Procurement is an essential component of business operations, and its importance in terms of a company’s profitability is indisputable. In recent times, B2B Marketplaces have garnered significant attention as a sourcing platform.
In the current highly competitive business environment, it is essential to keep the costs of goods sold to a minimum. Companies must look for ways to reduce expenses in order to gain a competitive edge and remain viable.
Businesses are beginning to recognize the significant potential of online B2B channels. It is widely thought that the implementation of a marketplace as a buying platform will revolutionize procurement management, benefiting productivity and eliminating inefficiencies.
What is a B2B marketplace?
A B2B marketplace is an online platform that facilitates communication, collaboration, and transaction between buyers and sellers. This platform serves as a centralized hub where numerous businesses can interact and conduct business within a community.
The ultimate goal is to provide its users with a comprehensive and feature-rich business platform to facilitate transactions.
The 10 best markets for sourcing
B2B marketplaces have proven to be immensely popular. Each market has its own style of conducting trade and bringing market players into contact. Here we list the 10 best known and that we consider most relevant, due to their size and services offered for successful supply.
- ALIBABA.COM SELECT
It is one of the giant Chinese Marketplaces. Its network covers more than 40 million buyers in the world and has more than 200,000 suppliers and 2 million products in a large number of categories.
To support B2B buyers and optimize their supply chain, this year, the platform has created Alibaba.com Select to streamline B2B purchases to distributors, retailers, and medium and large companies that import their products from China, optimizing the process in five phases, ranging from the budget request to the protection of the merchandise and punctual delivery.
- AMAZON BUSINESS
Its geographic scope is mainly the United States, Canada, the United Kingdom, Germany, France, Italy, Spain, Japan, and India.
Amazon Business has more than 5 million companies worldwide. It has a series of tools and functions to improve the shopping experience of companies. The prices are different for companies and offer quantity discounts, being one of the aspects that differ from the Amazon platform for the B2C market.
It is the leading B2B buying and selling platform in Spain, but it also has a wide reach in Morocco, Germany, France, Italy, Poland, Portugal, Argentina, Brazil, Chile, Colombia, and Mexico.
This Marketplace has more than 2.5 million products from companies from around 50,000 suppliers and 6,000 product categories that it offers. It also has information on suppliers, manufacturers, and distributors. It is easy for the buyer to locate a product, compare products and prices, and quickly decide on the best purchase option.
Likewise, Solostocks offers different publishing, translation, advertising material creation, and export advisory services, depending on the needs of business clients.
- GLOBAL SOURCES
Its scope is global, however, it has a more significant presence in Saudi Arabia, China, Egypt, the United States, India, and Japan.
It is a market that serves as a meeting point for exporters, mainly Chinese, and importers from anywhere in the world. Global Sources is the one that promotes the celebration of face-to-face fairs in Hong Kong, based on its O2O strategy, which means: online to offline.
It includes the categories of electronics, drones, robotics, home automation, fashion and accessories, textiles, auto parts and accessories, hardware, household products, LED, solar products and optoelectronics, machinery, security products, and clothing.
- ANKOR STORE
It is present in countries such as Spain, Belgium, Germany, France, and Austria. It has more than 8 thousand stores and 900 brands.
Ankor Store is oriented to B2B sales between retailers and brands, manufacturers, or large distributors. It has five product categories: children’s, cosmetics, fashion and accessories, decoration, and gourmet.
It is considered one of the marketplaces that most supports retail because it allows its customers to place orders from €100 of different brands.
- VIRTUAL EXPO
This market includes various specialized B2B, among which the following stand out: Archi Expo, which covers the specialization of architecture and design, Agri Expo is the market for farmers and agricultural professionals, Medical Expo is aimed at the medical, biomedical, and Direct Industry markets, aimed at buyers maintenance managers and engineers.
Virtual Expo attracts millions of buyers, distributors, and manufacturers online and has the advantage of finding the catalogs of each seller to gain visibility and win customers.
When a buyer consults a catalog they can send a budget request, ask questions and queries, request to be contacted by mail or consult the points of sale by phone.
TradeKey is known as one of the largest international e-marketplaces in the world, connecting merchants with sellers, buyers, importers and exporters, manufacturers, and distributors in over 240 countries, quickly and profitably.
Thanks to its exclusive services, its powerful search engine, and its product promotion tools, it guarantees maximum customer satisfaction.
The TradeKey marketplace can be read in multiple languages: English, Chinese, Japanese, Arabic, Russian, and Spanish.
- eBay BUSINESS SUPPLY
On eBay, 17 million companies list their products and services in 190 markets around the world and have 147 million buyers. Employ advanced features like natural language processing, artificial intelligence, and machine translation.
eBay Business Supply, facilitates the buying and selling of supplies and equipment such as Electrical equipment, Industrial and maintenance supplies; Health, laboratory, and life sciences; Manufacturing and metallurgy; restoration and catering; and Heavy Equipment.
eBay is a profitable, low-risk channel with a dedicated account integration and management group, inventory, and a global shipping program.
- MADE IN CHINA
Made-in-China is a global Chinese marketplace with more than 60 million registered suppliers. The number of registered buyers exceeds 14 million. It has information on 40 million products.
It is a very reliable platform as it also allows buyers to check audit reports online. The product category is very large, with 27 product categories and 3,600 subcategories.
Made-in-China is available in 11 languages and offers a friendly user interface. Its popularity is due to the fact that it receives 10 million pages a day. The site has filters that facilitate the search.
IndiaMART is India’s largest B2B platform that has 3 million suppliers belonging to different parts of the world.
IndiaMART connects suppliers, manufacturers, and exporters, allowing them to promote and expose their products to each other through the platform. The platform covers just about anything you can imagine, from endless categories including construction, industrial machinery, clothing, and electronics to name just a few.
In short, by becoming a member of a B2B marketplace, companies gained instant access to thousands of potential customers and suppliers. By working closely with community members found in B2B marketplaces, companies have great potential to grow their business dramatically.
Tell us, in which Marketplace are you registered and how has your experience been using these platforms?
Are you looking to optimize the efficiency of your business processes? Our blog offers valuable insights into Lean Manufacturing, Industrial Engineering, and Supply Chain & Operations Management. Subscribe to our newsletter to stay up-to-date on the latest industry trends.