5 Amazing Benefits of Using B2B Platforms for Retailers
With rising competition and an increasing popularity of digital marketplaces, the presence of a B2B portal has become inevitable. A B2B portal like Kingpin serves as a digital platform for retailers to carry out their business activities online and makes purchase operations easy.
A permanent digital transformation in the B2B industry has been noticed thanks to the effects of the COVID-19 pandemic. The global B2B e-commerce market was worth $12.2 trillion in 2019 and double-digital growth is now predicted for sales through to 2024. (Statista) On a macro perspective, this is a trillion dollar industry that solves multiple pain points for both buyers and sellers. Let’s take a look at the benefits of using a B2B platform in more detail.
1. Scalability.
An effective B2B e-commerce platform like Kingpin will enable your business to grow and scale, easily meeting global market demand by opening sales channels and constantly reaching new market segments.
Likewise, by adopting B2B e-commerce cloud solutions, you can reconstruct your existing technology and significantly improve your merchandising potential.
2. Speed and efficiency.
Ditch traditional methods of carrying out B2B wholesale transactions (manually inputting, updating, and editing products, orders, and customer information). Start decreasing your chances of running into costly errors, and increasing your productivity and speed.
Businesses using a B2B platform are able to stand out amongst competitors with simple and fast purchasing systems. Forget about endless order formats and start building standardisation and scalability.
3. Accurate integration systems.
B2B platforms allow brands and retailers to move as fast as B2C by automating the integration of important data. This speeds up the wholesale process for all involved. A B2B platform offers
- Product information
- Customer information
- Live inventory status
- Pricing information
- Order status and updates
- Shipping details
4. Free analytics.
The beauty of a B2B platform is the customer data it generates; and everyone knows that data is key. Analytics from Kingpin can help disclose your most profitable or valuable channels and customer personas, demonstrating the products buyers are more likely to be drawn towards. Data reveal patterns and engagement can be retrieved and success can be maximized as all product catalogues are available to exploit on the platform.
5. Cost savings.
A B2B portal saves time, money and resources, streamlining logistics processes, providing visibility across orders and eliminating back-and-forth communication between the retailer and the brand.
In conclusion, even though a B2B online ordering application might not be applicable across all industries, fashion retailers in particular cannot afford not leveraging a B2B platform. Businesses like Kingpin are becoming dominant, drilling down into the detailed nuances that Fashion Buyers from the region have to deal with and streamlines their processes within just a few clicks.