[{"@context":"http:\/\/schema.org","@type":"Article","@id":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/#Article","articleBody":"The growth of B2B e-commerce has put steady pressure on B2B sellers to evolve, but the emergence of B2B marketplaces makes their transformation even more urgent.\nJust as more consumers are buying online, an increasing number of B2B buyers are turning to e-commerce channels. This is shaking up the B2B space, where buyers have traditionally liked to speak to \u2013 if not physically meet with \u2013 sellers.\nB2B marketplaces are the latest B2B e-commerce trend raising questions about the role of the traditional B2B seller and forcing sales reps to step up their game.\n \nThe new B2B customer journey: Winning the moments that matter\n   The B2B customer journey is changing as buyers begin to expect B2C experiences at work. Smart B2B businesses are realizing new growth by adjusting CX.  \nB2B marketplaces: What are they?\nB2B buyers have quickly adopted to using e-commerce platforms that make it easier and faster to get detailed product information and to place orders. According to McKinsey, \u201cOnly about 20 percent of B2B buyers say they hope to return to in-person sales\u201d \u2013 even in industries like pharmaceuticals that have traditionally relied heavily on a face-to-face sales model.\nOne model that many forward-looking B2B companies are pursuing is participating in \u2013 or even creating \u2013 highly specialized marketplaces.\nThink of Alibaba or Amazon Business, only with a specific focus on a segment like metals, chemicals, or healthcare. In this scenario, a site such as Marketparts.com, which targets buyers and sellers of automotive components, aims to win in the market by creating a dominant platform.\nKey features of the site include global sourcing and availability of overstock items. But there isn\u2019t a sales component per se \u2013 it\u2019s all about connecting the right buyers with the right sellers.\n \nBest examples of B2B e-commerce: Companies winning the game\n   B2B buyers have changed. How are companies keeping up? Here are five brands that provide shining examples of B2B e-commerce.  \nB2B marketplaces: 3 things to know\nGiven these types of benefits on the buyer side, it\u2019s not surprising that B2B e-commerce marketplaces have rapidly proliferated. In fact, according to Digital Commerce 360, sales on these platforms will approach a whopping $3.6 trillion by 2024 \u2013 a five-fold increase over 2018.\nHere\u2019s what salespeople should know about B2B e-commerce marketplaces:\nThey disrupt the bonds of existing B2B sales relationships by empowering buyers to seek the lowest cost from any number of global providers.\nThey put a premium on the brokering of relationships between the right buyers and the right sellers.\nThey create pressure on B2B sellers to deliver value to buyers in new and innovative ways.\nPressure\u2019s on: Adapt and evolve NOW\nB2B marketplaces clearly make sense for many buyers, who can more easily find the products and services they seek at the lowest price. But what about the B2B salespeople, who thrived on closing deals after cultivating customers with cocktail lunches and rounds of golf?\nTo flourish as e-commerce channels reshape the B2B landscape, B2B sellers need do more than simply sell a product or service. The emergence of B2B marketplaces is yet another indicator of the need for the B2B sales function to continue its evolution and prove its added value.\nInstead of expounding on the myriad features of a product, sales reps need to help customers make better business decisions. By providing the right information at the right time, they can become trusted advisors on whom customers rely.\n \nSales and service working together: Aligning for success\n   Sales and service working together can dramatically improve CX, customer loyalty, customer retention, and the bottom line.  \nSales reps can reinforce their value by aligning with customer service teams. If the sales team works together with the service team on a common platform, they can truly understand a customer\u2019s needs and challenges.\nThis collaboration helps drive meaningful engagements for better customer outcomes and increased sales.\nFinding the opportunity in B2B marketplaces\u00a0\nThe rise of B2B marketplaces presents a challenge, but perhaps also hints at the way forward for traditional B2B sales. Just as a marketplace thrives by serving as a trusted third-party that brokers relationships, a sales professional can carve out an important niche as an informal consultant who helps buyers navigate the multitude of potential providers.\n \nGuardian at the gate: AI in B2B sales can save your sales kingdom\n   Rising customer expectations and high churn in the sales profession means that AI in B2B sales is no longer optional - it\u2019s required. Learn how artificial intelligence can save the day for your sales org.  \nOf course, doing so may mean handing off a few deals in the short term. But the long play \u2013 counting on buyers to return to sellers they trust \u2013 is likely to pay dividends.\nIn some ways this means we\u2019ve come full circle, in that the buyer-seller relationship is what wins the day. Provided, of course, that individual sellers are open minded about the evolution of the model.\nIt\u2019s not your father\u2019s CRM. Find out who\u2019s leading the CRM revolution HERE.","author":{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/#Article_Person","image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/#Article_Person_ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/uploads\/2017\/02\/don-gordon-150x150.jpg"},"name":"Don Gordon","sameAs":"https:\/\/www.linkedin.com\/in\/dongordon5\/","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/don-gordon\/"},"dateModified":"2021-11-04T16:04:43+00:00","datePublished":"2021-02-22T06:06:03+00:00","description":"B2B marketplaces are springing up across industries. What are they, and how do they impact traditional B2B sales?","headline":"With the rise of B2B marketplaces, what happens to traditional sales?","image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/#Article_ImageObject","height":"630","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2021\/02\/FCEE138_B2BMarketplaces_HB-1200x630.jpg","width":"1200"},"mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/","name":"With the rise of B2B marketplaces, what happens to traditional sales?","publisher":{"@type":"Organization","@id":"https:\/\/www.the-future-of-commerce.com\/","additionalType":"https:\/\/www.wikidata.org\/wiki\/Q1193236","description":"Relevant, timely information & analysis on commerce trends, both consumer-facing and B2B.","logo":{"@type":"ImageObject","@id":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","height":"96","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","width":"500"},"name":"The Future of Customer Engagement and Experience","sameAs":["https:\/\/podcasts.apple.com\/us\/podcast\/a-call-for-a-better-experience\/id1479742201","https:\/\/twitter.com\/FutureOfCEC","https:\/\/www.linkedin.com\/groups\/4844282","https:\/\/www.the-future-of-commerce.com\/feed\/"],"url":"https:\/\/www.the-future-of-commerce.com\/"},"url":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/#Article"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2021","item":"https:\/\/www.the-future-of-commerce.com\/2021\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"02","item":"https:\/\/www.the-future-of-commerce.com\/2021\/\/02\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"22","item":"https:\/\/www.the-future-of-commerce.com\/2021\/\/02\/\/22\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"With the rise of B2B marketplaces, what happens to traditional sales?","item":"https:\/\/www.the-future-of-commerce.com\/2021\/02\/22\/b2b-marketplaces\/#breadcrumbitem"}]}]