Learn why Magento is the best B2B marketplace platform and what are the must-to-have features that helps your eCommerce business.
A B2B marketplace may be a multi-vendor B2B eCommerce portal where multiple sellers hook up with multiple buyers. Unlike a single-vendor B2B website, a B2B marketplace website features unique and advanced capabilities that enable online shoppers to search, match, interact, and choose desired products from the cheap and reliable B2B vendors anywhere on the planet.
Vendors also enjoy joining B2B marketplaces by expanding their potential audience and gaining more visibility for their brand. This made a growing scale-like B2B marketplace, a lucrative business model, and presented eCommerce companies with numerous opportunities in every industry.
But B2C marketplaces are the origin for the inspiration for B2B eCommerce are a touch more complex thanks to various multi-vendor use cases, like bulk orders, personalized pricing, and bid-to-quote-to-order workflows.
We’ll cover the highest 10 essential features needed when building your Magento B2B marketplace.
Top 10 features of Magento B2B marketplace
Magento B2B marketplace portal capabilities
Every vendor on the B2B marketplace is allowed to simply add and manage their company information, contact details, product pages, product catalog, and potentially even price!
B2B marketplace should provide the freedom to the sellers to set prices for their product and to have full control over their eCommerce pricing configuration a bit as they might do on their portal. This includes managing personalized pricing for his or her clients, real-time pricing integration with their backend systems, and therefore the ability to let their suppliers set the MSRP or actual retail price.
Security and confidentiality
Your B2B marketplace platform should possess multi-vendor user management capabilities. These management capabilities protect vendors from seeing pricing, product specifications, and other sensitive information which may enable businesses to knock-off products.
Filtering and search navigation
Filtering and search navigation are the two pillars that smoothen the buyer experience, advanced filtering and search are critical. Allow users to filter by brands, price range, availability also as custom attributes created by vendors. The use of some smart search techniques like search autocomplete or product replacement can save you to stand out and to enable B2B buyers to quickly find the products they’re trying to find.
Flexibility to edit purchase orders
B2B buyers expect greater flexibility when carrying the shopping activity, especially when editing their purchase orders. Not only may they require to vary their payment method, but also their delivery method, shipping address, payment terms, etc.
Quote and order negotiations
In B2B, order negotiations happen just like that of conversation. This buyer-seller interaction may involve multiple cycles of order negotiations before the acquisition happens. This suggests your B2B marketplace should fully address the quote/RFQ/RFP exchange between the 2 parties from day one.
Multi-vendor warehouse management
Another useful feature for B2B buyers, who usually stock bulk, is that the ability to separate their orders to different suppliers, brands, and warehouses counting on inventory availability and negotiations.
Vendor comparison/product bidding workflows
Vendor comparison is the prime focus for buyers to use an online B2B marketplace. Here they find the best-match deal on their every need. Confirm your solution enables buyers to seem for a particular product to match pricing across the multiple vendors who offer the merchandise.
To enhance the user/seller’s experience further, utilize a product bidding capability to permit sellers to make the auction on their products.
Approved B2B marketplace vendors
The huge part that differs from B2C, B2B buyers may only be required to figure with the vendors that are approved by their internal stakeholders. Your B2B marketplace should support these buyer workflows and permit them to simply whitelist their primary vendors.
Growing your Magento B2B marketplace features a lot to try to with effective vendor engagement and retention. You’d also want to spot which vendors perform the simplest in your market and perpetuate their success stories also as invite more vendors that hit an equivalent profile.
Knowing and managing all this vendor data is merely possible through a well-integrated CRM system, which may be a welcome addition to your B2B marketplace.
Giving your marketplace vendors themselves access to their instance of CRM showing their customer buyers so that they might continuously improve their customer relationships is that the holy objective.
Why choose Magento for the B2B marketplace?
Magento 2 is the best B2B marketplace platform with all those required features to scale any eCommerce business.
Hence, Webnexs offers these and other features to enable you to launch a Magento B2B marketplace that gets everything good. We address all the B2B eCommerce use cases with our extensive Magento 2 B2B eCommerce marketplace development and in its features set that support numerous integrations with popular third-party solutions.
Our out-of-the-box Marketplace solution, to your B2B marketplace vision, is how our customer’s success story would begin.