A B2B e-commerce marketplace is a growing option for telecom companies willing to rapidly get found, expand to new markets and gain new sales opportunities. But there is much more there than meets the eye.
What’s really driving buyers to it? And why you must seize this opportunity? Well, in fact, buyers love the convenience of a self-service B2B e-commerce marketplace. A B2BecNews survey found that just about one-half of companies now conduct 50% to 74% of all their corporate purchases online, including 23% that do at least 75% or more using B2B e-commerce. So, there is a market out there that needs to be embraced. And the COVID-19 pandemic incredibly reinforced its power. According to a research by McKinsey, more than 75% of B2B buyers and sellers prefer online interactions over face-to-face interactions.
Advantages of a telecom B2B e-commerce marketplace
There are many advantages of using a B2B e-commerce marketplace, and they are vital to business success. We leave you some of them:
- Reaching new customers and markets
A telecom B2B e-commerce marketplace with public-facing catalog pages is a strong way to reach customers that would be impossible or too costly and time-consuming to reach offline. The whole world may be your potential buyer. Can you imagine this? And your sales activity is no longer dictated by the availability of your sales team. A telecom B2B e-commerce marketplace is available 24 hours a day, 7 days a week, 365 days a year. This makes it significantly easier for customers from different markets and time zones to buy your products. Furthermore, creating a store there is much faster, cheaper and simpler than creating your own. No hassles, no complications.
- Suppliers and customers: towards a better management
The concept of B2B e-commerce marketplace offers better management of both the suppliers and customers. Matching their needs. In fact, it is easier for you to create a more personalized shopping experience for your customers that will have a superior customer journey and gladly return to buy you once more. Essentially, the whole business is a win-win for both parties.
- Sell a lot more to your existing customers
Yes, it is true, by using a B2B e-commerce marketplace your company will achieve a lot of new customers, but it will also allow you to easily implement and automate cross-sell and up-sell recommendation programs. The same is to say that it will be simpler for you to help existing customers to find related products they may be interested in – much like an in-person sales associate would be doing.
A B2B e-commerce marketplace is the way to go
Businesses of all types are expanding their online footprint. According to Marketlive, 85% of all B2B organizations recognize that their e-commerce strategy is a vital, yet underutilized revenue opportunity. And don’t forget that customers are already looking for you online! And they are doing that today! 94% of B2B customers reach companies online before contacting them. On the other hand, 71% prefer not to engage with a salesperson.
As Yoav Kutner, Co-Founder and CEO of Oro Inc once said, “in the digital age, your most effective sales representative may not be a person but your e-commerce site accessed from the purchaser’s desktop computer or mobile device”.
In fact, a new generation of procurement leaders, who have grown up buying online are beginning to wonder that buying online also makes sense for business. Powerful digital and analytic tools are also contributing to the new mindset; in fact, it opens new avenues for telecom to generate value in areas outside their traditional focus on transaction management.
When comparing to the traditional way of doing business, a B2B e-commerce marketplace helps you extend much further, opening doors into customization, dynamic pricing and indirect-spend management and control.
And, if you are a part of a broader procurement system that includes shared services or digitized sourcing, marketplaces free up procurement teams to place more focus on value-adding activities. And yes, it makes all the difference on your business.
- Don’t need to put efforts (time/money) into developing and maintaining your own shop;
- Don’t need to worry about support, transportation and payment;
- Less effort in achieving new markets and potential customers;
- Simple and agile sales process.
By having a presence in a specialized marketplace, you will get new business opportunities, having access to a network full of telecom product buyers, which enables you to grow your business.