The Fast Track to the Global B2B Marketplace Success

For years, B2C businesses have effectively reached online global marketplace consumers. 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, global 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 global businesses navigate engaging with communities of buyers and sellers. According to Deloitte, in 2020 250 largest global retail companies’ total revenue reached a remarkable $5.1 trillion — a 5.2% increase from the prior year. Global 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 

It is estimated that the global B2B marketplace is valued at $20.4 trillion as of 2022. A recent research report by Forrester, New Tech: Marketplace Development Platforms and Tools, Q4 2020, outlines several recommendations to accelerate your global B2B eCommerce strategy. The findings include key strategies that point to the technologies and tools to meet the growing demand of the global 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, global marketplace development platforms and tools realized a venture capital investment of $4.58 billion. Investments in global marketplace technology have 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 global B2B marketplace is payment processing. According to a McKinsey study in 2021, over 70% of B2B decision-makers want fully autonomous and remote purchasing for transactions upwards of $50,000. 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 global 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 global 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.”