As an entrepreneur, you have probably thought about various business opportunities and options today. B2B eCommerce is one of the trending and lucrative opportunities today. Unfortunately, many entrepreneurs do not understand the concept well and how it works for maximum benefits.
B2B (business-to-business) e-commerce is electronic commerce or businesses conducted over the web. Therefore, the buyers of products are other businesses that often buy goods and services on a wholesale basis.
B2B e-commerce is commonly conducted over the web on a marketplace that hosts many businesses through a concept called multivendor eCommerce. These platforms come in different names such as eCommerce marketplace, shopping carts, brokerage sites, product supply, procurement exchange websites, and so forth. They all perform the same purpose of connecting suppliers, vendors, and sellers to customers.
How Does B2B Ecommerce Work?
As mentioned, B2B involves selling goods and products between companies. On one side, there are vendors who could be producers, manufacturers, or suppliers who aim at selling goods in bulk to retail entrepreneurs or institutions. Therefore, the eCommerce website lists the products it sells and gives an option to choose the quantity as well as showing the minimum order number.
As a vendor, it is important to use an eCommerce platform with all the necessary features to help you achieve your goals. Virto Commerce is a good example, and it is designed to suit B2B eCommerce of any scale.
What Are the Best Features of a B2B Ecommerce Platform?
When working with a B2B eCommerce platform, it is best to consider the crucial features that will help your business scale up. The following features are best for B2B companies that are interested in fast results.
- Multivendor capability – When using a single platform to list products and sell them to other companies, each vendor should have access to their products page with rights to edit it and at wish. Luckily, this is the norm with reputable B2B ecommerce platforms.
- Headless ecommerce – An ecommerce solution provider with a headless approach takes care of the hard tasks through algorithms and AI such as processing payments and inventory management while the vendor is only left to take care of the products and customers.
- Secure payment solutions – It is crucial to process payments fast and in a secure way. So, the B2B ecommerce platform should assure secure payment solutions and promise consistency.
- Inventory management and reporting – This feature helps the vendors or suppliers understand the inventory and restock appropriately. It is also the source of decision-making data, especially when you want to understand the buying trends of the companies.
- Integrations with other solution providers – It is essential to have as many solutions as possible through a B2B ecommerce platform. Many B2B ecommerce solution platforms have integrated with many other solution providers such as Microsoft, Azure, and others to create a functional platform for any ecommerce.
By now, you know what B2B eCommerce is, how it works, and the features to check-in such a platform. If you wish to start such a business, it is crucial to ensure that you use the best solution to help you scale up and operate to the optimum.