Today almost every business has already gone online or planning for it. Joining one of them would surely help your business grow too, but the real question is to choose which B2B marketplace can deliver the best results for you.
Most B2B E-Commerce platforms may look similar but taking a deeper look would give you an idea of how unique each marketplace is. Each one comes with unique opportunities, challenges, and a market to tackle.
What is the Impact of the Internet on B2B Marketing
According to a forecast by McKinsey, B2B eCommerce platforms will be used for around 31% of total sales between two businesses by the year 2024. Later this number is expected to only get bigger due to the great exposure and efficiency it provides to business operations.
Due to its rising trend having an online presence for your business is not nice to have anymore. You must be available online to keep up with today’s market or get obsolete.
How to Choose the Best B2B Platform
Following are a few factors to consider when selecting a B2B marketplace.
- Business Registration:
The first thing that you need to consider is the entry procedure of the site. Most wholesale leading trading portals have a complex sign-up and business listing procedure to keep their list spam-free.
Many sites may also take several days to get your account verified and even a small mistake from your end can get your account deleted. Thus, going through the terms and conditions is also mandatory to ensure you do not violate any of them.
- Mobile Commerce
These days most business decision-makers are using mobile phones as compared to computers. Having a presence on marketplaces that are mobile-friendly or have an app can be one of the best B2B marketplace options for your business.
- Certified Suppliers
Most B2B marketplaces offer Trusted badges. It is seen that such sellers have higher conversion rates and grow faster. If you are also a new seller in the industry and want to have a kickstart, you should also be considering it for your store.
- Marketplace Competition
You can browse through online marketplaces and you will find that most of them have a massive number of sellers in every product category. You should always consider portals that have low competition or easy entry for newer sellers.
Other than the number of sellers, you should also consider how you can stand out in the competition of thousands of suppliers that may have a similar product to yours.
- Complex Pricing Options
Bulk buyers usually look for flexible prices. The rates mostly vary based on several factors such as lead time, quantity, location, and more. If you also buy or sell products that have variable prices, having different pricing options can surely help you out. Furthermore, many businesses also allow buyers to send RFQ requests to send customized offers which can also be a great solution for this challenge.
List of Top 10 Best B2B Websites in the World
Following are the market’s leading 10 B2B portals that most businesses are using and getting great results.
- Tradewheel.com
Tradewheel.com is a fast-growing B2B marketplace. It is a US-based portal with great potential for new businesses to join and get great deals. It has more than 7 million buyers from different product categories. In contrast to most wholesale trading sites, Tradewheel.com has an easy procedure to set up a seller account and expand your brand and product’s reach to the international market. Other than that, you can also visit their buying lead pages to look for purchase managers who are looking for a supplier just like you.
Importers can browse through the products available on Tradewheel.com and find an endless variety. It gets possible through their collaboration with sellers from different industries. Whether you are low on budget or want to source a specific item, this marketplace can always be a one-stop destination for any business.
- Alibaba
When it comes to finding online marketplaces to expand your reach to a bigger market, Alibaba is one of the names that come to mind. Despite being a China-based site, it has one of the largest networks of buyers and sellers in almost every product industry from A to Z.
Being a market leader, they give all the necessary tools to help manufacturers get in direct contact with international and local buyers. Over the years, the number of their users has only increased and today they hold a massive market share. Setting up a seller account here can be time-consuming and challenging. But, all of this would be worth the struggle if you implement the right strategy.
- Amazon Business
Is there anyone who does not know about Amazon Business? It is the biggest B2B marketplace that you can find online. It has a massive loyal audience that starts its product search from Amazon Business instead of Google or any other source. Due to the exposure Amazon Business offers, it is also expanding quite impressively.
Amazon is a buyer-centric marketplace. Buyers usually get most of their perks such as having free shipping on over 25 USD, exempted taxes, and the list goes on. They also launch several discount offers during events like Christmas and New Year. It gives you an opportunity to get better-priced deals.
- ThomasNet
Businesses use ThomasNet because of the authentic list of buyers and suppliers they feature. Their list mainly comprises large-sized businesses and manufacturing units. Therefore, the major chunk of buyers on ThomasNet is looking to place large-sized or frequent orders.
ThomasNet’s top-selling product categories are industrial equipment and machinery. The purchase managers on this site usually have good budgets and are also willing to pay higher prices for premium quality products. Therefore, if you are planning to join it as a seller, make sure that the products you offer here are above the average quality. Getting your account verified can also increase the opportunities to get more leads as a seller.
- Global Sources
Its name also gives a hint about the global exposure you can have by using it. Global Sources is a Hong Kong-based marketplace with a good reputation in the international market. Their primary goal is to minimize all the communication barriers between sellers and clients and their operations and strategies also align with it.
This company currently has a network of more than 10 million buyers that regularly use Global Sources for bulk sourcing. It also includes purchase managers from different countries and companies. This portal is basically structured to give a smooth and easy sourcing experience to buyers. Global Sources brings together importers and suppliers through their digital portal, customized solutions, trade shows, and magazines.
- Made-in-China
You may consider Made-in-China as a bridge between China’s suppliers and international buyers. It was launched back in the year 1998 with the sole purpose of helping China’s small to medium-sized businesses to get exposure to the global market and they have been quite successful in their goal.
The factor that makes it unique is the prices you can have here. Whether you call it economy of scale or any other factor, the rates Chinese factories give are always unmatchable. Therefore, if you are looking to build a strong relationship with a supplier who can deliver the best quality at minimum cost, this is the perfect option for you.
- DHgate
DHgate is one of the unique marketplaces that deals in both B2B and B2C business models. It features more than 30 million products from different categories. Among all, their top-selling ones include toys, electronics, and apparel. It has around 2.2 million sellers from more than 200 countries. Therefore, it is a great website for companies looking to diversify their digital presence.
This amazing portal is also available in multiple languages and also provides additional services like secure payment, logistics solutions, escrow protection, and more. In short, DHgate is a lot more than just a B2B site, it is more like a comprehensive solution to manage your entire import supply chain operations.
- Grainger
Grainger is the perfect marketplace for businesses to find trusted industrial tools and equipment suppliers. No matter what your specification need or budget is, you can always rely on Grainger to receive amazing deals that you may get nowhere else.
Grainger has around 23,000 employees working at over 300 locations. They also carry more than 1.5 million products from different market sectors. Other than products, Grainger also offers product consultancy and premium digital marketing services to make your trading journey fast and simple. Other than that, they also have an official mobile app that comes with great features like quick re-ordering and tracking real-time delivery.
- EC Plaza
EC Plaza has a good reputation among businesses. It started back in the year 1996 and is still one of the most popular sites for wholesale buying and selling. The objective of this portal is to give businesses a one-stop solution to all their trading challenges.
If you are also running a small to medium-sized business and want to get good reach without investing much, this B2B marketplace can surely help you out. It is also comparatively easier to get brand recognition here due to the comparatively lower competition here among sellers. You can also get amazing trade consulting and EDI services if you ever need them.
- HKTDC
HKTDC is the short form for the Hong Kong Trade Development Council. It is a popular marketplace among businesses to find authentic sellers from the Hong Kong region. The purpose to launch it was to promote two-way investment in Hong Kong.
Buyers can browse through their product catalog and get amazingly low per-unit prices that you may get nowhere else. Most of their distributors are always open to negotiating their terms like MOQs, and prices to support different-sized businesses. Therefore, despite what your specification requirement or budget is, you can always count on HKTDC to get the market’s best-priced quotations.
B2B Marketplace Frequently Asked Questions
- What are the Differences Between B2B and B2C Buyer Journey on E-Commerce Marketplaces?
The following are the main difference between B2B and B2C buyer’s journey:
- B2B transactions are more rational and focused on ROI. Meanwhile, B2C buyer is influenced by external factors like personal preferences and emotions.
- Most B2B buyers have a long cycle structure of decision makers to make procurement decisions, but the B2C market is mostly quick and individual-driven.
- When making B2B deals, building a long-term relationship is the first priority. On the other hand, B2C buyers prefer to have a better shopping experience.
- How Can I Find B2B Buyers?
You can list your products on B2B E-Commerce websites and optimize them for relevant keywords. After that, it will reach your potential customers and they will contact you with their requests for quotation.
Other than that, some websites like Tradewheel.com feature buying lead pages where purchase managers post their procurement needs. You can look for relevant buyers there and send them personalized offers accordingly.
Bottom Line:
The B2B market is changing quite frequently. Most businesses are adapting to it and if you are not one of them, you are missing out on a lot of growth potential. It would not only help you expand your reach to a bigger market but would also enhance your operations There is no better time to have your presence on these sites than now.
