In this age of e- commerce, the conducting of businesses has gone online. Every product is available to be purchased online these days. There is no need to go out to the grocery store or to the markets to buy most of the products. There are sellers for every product as are the buyers to purchase them. It has provided an ease and convenience to the consumers. It saves time and is a very cost effective way to make purchases.
The online trade and commerce which is conducted between businesses and consumers is also known as B2C transactions. The other type of trade is carried out between the various kinds of businesses, also called as B2b Trading Platform. The b2b platform basically provides an opportunity to facilitate trade between small and large business enterprises.
A business-to-business trade involves transactions carried out among manufacturers, suppliers, wholesalers, buyers, importers and exporters. It helps them to expand their business beyond borders. It gives the sellers a global reach. This platform helps businesses to expand their market base and provide ample opportunities and options for growth.
The volume of b2b transactions is much higher than the others. In a typical supply chain, the output of every business provides a resource or raw material to the business further in the chain process. It is usually a small business that manufactures spare parts for a product. A larger business buys these products, uses them to manufacture their product and supplies the outcome further to some other buyer. For example, a car manufacturer buys different products used in the manufacture of a car from different sellers. It denotes a b2b trade. Then, they supply the final product, i.e. a car to the consumer. This denotes a b2c transaction.
The b2b and b2c transactions are being carried out online. With technical advancements, these have been rendered safe and secure. There are certain transaction companies which can integrate with the trading platform to offer payment service with secure gateway. So, internet has played a huge role in promoting online trade. It has helped to bring together the buyers and sellers together on a single platform to facilitate better trade.
Conducting your business online through a b2b trading platform allows you to have a strong online presence. In the competitive environment, it is a boon to attract buyers for more business. It gives you an edge over your competitors. This platform allows for a better interaction between the trading parties. The platform is suitable for both small businesses as well as larger, established businesses. This also provides an effective strategy for market penetration and target the right consumer base. With the help of online trading, a seller is better prepared to respond to the sudden changes in the market and consumer demand patterns.
Apart from these, there are additional benefits that are offered by this type of trading platform. These online marketplaces to carry out the businesses promote and advertise a business at minimal costs. The buyers, on the other hand, have a lot of options to choose from and are spoilt for choices.
So, b2b trading is a boon to businesses to promote themselves as a global sellers and buyers and boost profits.
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