Online marketplaces are booming and B2B buyers are not an exception. B2B online marketplaces can help you instantly reach tens of millions of potential customers.
But not all marketplaces are the same and this post will help you find the most suitable B2B online marketplace for your business.
According to McKinsey, B2B buyers see digital marketplaces as an important part of the purchasing mix.
60% of B2B buyers indicate they are open to purchasing on digital marketplaces. It is roughly the same percentage as those who buy from supplier-branded websites (64%).
B2B companies don’t want to be sidelined and they are willing to lean into B2B e-commerce. How can they choose the right B2B online marketplace?
How to Choose the Right B2B Online Marketplace for your Business
Define your Business
The first step is to define your business and identify potential online marketplaces that match your needs.
“You don’t need to sell everywhere. If you’re selling custom machined parts for farmers, you probably don’t need to be selling on Instagram.” Tim Osborn
Here are a few considerations to succeed in this stage:
1. Define your reach:
If you want to go global, here are some good options for B2B companies:
Some businesses prefer to focus on a specific region. For example: Asia Pacific, Europe, North America, Middle East & Africa, and South America.
Most important B2B online marketplaces per region
The Asia Pacific region has the largest market share and the fastest growth rate. Here are some of the top B2B platforms in Asia:
- Indiamart, TradeIndia, Udaan (India)
- Averest (Malaysia)
- Obbo.sg (Singapur)
- Telio (Vietnam)
- Tokopedia (Indonesia)
If you are interested in the European market. Here are some of the top B2B marketplaces in Europe you should know about:
There are some online B2B marketplaces in North America to consider. Consider your requirements and go with the best option:
Some of the leading B2B wholesale marketplace in South and Central America are:
- Amazon Business
- Mercado Libre
If you are looking for B2B marketplaces that focus on Africa, here are a few:
The Middle East is an exceedingly promising marketplace for B2B businesses. The following are prominent online B2B marketplaces:
Now you have an overview of the different marketplaces around the world. Let’s go to the next step.
2. Define your product. What do you sell?
Depending on your business model, you could benefit from utilizing specialized B2B online marketplaces. The global B2B E-Commerce market is segmented into the following types:
It focuses on marketing and distributing items such as:
- Cleaning Supplies
- Hospitality Products
- Industrial & MRO
- IT Products
- Office Supplies
- Pantry Products
For example, Zilingo targets fashion wholesalers in Thailand.
A one-stop shop that allows buying organizations and their suppliers to efficiently maintain a list of contracted goods and services with pre-negotiated prices, participate in electronic trading, to quickly order and buy the goods and services they need.
Eezee.sg is a unified Singapore-based B2B marketplace for industrial goods and supplies.
An online service marketplace initiates, facilitates, coordinates, and concludes hiring and selling of services between individuals or businesses.
In Australia, Expert360 connects businesses with contracting and professional industry experts locally.
Time-based or Rental-focused marketplaces
One example is GorillaSpace. It operates in different Asian countries, is an online B2B office and workspace rental marketplace platform that enables businesses to find both long-term office spaces and flexible workspace options.
Business catalogue or directory type of marketplaces
The typical yellow pages. For example, Yellow Pages Singapur is an online business directory listing platform.
Choose the most suitable online B2B marketplace for your business
You have defined your reach and your product and you should have a shortlist of potential B2B marketplaces for your business.
The second step is to choose the right one. Do your homework and compare platforms. Use the following set of criteria to evaluate and rank the alternatives:
–Commission: What percentage does the marketplace charge?
–Initial deposit: Is there a deposit required by the marketplace?
–Subscription fee: What is the annual cost of operating on the marketplace?
–Brand enhancement: Is there rich A+ content, or branded storefront?
–Customer fulfillment support: Does the marketplace offer delivery to customers? Cost?
–Payment: Does the marketplace facilitate payment using a number of solutions?
–Advertising: Does the marketplace have an advertising proposition to help discovery?
–Data and insight: Does the marketplace give sales performance and other data?
Have a plan to engage and win new clients on B2B online marketplaces
Finally, you have already chosen the right B2B online marketplace. Now you need to make your product attractive. It must stand out from your competitors.
Here are some tips to understand the B2B Buying Process. Implement them properly and you will win the heart and mind of your potential clients:
Include ROI scenarios. It is a ratio that compares the gain or loss from an investment relative to its cost.
Show customer testimonials and case studies. Testimonials and case studies are essentially forms of social currency. Humans tend to flock together.
Use videos and good images to show your products. Be sure to show off all your item’s features and how useful it is. Showcase all the details of your products.
Don’t forget to show the quality certifications. A certification is a guarantee of quality that creates confidence in the market.
B2B Online Marketplaces can help win new clients but you need to choose the right one. Fortunately, you have learned the right steps to succeed.
First of all, you need to define your business model and your target market. I provided some examples from different regions around the world. Hopefully, you will meet the best for you.
Once you have a few candidates you need to check my criteria to evaluate and rank the alternatives.
Finally, after you choose the right marketplace for your business, you will implement my recommendations to make your product page stand out from your competitors.
Well, I hope you like this article. Do you have other ideas? Please share them with us!
P.S. Before you go, you may also be interested in the following articles:
POST WRITTEN BY
Jose Maria (Chema) Lopez
A Madrid Polytechnic University International MBA has worked as global marketing director in B2B and B2C international leading companies implementing global marketing and communication strategies to ensure business objectives and to optimize brands reputation and visibility on a global level.
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