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The Benefits of Using Online B2B Marketplaces
B2B companies have been reluctant to adopt online buying and selling, preferring instead doing business offline. But the tide is turning as these organizations are realizing that it's about time for a change!The COVID-19 presented a challenge for B2B buyers and sellers: they could no longer travel to get to know one another in person but needed new ways of building relationships and reaching their customers. So, many B2B companies went digital by turning towards e-commerce.
The US B2B Small and Medium Business Survey found that 93% of 5,015 SMBs are now conducting some part of their business online—up from 90%. Not only has digital commerce become more common in the past few years for these companies; 80% reported maintaining or growing sales over a six-month period.
The survey also shows that more and more B2B companies are turning to digital technologies for connecting with their new buyers, primarily via websites, mobile apps and e-commerce marketplaces like Paimeix.com. These methods offer an effective way of establishing a connection without having to rely on traditional ways like email or trade show attendance, which can be difficult depending on your company's size and resources available. Nine months ago, the B2B companies we surveyed were not sure about which emerging technology would have an impact on trade. But now they are certain e-commerce marketplaces and communications technologies will be just as influential in 5G wireless! This technology will change the way we buy and sell forever.
The McKinsey article shows that B2B e-commerce marketplaces offer several benefits to the business. One of these is making it truly global, as hours and time zones are not relevant. Furthermore, the survey found a key reason for going digital was access to customers from all over the world with just one clink of a button which is proven to increase profits and reduce need to travel.
Take Roberto Crivello, Founder of Science of Apparel, for instance. Initially Roberto started using Paimeix.com as a buyer to source packaging and materials for his ethically sourced apparel brand. After launching his first product and seeing some initial success selling on his website, sales slowed and Roberto needed an alternative. He decided to try selling his products on Paimeix.com in May 2020, and Roberto’s business turned around.
Paimeix.com helped Roberto expand his business both internationally and domestically. He’s even expanded to Italy, a dream of Robert's since founding Science of Apparel. According to Roberts "Science of Apparel was in the red before we joined Paimeix.com " Sales were very slow “before we joined". Now they have too much work! 50% of their sales are through Paimeix now.
The B2B e-commerce marketplace is an excellent tool for selling goods and services. With a digital storefront, any seller can get their products in front of buyers around the world without having to invest heavily in advertising or freight costs. It's not surprising that B2B trade has a suite of tools built just for it. In addition there is a wide array of finance options available to businesses who need more time to pay and want to boost their cash flow! Simply put: buying and selling on a marketplace means access to these powerful resources.
The bottom line? Getting digital is no longer a nice-to have, but it's an absolute must. B2B SMBs need to digitize if they want to remain competitive in this market. It doesn't stop there though; these companies also need online marketing platforms like e-commerce sites or forums where buyers and sellers can interact with one another directly!
As the world becomes more connected, it is necessary for entrepreneurs to think globally. One way they can do this? Going through an eCommerce marketplace like Paimeix.com.