B2b: A Cost Effective Way To Contact Buyers
B2B stands for Business to Business. It is an e-commerce which is the most cost effective way for vendors to reach buyers throughout the globe. Most local business relies on such type of electronic commerce where the deal is generally done directly by the company and a trader or between a wholesaler and a retailer. Such technique basically implies that both the seller and the buyers are business corporations. Whereas, business-to-business electronic commerce means that the buyers are individual customers. Some other related terms are B2C that means business to consumers and B2G which means business to government.
A Business to Business marketplace is an Internet market where exporters, importers, traders, brokers, manufacturers, wholesalers, retailers and other business communities all over the world meet for the purpose of buying and promotion. From meeting the client to fixing the deals along with the payment is held through online with no face to face interaction. It is one of the biggest advantages of a B2B market. This trade basically includes posting an offer by the company just to find the buyers for their products or services.
This deal offer includes the information of products that a firm is offering. After that an interested buyer replies to the offer and such online business takes the payment from the purchaser. One of the main objectives of a marketplace is to systematize the business platform. It allows the members to conduct several business processes over the Internet and raise company output. Two primary indicators of the company production are increased profits and cost saving.
The whole process is done in a same manner like the companies post their products or services to sell them through an online public sale. Interested buyers place their proposals for the product. When the bidding time closes, the buyer with maximum tenders gets the deal. The online B2B sale is completed with the payment from the buyer and the delivery of the product from the corporation. E-Marketplace has introduced some new transactions process such as auctions, reverse auctions; forward auctions etc that in turn have the following advantages for the businesses. Firstly, they help the buyers in finding new suppliers and vice versa. Secondly, they raise the business between far away geographies that reduces the time and cost of interactions of its dealings. Lastly, it also helps to manage the payments and orders for transactions.
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