Are you in the process of joining the entrepreneurship class? When you think of starting a business, your purpose is to find customers. These customers can either be other businesses or consumers. Also, you can specialize in doing business with other businesses. When doing this online, you are running Business to Business or B2B e-commerce. The difference between the two forms of business is that the B2B is more complex than business to consumer (B2C). Again, the B2B e-commerce platforms require additional functionalities compared with the B2C. But what is a B2B platform?
What is a B2B e-commerce platform?
In a simple language, this is a software or a solution that offers you an opportunity to set up an online store to sell products and services to other business. This platform comes with a handful tool that enhances your interaction and transaction with other entities. For instance, you can be selling packaging materials to manufacturers. To enhance the transaction between you and them, you need a virtual platform.
Having said this, the next question would be: what is the importance of such a platform? Here is why the B2B e-commerce platform is essential:
F Elimination of errors
In business, an error can lead to loss of revenue or even mark the starting point of your business downfall. The initial source of errors is the use of the manual system.
As you know, humans are prone to errors. With the knowledge on the complexity of the B2B transactions, ignoring the power of digitization can be a strategy of opening the door to mistakes in your business. For this reason, using the B2B e-commerce platforms can help you to reduce or eliminate transactional errors.
F Smart way of enhancing competitiveness
No doubt that e-commerce competition is rising per dawn. Businesses are preferring to buy products through online platforms other than from the sales representatives. According to Forrester Research, 93% of vendors favor purchasing products through the websites. As such, failing to subscribe to B2B e-commerce platforms will lead to loss of customers and eventually to bankruptcy. Particularly, as the millennial generation continues to increase, the failure to go online will be the best formula for losing revenue.
As a B2B entrepreneur, you need an e-commerce platform that will allow you to transact with other businesses. Also, you must have a way of reducing or eliminating errors in your transaction. For this reason, a B2B e-commerce platform is a crucial tool for you if you will succeed in the modern competitive business arena.