Having an online presence is becoming the standard for retail businesses today and B2B wholesale is no exception. B2B online marketplaces focused on eCommerce in particular have grown and maintained as a vital online sales channel in the past few years. "With sales on B2B marketplaces increasing 5.3 times from 2020 to 2022 and projected to grow 7.2x faster than all B2B eCommerce" according to Digital Commerce 360, it is apparent where B2B decision makers are going to do their business.
Today, wholesale brands rely on B2B online marketplaces to be widely discovered and build business relationships while also establishing an omnichannel presence beyond traditional storefronts. Retail buyers are leveraging online B2B marketplaces to discover and connect with new brands and products using the marketplace platform’s native tools and solutions to lessen merchandising friction while optimizing efficiency compared to traditional B2B procurement models like trade shows.
What is an online B2B marketplace?
An online B2B marketplace is a platform focused on providing digital solutions to brands and retailers to easily connect and transact. Unlike an eCommerce store, marketplaces such as FashionGo allows styles to be searchable and streamline multiple orders, transactions and communication from various brands into one checkout creating a frictionless B2B buying experience. According to a B2B market projection report from Digital Commerce 360, "35% of B2B buyers are getting at least half of their shopping done on marketplaces". Brands can also benefit from a marketplace as "60 percent of B2B buyers indicate they are open to purchasing on digital marketplaces" according to McKinsey. B2B decision makers can reduce operational costs, free up more time and cash and focus on driving growth to their business with an online marketplace.
Immediate discovery and connection
Every wholesale brand requires retailers to verify their business to purchase from them. This setup process is burdensome for retailers as they will have to repeat the same steps multiple times. B2B online marketplaces streamline setup. Through FashionGo, retail buyers are requested to submit business verification once at sign up and after FashionGo’s review, buyers have instant access to millions of products and thousands of brands. Buyers can search for products, place orders from multiple different brands and pay in one checkout then manage and track every order on FashionGo, establishing a truly one-stop-shop for retailers’ wholesale buying experience.
Amongst millions of products and thousands of brands on a marketplace, retail buyers need powerful search tools to source what they need. Image search capabilities like FashionGo’s StyleMatch allow buyers to find the exact or similar products, where they can get them and for how much, shortening the time for research. At the same time, this targeted approach benefits brands as they connect with the right type of buyers to establish long-term and continuous business opportunities.
Data-driven buying decisions
Real-time data is just as crucial for the retail buyer’s strategy. The robust search and transaction data online marketplaces provide allow buyers to forecast the budget and merchandise to buy. FashionGo offers real-time trends like best-selling items as well as important wholesale business trends to help make informed business decisions.
Secured payment solutions
As B2B decision-makers transact, marketplaces need to provide a secure payment environment. FashionGo adheres to the most stringent PCI compliance to safeguard financial information. Buyers can have peace of mind when buying on FashionGo while wholesale brands can relieve themselves from the duty to adhere to compliance on their own. Buyers can have confidence in their purchases without having to worry about compromised credit cards or sensitive financial data on FashionGo.
Online B2B marketplaces like FashionGo are constantly innovating with new tools, solutions and services to better serve the needs of their user base to fit the need of the everchanging climate and new challenges that rise in wholesale. As buyers and wholesale brands continue to cultivate their business, rely on these marketplaces as a partner to maximize B2B eCommerce opportunities through the unknown.
The upcoming FashionGo Week from Feb 6 – Feb 10, 2023, offers discounts on thousands of new arrivals, Livestream selling experiences from brands and exclusive offers that will continue to reshape the B2B buying and selling experience with convenient tools and solutions.
For more details, visit FashionGo.net to register as a FashionGo Buyer for free.