It was just a matter of time, once the Internet was launched as an operational global network, for the businesses to start looking for ways to connect with each other. Thus, the first online B2B marketplaces came to life in a natural way, enabling businesses to communicate, collaborate and strike contracts online.
Usually, most experts speak about the opportunities for vendors of various sizes to benefit by selling their products or services on a B2B platform. Nonetheless, B2B marketplaces offer unique opportunities for the buyers to streamline their procurement process and make substantial cost reductions in no time.
The first obvious advantage a global B2B marketplace offers to buyers is the ability to connect with and find new partners globally. The very nature of B2B marketplaces enables buyers to reduce their costs for finding new business and purchasing opportunities.
Once you have found a few suppliers that meet your criteria, you can easily compare their prices and delivery terms. The marketplace software also enables buyers to send inquiries to a number of selected sellers and then compare their price offers.
Some B2B platforms offer also functionality to track prices by vendors and compare them in real time, which enables you to buy your goods or services at the best possible price, always.
Global B2B marketplaces are integrated platforms that offer unified experience for both the buyer and the seller. What it means is that you have all the tools to initiate a supply deal, check offers and prices, and then conclude a contract in one place.
Moreover, you can take advantage of contract templates that suit your particular needs and cover your specific requirements. Thus, contract management is getting easier, saving you time and money.
Standardization and automation of purchasing processes and procedures result in marked cost savings as well.
The software behind a B2B marketplace platform enables vendors to enter various properties of any product or service they offer. Therefore, a buyer can easily search for and find exact matches of the products required for delivery.
These properties include features such as colors, sizes, and dimensions but also product availability and delivery terms, including shipping costs and any applicable fees and taxes. This, in turn, enables a buyer to find the exact match for a product in accordance with a complex set of requirements.
In case, the product is still not available on the platform, he would have the possibility to chat with vendors or create a request for proposal, on marketplace solutions, which offer this extra feature.
Not all payment methods work for each and every buyer, but most B2B marketplaces offer a list of traditional and innovative payment methods to choose from. You can choose a classic wire transfer, or you can choose to pay with the payment process which fits you the best.
It is only a matter of time before we see marketplaces accepting digital currencies as well although a number of niche marketplaces already offer this payment method.
By taking advantage of the built-in monitoring tools of a B2B platform, buyers can keep track of their spending and also estimate the cost of future purchasing contracts. You can analyze your buying patterns and once you have enough data you can easily optimize your purchasing process and associated costs.
If combined with predictive analytics tools, a B2B marketplace platform enables you to forecast most sorts of transactions and even automate certain transactions to get the best possible price or delivery terms.
The first online marketplaces emerged some 25 years ago as simple forums for individuals and businesses to find each other. Today’s B2B marketplaces are full-fledged software platforms that enable a buyer to take advantage of various features, which ultimately increase the productivity of buyers.
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