B2B Marketplace: The Most Critical Features
When the concept of e-commerce first took off in the world, the only business model it relied on was a single vendor marketplace, i.e., wherein there was only one supplier for the products on offer. However, changing times mean that we now have newer and better business models for e-commerce. And among these advanced options, the multi-vendor B2B marketplace is easily one of the most popular ones in the world. The fact that such a market gives customers the ability to choose from a massive variety of options, typically provided by vendors from all over the world.
And vendors benefit from such an arrangement too — they gain access to a substantially bigger customer base and, consequently, significantly better visibility. So, you see why more and more businesses are turning to multi-vendor marketplaces, yes? And that’s terrific, but the truth remains that unless the market offers a specific set of features that are widely demanded by all audience groups, it is unlikely to be able to succeed in the cut-throat environment that we currently live in. So, read on to see what features you can’t afford to miss for your multi-vendor marketplace.
1. Product search, filtering, and display: It goes without saying that how your display products on the platform market crucial to the user experience because it is a widely accepted fact that a non-aesthetically pleasing display will never be able to result in even decent sales. And that’s not the only factor to keep in mind — a quality display must be complemented by functionalities such as advanced search and filtering options to ease further the customer experiences of engaging with the marketplace.
2. Pricing: Given that this aspect of the business, i.e. pricing, is typically dynamic in the B2B context, the B2B marketplace must, then, offer relevant provisions. It should include the ability to adjust pricing following customer segments, bulk pricing, and price lists. And don’t forget to make sure that the vendors have complete control over their pricing. It means they should be able to integrate real-time pricing with back-end systems among other things.
3. Security: Security is ultra important, which means vendors should be assured of safety, especially for crucial information about their offerings among other things. The failure to protect such news can very quickly give rise to copies and knock off products, thus compromising the vendor’s brand equity in the market.
4. Split up orders: For entities that typically buy in bulk, the ability to cherry-pick warehouses, suppliers, and more based on product availability is also quite crucial.
The decision to take up multi-vendor B2B eCommerce marketplace development for your company is a terrific idea, but one that will do well only when you take the time to put together the required pieces carefully. So, factor in the features listed above as well as anything else that you may deem vital before you start development work. And don’t forget to find only a trusted name to assist you in your development-related endeavors.
