Experts forecast that B2B eCommerce, when compared to B2C, will grow two-fold in the future, clearly indicating an upward trend that businesses must focus upon. These projections reflect the need for companies to develop their online B2B marketplace to outpace competitors. Therefore, the key is to understand your users’ needs, expectations, and pain points and then create an online B2B marketplace that is distinct, seamless, and free from all snags. For more such fascinating blogs, click: https://www.capitalnumbers.com/blog

1. How to Create a
B2B Marketplace App?

2. Search Here
Rise of the B2B
Digital Marketplace
Today, the urgency to invest in B2B eCommerce has shot up
because it represents the line dividing organizations that can
weather the financial storm caused by the pandemic and
those that struggle to stay afloat.

3. ‘Amazon-esque’
Online Portals
Are Here!
A Forbes report states that B2B eCommerce will witness the
most significant eCommerce growth between 2020 to 2025.
Forrester also predicts that the US B2B eCommerce market
will reach US$1.2 trillion in 2022.
US$1.2
trillion in 2022.

4. Does One Size
Fit All?
These projections reflect the need for companies to develop
their online B2B marketplace to outpace competitors.
However, what’s important is that one size does not fit all.
Therefore, the key is to understand your users’ needs,
expectations, and pain points and then create an online B2B
marketplace that is distinct, seamless, and free from all snags.

5. Determine Your
Project Niche
Before you start, you need to determine your project niche. That is, you may
choose between the following:
Region/Language
Specific Industry
Product/Service
Firstly, you need to decide whether
businesses will use your platform to
create a marketplace for products
or services.
Next, you need to choose the group of
goods/services (e.g., engineering
equipment, brokering websites, etc.)
that will be best to bet on.
It would help if you also decided
whether your marketplace will be
region/language-specific with localized
products for sale.

6. A Suitable
Monetization Model
Once you’ve decided on your niche, choose the most suitable monetization model
from options such as the following:
Mixed Revenue
Commission-based
Subscription-based
This is where you charge your users
regular fees (yearly, monthly, or any other)
for accessing the marketplace.
(For example, Sharetribe)
This model lets you charge your users
for each transaction on the marketplace.
(For example, Amazon)
This allows you to charge your users
listing fees and commissions, thereby
earning revenues from multiple streams.
(For example, Etsy)

7. Time for the
Key Capabilities
Next, you must look at the key capabilities that you need to add to run your B2B marketplace successfully.
Some of these may include:
Advanced Filters and Searches
Self-service Pricing
Multi-vendor Capabilities
Each vendor must seamlessly manage
his company details, contact numbers,
product pages, and catalogs on your
marketplace.
B2B sellers require control over pricing
configuration, so a real-time pricing
integration within the backend system
would be great.
Enable advanced filtering with smart
autocomplete searches to offer a smooth
buying experience.

8. Time for the
Key Capabilities (Contd.)
Next, you must look at the key capabilities that you need to add to run your B2B marketplace successfully.
Some of these may include:
Vendor Management
Multi-warehouse Management
Quote RFP/Order Negotiations
The B2B space involves multiple buyer-seller
negotiations before the final purchase. So,
integrate UX best practices to provide a
smooth transition from RFQ to the final quote.
Let your B2B buyers split their bulk orders into
multiple warehouses and suppliers, depending
on product availability and order negotiations.
Create a well-integrated and well-architected
CRM system to collect/manage vendor data
within a single space effortlessly.

9. Time for the
Key Capabilities (Contd.)
Next, you must look at the key capabilities that you need to add to run your B2B marketplace successfully.
Some of these may include:
Vendor Whitelists
Flexibility to Purchase Orders
Vendor Comparison Workflow
Allow your B2B buyers to compare
credibility and pricing across several
vendors and then come to an
informed decision.
Offer your B2B buyers ample flexibility
to edit their purchase orders, shipping
address, payment methods, etc.
B2B buyers may only want to work with
vendors of good repute, so let them
whitelist well-known vendors for reliable
purchases free from disputes.

10. Here's an
Overlooked Tenet
A simple yet overlooked tenet of B2B digital
commerce success is that you eventually sell your
products/services to people.
Introduce a B2B marketplace app with the above key
functionalities to help buyers comfortably conduct their
research and comparisons before their final purchase.
$15 $18 $21 $15
Comparisons
Chart

11. Why Partner with
Capital Numbers?
Capital Numbers understands that B2B marketplaces require
custom programming, carefully planning, and excellent execution.
We bring in the right eCommerce expertise to build in leading
functionalities into B2B platforms for quote management, vendor
management, price negotiations, quick purchases, and more.
Our full suite eCommerce solutions have helped multiple
businesses propel past the competition and push their
eCommerce envelope.
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12. Time for a
Solid Foundation
The above suggestions are the key elements that can help
you lay a solid foundation in place.
With time, you need to understand your buyers’ evolving
digital preferences, behaviors, and other industry-specific
nuances to step up your online marketplace with specific
capabilities and specs.
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13. In a Nutshell
The COVID shutdowns have further led most B2B businesses
to collaborate with partners via online marketplaces, indicating
an upward eCommerce trend in the future.
If you want to be a part of this exponential B2B marketplace
growth, the time to get started is now.
Drop Us a Message.
info@capitalnumbers.com