B2B Marketplaces could be the solution you have been waiting for - join the evolution!
The value and boom of the B2B (business-to-business) marketplace is just getting started. A new study projects B2B marketplaces will account for 30% of all global online B2B sales by 2024; estimated to reach $3.6 trillion up from $680 billion in 2018 (Source: Dept agency).
For reference, A B2B Marketplace is a digital platform space that offers businesses the ability to connect with other businesses directly, and engage in the sale of goods between businesses via an online sales portal and all in one place.
Enter…the B2B marketplace
At its core, the function of a B2B marketplace is to bring together multitudes of B2B buyers and sellers on one website so that they can perform transactions. Today, marketplaces have gone global, digitally offering millions of products traded every minute online with ease. Global B2B e-commerce is now valued at over 12 trillion USD and expected to grow at a compound annual growth rate of 17.5% between 2020 and 2027 (Source: Cactix).
Once sellers are then inside the marketplace, there is a gigantic opportunity not only for sales but also for collaborations, enhancing networks radically. B2B marketplaces are still in their infancy and will certainly grow and advance through tech innovation as they mature. The future boost for businesses is evident.
On the rise
The huge advantage for B2B sellers joining marketplaces is their ability to reach a massive, captivated audience. Marketplaces are geared to have dedicated support for keeping content refreshed regularly and optimised. Subsequently, rapid marketplace creation is contributing to the rise of marketplace volume and is feeding the momentum.
B2B marketplaces make supply chains more efficient and digitise any sector, where buyers can instantly access in-depth information. They enable scalability, improve efficiency and productivity, create instant brand awareness, increase sales and in-depth analytics. Additionally, they link supply chains to one another and allow for a more cost-effective and streamlined process.
Currently, B2B marketplaces have raised 36.2bn Euros globally, compared to 15.4bn Euros in 2020 and 15.9 billion in 2019 (Source: Dealroom). These marketplaces have the potential to provide visibility across the supply chain from procurement to financing. As a validation almost, VC investment in this area is growing at a rapid rate. The evolution of B2B marketplaces will more be more focused, offering services sourced and bespoke for a particular industry as well as having more complex workflows, making them more defensible and robust.
Source: Bessemer Venture Partners
A marketplace for every sector
The trend of developing B2B marketplaces is now reaching all industries. What is clear is the more sector-specific and seller-focused new marketplaces are, the more targeted traffic they’re likely to generate with success soon to follow. An easily consumable format is the primary step towards unlocking the value of marketplaces.
Krank is at the forefront of this movement, we see the value of automation in connecting with others in the industry. Our marketplace platform offers sellers and buyers the ability to connect directly, using your network to leverage and enable sales. Within our platform, your network is an essential component in order to buy or sell machinery, where you can securely connect and engage as a buyer or seller directly, for sales today and into the future.