Top 10 World’s Largest B2B Marketplaces To Look Out For In 2023
How easy is it to choose a B2B marketplace for your business? Choose a platform and start your business. But! It is not as easy as it sounds.
If you are just going ahead and choosing a B2B marketplace randomly, you need to work on it. You need to explore and take a look. Figure out the platform form where you can reap the best benefits.
First, let’s take a look at what is a B2B marketplace and what are its benefits?
From the stats, B2B eCommerce is expected to reach $1.8 trillion in 2023 and account for 17% of all B2B sales. This industry is twice the size of a B2C market. The stats show a staggering B2B marketplace. To clear the concept of a B2B marketplace, let’s understand what it means.
What Is A B2B Marketplace?
Now, online B2B marketplaces have increasingly become popular because of their impeccable features. They play a key role in discovering products, especially when it comes to manufacturers and suppliers. It has shaped and enhanced the experience of online shopping.
Now, many global businesses are looking for authentic and efficient B2B eCommerce platforms. Although there are many B2B eCommerce marketplaces, you need to choose wisely and accordingly.
So, first, let’s have a look at the buying process in a B2B marketplace, and later we can look at some of the top B2B platforms.
The Buying Process Of A B2B Marketplace
- Recognize your needs and the products needed.
- You need to identify and describe the products you need.
- Your search for information about the products and reliable suppliers.
- The supplier responds to your request for approval (RFA), which is a bid for goods.
- The order is placed, and the prices, delivery, and quantities are decided.
- The buyers give feedback to the supplier or the vendor.
Main Benefits Of Choosing B2B Marketplaces
B2B is massively growing. According to Digital Commerce 360, the sales in online eCommerce site have increased by 17.8% to $1.63 trillion. So, it is clear that eCommerce is a new trend in the online selling industry as it drives revenue.
If you know a B2B eCommerce platform drives up to 18% revenue. Let’s dive into some of the major benefits of a B2B marketplace.
It Offers The Best Prices
If you find the supplier that comes under your criteria, you can compare prices with the software. The software allows the buyers to send inquiries to different sellers, and they can compare the prices and order from the most suitable one.
It Brings New Customers And Markets
Even in the new marketplace, you can reach a lot more customers. You are available to people all day and night and do not depend on a sales team. Your sales portal is available to everyone at any time. You can also reach more international clients through a wider reach.
It Lowers The Risk
In a B2B business, the marketing strategies are rather simple, and you do have to gather a high budget for it. With the help of low budgets, it gathers potential leads and improves sales effectively. So, you don’t have to worry about long-term marketing strategy.
You Can Improve Your Brand’s Name
When you are present online, it gives you more strength and allows you to be more powerful and visible. You have the leverage to promote it indoors and outdoors by developing SEO friendly eCommerce site.
The List Of Top 10 B2B Marketplaces
In the list of growing B2B marketplaces is eWorldTrade. It is among the top recommended platforms that are working exceptionally. They have catered to above 500,000 registered users. This platform is specifically designed to cater to customers with fast, reliable, and easy trade transactions.
It is one of the most transparent platforms having millions of buyers, sellers, and wholesalers under one roof. eWorldTrade has the mission to make B2B business fast and hassles-free by overcoming all the challenges. They promise to deliver businesses with high-scale profits and visibility. They are striving to bring out the best trading solutions.
2. Amazon Business
Amazon Business operates in more the 14 countries and has a great workforce that works impressively. One of their key identifications is their exclusive discounts and quantity discounts. You can also use their different shipment offers such as; business prime, free shipment (on orders of above $25), and Amazon Fulfillment.
They have allowed multiple payment systems to ease the shopping process and exempt tax. They allow their clients to find brands through sponsored ads. Amazon Business has partnered with Delivery Service Partner (DSP), providing vans to SME businesses.
For the high-load businesses, distributing their product content to Amazon might be problematic. Here’s where the Gepard to Amazon smooth integration helps. Amazon Selling API connection is open to anyone and empowers businesses with pricing and inventory control, various fulfillment options, and more business insights.
Automatically list the product portfolio on your Amazon account!
3. Global Sources
Catering for more than 50 years, Global Sources is one of the internationally recognized B2B platforms. They tailor with the best B2B solutions and connect with authentic buyers and sellers. On their platform, you, have easy access to products through their Find Supplier Online.
In the year 2019, they launched Global Sources Electronics, Indonesia to enhance the connection in the Asian market. From analysts’ choices to ready-to-order, Global Sources have everything. Users can also go for Recommended Suppliers, where there are verified suppliers.
4. DH Gate
On the DH Gate platform, you can easily find Chinese goods. The goods range from electronics, ornaments, clothes, and other wholesale consumer products. They enable businesses to come and join them to have a hassle-free business experience.
Catering up to 2.2 million sellers, you can find the easiest solution for your business under one roof. They are efficient in providing secure payment, escrow protection services, and logistic solutions.
On HKTDC, you can search for high-quality products in smaller quantities. You can also compare prices and the minimum purchasing quantity to have direct and rapid communication with the supplier. This feature of HKTDC is called miniature Command Zone Small Command Zone.
On the website, you will be able to find all categories of products integrated at the top of their homepage. They maintain respect, trust, and openness with their clients. For a smooth business process, the platform helps in organizing face-to-face business meetings.
Made-In-China is a reputable name in the B2B industry operated by Focus Technology. It is a Chinese-centric platform and has an array of Chinese goods. The basic idea is to cater to people with a web-based solution.
They are a cost-effective platform and other multiple benefits. Buyers can select their product from the easy and accessible window where there are thousands of products.
EC21 is a leading B2B name in the Asian region, where suppliers and manufacturers can promote their business. The products are also easily available in their distinct category which can be searched by their specific keyword.
Going up a notch on EC21 buyers can ask for their own leads to get quotes from manufacturers. They conduct international trade fair programs that are of great help to businesses.
8. See Biz
On See Biz, you can shop by category and with the popular brands. From Apparel to home, health and beauty everything can be found on See Biz. With this number of products, it connects with a substantial number of industries.
For now, SEE Biz is operating free of cost and doesn’t ask buyers or sellers to pay. Under the domain of wholesalers, they don’t manage inventory but have launched a separate app for inventory management to help wholesale businesses.
Alibaba is among the largest group of trade industries and is affiliated with 10 other companies. They have successfully surpassed 1.1 trillion Yuan in sales which is equal to $170,000 million. It is a Chinese-based company with 22,000 employees.
As a leading name in the B2B industry, they give their suppliers the necessary tools to connect with the local and international audience.
10. EC Plaza
EC Plaza is a place that operates in more than 4 languages. It has made a great name over the years of its swift services. They are a platform that is also working in trade consulting and EDI services and helps SMEs with offline trade services.
A new user can browse into their New User Guide; which helps in understanding everything about the platform.
Automation in eCommerce is a key to your success! Easily integrate with a preferred marketplace to reduce your time-to-market and increase revenue.
B2B Marketplace FAQ
How Does A B2B Marketplace Work?
In a B2B business, the buying or selling process takes place through a buyer’s journey. When a business identifies its needs, the journey of a B2B business starts. They start by searching or researching for products. They shortlist some names, evaluate them and choose the suitable name for purchasing.
What Advantages Does A B2B Marketplace Offer?
A B2B business offers various benefits some of them are:
- It helps in reaching new customers;
- It is cost-effective;
- It improves the search ranking of a platform.
The Final Note
Selection of the best B2B marketplace is crucial. You need to choose a medium that brings out the most satisfactory solution and makes the purchasing process easiest.
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