The B2B marketplace has evolved significantly in the past few years. The B2B e-commerce industry is estimated to be worth $1.6 trillion. For now, they are still in their infancy, however, the industry is projected to continue growing at a fast pace, reaching $6 trillion by 2022.
This is because more and more enterprises are outsourcing their procurement to third-party providers and because more and more buyers are choosing to buy products directly from suppliers.
With so much money at stake, the B2B marketplace has become crowded with competition, making it difficult for companies to succeed without the right marketing strategy. As the world of B2B marketplaces continues to evolve, it is important to have a sense of the best B2B marketplaces for the coming year. That’s why we’ve compiled this list of the best B2B marketplace platforms.
Market Share In 2023
As stated in the introduction, the B2B marketplace is in its infancy and the space is still fairly wide open. That means new players are coming to the market and some of the big players are starting to step back a bit and let the others enter.
So, in the next few years, there will be a lot of movement, with new players coming into the market and established companies closing up shop and redeploying their funds into other areas.
The Best B2B Marketplaces for 2023
Amazon has long been the top seller in the B2B marketplace industry, and it is slated to continue leading the way in the next few years. In 2016, Amazon claimed more than half of the B2B marketplace industry’s total business volume, a solid presence it is expected to maintain in the next few years.
Amazon features product and transaction analytics, such as statistics on transaction volume, buyer and seller conversion rates, and customer ratings, to help you keep tabs on the sales you make and the orders you decline.
This customer feedback is beneficial to Amazon because it can help to improve the marketplace experience for both buyers and sellers.
eWorldTrade is by far, the leading b2b marketplace platform in the world and it is a definite go-to for all b2b businesses, whether big or small, to connect with buyers, sellers, vendors, distributors, wholesalers, and suppliers in the easiest manner. eWorldTradeis is known for its unique selling point, which is to offer all the sellers on their platform a complete list of buyers, which can help their users grow and expand their businesses. Furthermore, this virtual marketplace offers a wide range of products to its users and with their fastest deliveries, they have made business quite easy for their users.
They also offer multiple secure payment methods to their users and they also verify their buyers and sellers, reducing the risk of any fraudulent activities taking place on this platform. In addition to this, eWorldTradealso understands the importance of marketing, brand building, and customer services quite thoroughly. This is why, they offer amazing digital marketing and brand-building services to their members as well, helping them grow their businesses in the most effective manner. Moreover, they offer customer services to help their users in offering satisfaction to their customers, allowing them to focus on their trading in a more effective way.
Alibaba is currently the market leader in China. Though China has surpassed the US in terms of the world’s biggest online shopping, the majority of its $5 trillion in annual retail sales still take place offline.
Alibaba’s Tmall and Taobao marketplace services have become synonymous with Chinese consumers. The two largest e-commerce companies in China combine for more than 600 million active users and are expected to reach 650 million by 2022.
Alibaba has made significant strides towards internationalizing the Tmall e-commerce site. After a long testing process, Tmall Global was launched in 2016. Tmall Global is now available in the United Kingdom, Brazil, Malaysia, and Indonesia.
eBay has had an incredibly lucrative run over the past several years, and it shows no signs of slowing down. In 2018, eBay saw revenue hit $22.8 billion, and increased its net income to $2.2 billion, making it the second-largest company on the Fortune 500 list for the year.
The listing fees are the highest of any of the platforms featured on this list. However, there are plenty of sellers who can live on the eBay platform. Amazon, for instance, reported $128 billion in sales in 2016. However, to have the potential to rival that, eBay would have to figure out how to improve the platform.
One way eBay is doing this is by integrating its payments system with eBay and PayPal.
Global Sources is a leading B2B e-commerce platform, with coverage across 110 countries, providing buyers in Africa, the Americas, Asia Pacific, the Middle East and Europe with a one-stop procurement solution.
With more than 200 buyers, Global Sources Online has become a trusted source for importing and exporting companies to facilitate transactions. Global Sources also has an impressive presence on social media, allowing it to connect buyers and sellers. It is also important to note that since February 2018, Global Sources has begun offering its buyers live-click-and-collect services at the Jeddah showroom.
The biggest plus of Global Sources is its global reach and customer base; however, we still believe that the platform needs some tweaking.
Founded in 2008 in China, AliExpress is a giant B2B market that handles orders for more than 100 million international vendors. What makes AliExpress such a prominent B2B marketplace is the fact that they provide an online platform for B2B buyers, sellers, and content creators.
These experts range from small business owners to companies big enough to offer their own B2B marketplace and, in some cases, brand their own B2B marketplace.
Among the many benefits of using this B2B marketplace, companies are offered low prices on almost anything they sell and everything that they buy.
Aside from that, AliExpress also provides its users with one-stop shopping with their wide variety of products.
In 2018, ECVV began offering its services as a cloud platform. This means the platform is modular and can be upgraded based on the needs of the company. The ECVV platform is built using Amazon Web Services and is available in the United States, the United Kingdom, and Singapore.
ECVV offers several marketing channels such as lead nurturing and content marketing that help boost sales for enterprises. The platform also offers a dedicated department that helps handle the process of onboarding customers.
With billions of dollars worth of trade transactions happening every year, the needs of business buyers are better understood and transactions are happening faster than ever. The top vendors are continually investing in innovative, cutting-edge technology that drives productivity and efficiency while maximizing the quality of service.
In addition, technological innovation has provided a solution to address the demand of increasingly diverse buyers. And, this innovation is particularly important for B2B marketplace providers, who are under pressure to provide products and services that best suit the needs of buyers in their respective industries.
Established in 2004, Shopify was a huge success by 2017. The e-commerce platform enables companies to sell their products online and interact with their customers directly. It also offers them the opportunity to host their own online shops. This means Shopify is a single solution for digital retailers.
The platform allows buyers to access goods and services and to place orders through its e-commerce system. Sellers have the option of creating their own website, web stores or apps.
Through Shopify’s platform, companies can take care of their needs, which include, for example, payments, returns, shipping, and customer support. The platform is also used by startups, schools, and local shops for their online presence. Another reason for Shopify’s growth is its software.
Magento is one of the more popular e-commerce platforms. It’s used by many businesses to create shopping experiences for customers in their stores. It also provides customization and functionality, as well as integration with other business systems, such as enterprise resource planning (ERP) systems, and industry-specific applications, like accounting systems, supply chain management systems, and databases.
It supports numerous shopping carts and stores, including core, classic, and artisan styles. The Magento Commerce Cloud is included as a service in the Magento Community Edition and Magento Enterprise Edition.
BigCommerce is known for providing a seamless and dynamic online buying experience for small- and medium-sized businesses and helping them grow. It’s a well-known choice amongst small business buyers for its robust features and product range. It has won B2B e-commerce industry awards like being named a gold winner in the ISG World Customer awards for its Services category.
The platform offers integrations with all major e-commerce platforms like Shopify, Magento, and PrestaShop. Additionally, the BigCommerce platform provides custom web-based purchase orders that offer a broad range of business tools including integration with digital assistants like Alexa. BigCommerce currently supports payment gateways from Bank of America, Amex, and PayPal.