The Increasing Popularity of the B2B and B2C E-commerce Marketplace
The future of retail and almost every other industry is e-commerce. New business-to-business (B2B) and business-to-consumer (B2C) marketplaces are springing up every day. With such stiff competition, no enterprise can sit back and wait for customers. Instead, they need to strategize, constantly market, observe their customer’s demands, meet their customers on various channels, plan inventory, ensure prompt delivery, and the list can go on.
But there is a difference between a B2B and B2C marketplace. Knowing the difference ensures that each marketplace is built correctly to cater to its respective audience.
The difference between a B2B and a B2C marketplace is significant.
In a B2B marketplace, more than one person makes the buying decision. The business protocol requires that the enterprise request a quote, compare prices, and negotiate these prices. Because of the long buying cycle, a B2B marketplace needs to engage with the potential customer longer, communicate quickly, and be known for its reliability and quality. Managing its many sellers is a major responsibility for a B2B marketplace. Ensuring they receive their orders on time, dispatch the order quickly, deliver quality, get their payments, and more.
B2C marketplaces, on the other hand, thrive on volume sales, experience a spike in buying during offers and sales, and need to allow their consumers to create wishlists, and buy easily. Below are some of the main features of B2B and B2C marketplaces. But these are only the top few, and an in-depth list can run into hundreds of features.
Some of the key features needed in a B2B e-commerce marketplace
Contract pricing and cataloguing
Shared shopping carts
Digital payment options
Product information management (PIM)
Advanced and sophisticated search
Real-time inventory management
Warehouse and logistics management
Customer review and rating
Some of the key features needed in a B2C e-commerce marketplace
Product filter and comparison and sorting
View of best-selling products or new arrivals
Social media links
Are you toying with the idea of launching an e-commerce business? Need advice on how to launch a B2B or B2C marketplace? Need a technology partner to help you build your marketplace? Reach out to Navabrind IT Solutions.
We are an e-commerce technology partner with over a decade of experience. We have 100+ software engineers specializing in e-commerce technologies and work with every bleeding-edge e-commerce platform. We have experience across industries and consult, develop, customize, deploy, and maintain solutions for customers across the US, Europe, and Asia.
We have built B2B or B2C marketplaces from scratch and will be happy to start a conversation with you. Email us now!