Top 7 Essential things required to start B2B eCommerce

Building your B2B eCommerce store is like building a topless mountain. Here will discuss Top 7 Essential things required to start B2B eCommerce

B2B eCommerce is a type of eCommerce where the exchange of goods and services is conducted between companies. 

Let’s have a look at B2B eCommerce growth

Alibaba:- Alibaba is the largest B2B eCommerce website. In the fiscal year ending March 31, 2019, Chinese e-commerce corporation Alibaba recorded consolidated revenues of 376.8 billion yuan.

IndiaMart:- IndiaMart is the largest B2B marketplace in India. In 2015, the platform generated revenues of 49 million U.S. dollars. IndiaMART estimates that company revenues will reach 328 million U.S. dollars in 2020.

 

B2B eCommerce Trends

The B2B online retail market is expected to reach double the size of the business-to-consumer (B2C) online market, generating revenues of 6.7 trillion USD by 2020.

Moreover, there will be a rise of 12% in the revenue of the B2B eCommerce by 2020. (BCG, 2017)

B2B Business Model

B2B eCommerce has multiple business parties such as Manufacturer, Distributor, Wholesaler, Retailer.

Manufacturer:-  A manufacturer is a person who makes the final product from raw material to make a profit in their business.

Wholesaler:- A wholesaler is a person who purchases the products in bulk quantity from manufacturers.

Distributor:- A distributor is a person who supplies the products to the retailer.

Retailer:- A retailer is a person who sells the product to the public in small quantities.

Top 7 Essential Things Required to create B2B eCommerce

To create an eCommerce you must have few things which required

Bulk Order:

B2B marketplace mainly focuses on bulk buy and selling of goods. Moreover, with this feature, the buyer can save money by buy products in bulk.

RFQ(Request For Quote):

RFQ is one of the most important features in the B2B marketplace. It is different from the quote. Generally, we do quote for the readymade item and RFQ for customized items.

RFQ where customers can quote their requirements to the seller. However, they have to fill the requirements such as price, quantity, etc.

RFQ is generally required when buyer is looking for the product which is not available on the site.

Quick Order

With the help of a quick order feature, buyers can buy larger numbers of the product very quickly. However, this quick order functionality reduces the number of clicks and reduces the time for the buyers.

 

Unit Pricing:

These unit prices are a feature that can change the buying decision of the buyer.

The unit pricing is a very important factor for the buyers to compare the pricing with the other similar type of products.

Minimum Order Quantities:

Many of B2B store provides this functionality on their product to ensure that you remain in the profit. 

In some of the products, you can not sell small quantities due to high shipping charges.

That is why you have to set MOQ so that you can gain profit.

Design:-

Website design is the most important to successfully growth of your e-commerce website.

Create a design that is user-friendly so that end-user can easily access the e-commerce platform.

Escrow:- 

It is a transaction management system that handles the transaction between two parties.

Escrow is used to verify the funds sent by the buyer and keep the fund safe for the seller.

It makes the transaction more secure by keeping the payment in the escrow account and only release after all conditions and agreements met.

Escrow also checks and verifies that the product is delivered or not to the buyer.

 

           Let’s discuss how escrow will work

Step 1

Buyer and Seller both agree on the product price.

Step 2

All the detail of the transaction added by the buyer.

Step 3

The buyer will pay to the escrow agent.

Step 4

Escrow agent verifies the payment, and information to the seller that payment has been secured.

Step 5

The seller will ship the product to the buyer.

Step 6

The escrow agent will verify the shipment, that the product has been delivered or not.

Step 7

After verifies the shipment, the Escrow Agent will release payment to the seller.

Build your B2B eCommerce

There are two ways to create your B2B eCommerce like the one you can create on the opensource platform or you can choose the SaaS platform such as BigCommerce, Volusion, Bagisto-Laravel multi-tenant SaaS Module, etc.

As there are lots of opensource platforms to create B2B eCommerce such as Magneto 2, WooCommerce, Opencart, Bagisto, etc.

Therefore, for easy customization and developing a basic eCommerce shop you can also make use of platforms such as Bagisto and Opencart. Bagisto is a Laravel based eCommerce platform.

In conclusion, Laravel is the most popular php framework, which has elegant syntax. That is to say, laravel makes the development process simple without sacrificing application functionality.