The benefits of online wholesale platforms for buyers and sellers.
The Future of B2B Trading in the Middle East
E-Commerce platforms are becoming a powerful economic force, redefining how business is conducted.
Globally, eCommerce platforms are becoming a powerful economic force, redefining how business is conducted. They’re bringing together buyers and sellers and providing them with a reliable, dynamic, and innovative space in which to perform transactions and trade goods and services. This is true of both B2C and B2B marketplaces. What makes the online B2B marketplace, also known as the e-procurement marketplace, unique, is that sellers/suppliers tend to be brand manufacturers, suppliers, and wholesalers, whilst buyers are other businesses.
Changing to an E-Procurement Marketplace
Whilst the traditional methods of procurement have served us relatively well in the past, they are quickly becoming outdated and at times even counterproductive to a business’s operations and success. Acquiring new leads can be expensive and time-consuming. It may be a workable solution for large manufacturers that have huge annual budgets and wide-reaching resources, but for most businesses, this can be a major hindrance in acquiring new customers. Those that have attempted to leverage online resources often find themselves with poorly integrated systems that not only have outdated SKUs, but obsolete inventory too. Ultimately, this is problematic for both the seller and the buyer, as neither is gaining access to what they need – the customer or the good/service. And without easy access to this relevant information, which businesses are becoming accustomed to before making purchase decisions, they are less likely to register their interest. The industry is essentially missing out on new relationships to directly impact transactions/sales, ultimately affecting businesses’ potential for success and growth.
Buying and Selling Products – B2B Trading Simplified
Conversely, with a B2B marketplace, both buyers and sellers can potentially save a lot of time and money. The most important element of a regional and globalB2B marketplace is that it gives you a single, easy-to-use platform where you can buy and sell. This means that the user interface is standardised across the entire platform, giving each seller a simple storefront from where they can sell their products. Buyers no longer need to sift through large catalogues but can instead type into a search engine, to easily find what they need! This straightforward approach for product enquiries is not just ideal for specific goods from a single seller but applies to a multitude of products from a range of sellers. Buyers and sellers have more transparent access to one another, which promotes communication and increases the chances of a transaction– to benefit businesses and their respective industry as a whole. Individual enterprises can expand their networks and connect with confidence. And most importantly, all communication between buyers and sellers is taking place in a trusted and secure space, where both parties are confident that goods will be both produced and paid for on time! If necessary, disputes can also be sorted based on the platform’s terms and conditions.
A growing B2B Trading hub
With its ports and accompanying infrastructure ideal for supporting growth, businesses with a presence in Dubai are taking advantage of the city’s reputation as a B2B hub, to seek out opportunities in the wider MENA region. A favourable business environment facilitated by increased efficiencies through digital operations and low barriers to entry is helping B2B entrepreneurs take advantage of B2B Dubai marketplaces.
Important B2B marketplace statistics
- 73% of millennials are involved in the B2B buying process (Forrester, 2017)
- On average, B2B buyers will spend up to 20 hours researching before contacting a sales representative (Showpad, 2018)
- In industrial and manufacturing industries 67% of purchases are influenced by digital (Google, 2019)
- 55% of B2B marketing budgets are directed toward digital efforts that aim to provide a more personalised buying experience (Deal Insight, 2020)
- 74% of B2B buyers will research at least half of their work purchases online(B2B E-Commerce Playbook, 2021)
With WeMENA, you can set up your online store in minutes and get selling right away. It’s really as easy as that!