Blog · Approx. 3 minute read
The Fast Track to B2B Marketplace Success
For years, businesses have effectively reached consumers online who shop marketplaces. Nearly anything a buyer needs or wants is available with a few clicks.
B2B companies have followed suit and are finding success by translating the functionality of the B2C marketplace to reach a growing customer network. (You can find out more about what a B2B marketplace is here.)
While the market has been moving in this direction, the pandemic accelerated a seismic shift in purchasing behaviors as businesses navigate engaging with communities of buyers and sellers. Businesses are benefitting by adding functionality that combines the ease and convenience of a consumer-like experience with invoicing terms to allow for better cash flow management.
Marketplace Platforms and Tools
A recent research report by Forrester, New Tech: Marketplace Development Platforms and Tools, Q4 2020, outlines several recommendations to accelerate a B2B eCommerce strategy. The findings include key strategies that point to the technologies and tools to meet the growing demand of B2B marketplace development.
According to the report, “marketplace development tools and platforms are not just revolutionizing the way buyers and sellers transact. They are also creating new add-on opportunities for software-as-a-service providers and upside for service providers looking to expand their commerce portfolio.”
Over the last decade, marketplace development platforms and tools realized a venture capital investment of $4.58 billion. Investments in marketplace technology has nearly tripled since 2018 and are up 12 times since 2017. Following investment dollars is an indication the market is expected to continue to grow as innovations and tools make it even more accessible for businesses of all sizes to employ a marketplace strategy.
Complex Payment Processing Made Easy
One of the biggest hurdles in a B2B marketplace is payment processing. Marketplace selling can be a complicated transaction process, especially when the buyer is looking to place an order on terms. The Forrester report outlines tools and platforms that “address this challenge by tackling issues with checkout payments, checkout issuing, and cross-currency ledgering.”
Forrester’s list of established vendors who are investing in marketplace technology includes TreviPay.
Putting Marketplace Tools to Work
Adding robust invoice terms to a B2B marketplace can pose a few challenges requiring a new set of platforms and tools.
While it may seem daunting for some businesses, the reality is marketplace operators have more access than ever to being able to add this functionality on a budget and at scale. A key takeaway is as a company’s seller and buyer network grows, so does the ability to support them. The Forrester report states that “tools are available that can be packaged together to meet the challenges faced in launching a complex marketplace.”