carry out commercial transactions.

B2B marketplaces function by letting companies make their business profiles on the platform. Usually, the B2B marketplaces charge the sellers a subscription or membership fee to use their platform which can vary from one B2B marketplace to another. Some of the B2B marketplaces may charge the sellers, a fee on the transaction made over the platform, which is nothing but a percentage of the total value of that transaction. After that, those companies can upload their product catalog to clearly display the product pictures, videos, descriptions, features and specifications, ratings, and reviews to the buyers.

Buyers who visit the platform looking for the products go through these product catalogs, compare the price, quality, and other aspects of the products of different companies or suppliers, and select the best option. When the buyers are done with the product selection, they can directly place the order there. The B2B platform enables the transaction by notifying the supplier about that specific order while giving the shipping details. The buyer can then proceed to make the payment for the purchase on the platform itself. The buyers can also track the status of their orders on the platform.

Let’s understand how B2B marketplaces can boost your business growth.

B2B marketplaces, specifically the ones that are global can enhance your business visibility and reach to your prospects around the world. These platforms can provide you an opportunity to enter those markets that cannot be reached otherwise. Such exposure can dramatically increase your customer base while being cost-effective and considerably improving your sales and profits.

Besides this B2B marketplaces are a great source of getting market insights. They give out all the information about the customers including their interests, behavior, requirements, desires, and preferences, as well as their buying habits. These data are incredibly valuable for the sellers and help them adapt according to the customer demands which can accelerate the sales and eventually boost the business growth and development.

B2B marketplaces offer convenience to both suppliers and buyers by making the purchasing process smooth, easy, and efficient. These online marketplaces facilitate sellers in effortlessly managing several sales activities while saving their time.

These one-stop digital marketplaces make the task of product sourcing simpler for the buyers as they can compare products and their features and prices of diverse suppliers, under one roof to make decisions, satisfactorily. These buyers can hardly get any reviews and ratings of the products available in the physical stores. They have to undergo their experience with the products or services at their own risk to figure out their positive and negative aspects. This can often lead to buyer’s remorse and many businesses with limited budgets often have to make decisions with fear and hesitations. On the other hand, B2B marketplaces present the reviews and ratings of previous buyers to help the buyers make confident purchasing decisions.

Sellers also benefit from such rating and review systems. Businesses gain credibility and the trust of their customers through positive feedback, which is usually tough to achieve organically. This can greatly influence customer purchasing decisions and ultimately lead to business growth and success.

For startups, small business owners, and entrepreneurs growing their business and expanding it widely can be immensely challenging particularly when they have very tight budgets. These platforms have a setup of robust infrastructures such as secure payment systems, competent customer service, and at times even provide logistics assistance. B2B marketplaces can support these businesses to scale and expand by offering access to new customers without requiring them to spend heavily on advertising campaigns or employing more staff.

These are the benefits of a B2B marketplace that supports businesses in boosting their growth. However, to obtain these advantages businesses need to choose the best of them. Introducing… DhuMall’s iGlobalSourcing – the most trusted global B2B online marketplace that connects manufacturers and wholesalers to buyers from over 200 countries worldwide.

The user-friendly B2B Online Sales Platform has a flawless, smooth user interface and is easy to navigate. It features reliable data and payment security. The other great aspects of this platform include effortless search functions, multiple payment gateways, one-click reordering, the Request For Quote option for conducting real-life-like negotiations, Direct Purchase option for contacting your customers and having direct communication with them.

Subscription to iGlobalSourcing is available in the basic, silver, gold, and platinum packages. You can choose any one of these cost-effective packages according to your business needs and list your products and services on this incredible platform along with their description, specifications, features, USPs as well as vivid and attractive images and videos, and get more customers, increase your sales and revenue to boost your business growth.