One of the most common reasons behind the failure of most startups is the fact that they do not get buyers for their products fast enough. They spend so much to start the business but do not start realizing profits in the required time. The business therefore keeps spending to keep afloat and with time has to close down when a cost-benefit analysis gives the proprietor a reality check.
In other cases, businesses that have been around for a while might remain redundant for a number of years, realizing the same profit levels they always have and selling to the same clients. This hampers the growth of the company preventing it from achieving the stature expected with the passing of time.
In order to avoid such an eventuality in your import export business, it is best to try and address this challenge early on in the foundational stages.Technological advancements have resulted in making the world come closer each day. Efficient use of the internet for instance makes it possible to reach people in all corners of the world and transact with ease. The B2B trading marketplace is one provision that has resulted from this widespread reach and can be employed to make your search for buyers a great success.
What is a B2B Trading Marketplace?
The term B2B marketplace is often used interchangeably with ecommerce marketplace and refers to a double-sided platform that connects professional buyers and sellers. On such platforms, there are multiple third parties selling products and a marketplace operator facilitating the transactions.
These platforms are largely an unexploited opportunity that provides limitless access to vast audience resources. This therefore makes it the best point to start your search and if you do it right, you might never again have to worry about business failure or close-down.
Consider a number of foolproof tips that could help you make the most of this unique opportunity:
Find a Way to Stand Out
As mentioned above, these digital trading platforms bring together multiple sellers, sometimes trading in the same products. The only way to ensure that you get the buyers’ attention is by making your company and product stand out. Conventional advertisement methods will not work on these platforms because no individual business entity gets the opportunity to promote its brand. This therefore calls for a more innovative approach.
One way to ensure that you stand out is by investing in a product that few or no other traders are selling. If you have no competition it means that all the buyers will come to you and this gives you quite a significant head-start. If you are the first to offer such a product, even if other traders with time introduce their own you will still have an edge over them.
Offer Competitive Pricing Packages
B2B buyers on digital trading platforms base their purchase decision on price alone. Keep in mind that much as there is a huge client base available on these platforms, competition is very high. The slightest difference in price that seems to favor the buyer is all that he needs to make his choice and if you effectively capitalize on this aspect you are bound to enjoy great success.
This calls for expending a bit of time every day to check on the competition and to adjust your prices accordingly. It also means that you at all times have to be updated so as not to lose out on an opportunity to make a kill.
Carry out a Product Performance Test
If your business is just starting out and you are yet to settle on a particular product, a time-tested strategy to ensure that you choose the best product to enable you to capture buyers’ attention is by conducting a test. Choose a few products that you have thoroughly researched into and would wish to sell.
Get small quantities of each of these products and float them for sale on the platform. As you sell these products try to conduct a comprehensive study on the movement patterns. Use this assessment to help you settle on the best performing products so that when you make a serious investment in inventory you will not end up disappointed looking for a way to dispose of the goods.
Conduct a Digital Marketing Campaign
In order to achieve success in the digital market you have to work diligently to create awareness of your brand and product. A digital marketing campaign is one of the most effective tools to this end. How can you do this?
A foremost way is by establishing a strong social media presence. Get on all the relevant social media websites, keep your page interesting and active and try to create as many opportunities for interaction as you possibly can. When you do this your brand and products will always be first to pop up in the minds of buyers when they are ready to make a purchase.
Informational webinars are another effective digital marketing strategy. Consumers love to gain access to helpful information at their convenience. When you give them such opportunities by addressing pertinent issues related to your business model on a regular basis, you make your brand a household name and this always pays off.
Email marketing campaigns also work very well to stimulate the interest of potential buyers and turn them into loyal customers. With proper research you should be able to identify wholesale retail buyers who sell your product and could therefore be convinced to buy from you. Reach out to such ones with such a campaign and let them know that you exist and that you can offer them a more competitive package than what they are currently getting.
Another effective digital marketing campaign strategy is the use of a blog page. Unlike scheduled webinars, blog pages allow consumers to access useful information at their convenient time. Blog articles never grow old and they provide a valuable and accessible reference point for them while allowing you to promote your products.
Get Assistance from an Experienced Marketing Consultant
If this is your first time conducting business on the digital platform you may feel overwhelmed and need help in traversing these murky unfamiliar waters. When this happens then you know it’s time to look for an experienced marketing consultant to guide you through the process.
They have spent a lot more time than you in this field and could give you some useful insights into the B2B buying process and assist you to device and implement an effective digital marketing strategy in order to make the most of the opportunity.
Manage Your Inventory and Listings Properly
After applying all of the above suggestions, your products might generate quite a bit of interest on the digital platform. But the kind of experience that they have after choosing to buy from you will go a long way in determining whether you actually seal the deal and retain the client for future transactions, or completely screw up the opportunity and lose him for good.
One of the biggest loopholes to trading online is the fact that sometimes sellers keep on selling goods that are no longer in stock. It is only after payment is received and the seller wants to prepare the dispatch that he realizes the item is no longer available.
This could make a serious blow to your credibility and is therefore one loophole you must by all means avoid. Ensure that you keep track of all listings, stock movement and available inventory with a lot of care. This is the lifeline of online business and it has a lot riding on it.
Employ Proper Record-Keeping
Once you manage to get a number of contacts and conduct successful transactions with buyers for the first time, do not rest on your laurels and start basking in the momentary success. Getting buyers is hard work but keeping them is even harder.
You must invest a lot of time and effort to ensure their satisfaction in all transactions carried out. You should also keep the lines of communication open so as to keep track of them and ascertain that you still retain their loyalty.
One of the foremost things that you need to do is to create a wholesale buyers’ list and keep it updated with every new client that you secure. Use this list to send out your digital marketing campaign content periodically to keep them up to date with trends in their field of operations.
Going through this record from time to time will enable you to notice when a buyer takes longer than usual to reorder and you can reach out to them to establish the cause of the delay. Such diligent follow up is what makes the difference between success and failure in online trade due to the virtual nature of interaction that does not allow for face to face conversations or appraisal.
Identify the Best B2B Trading Marketplace
The digital import export marketplace has become extremely popular these days and subsequently the number of service providers is astounding. Not every one of these will be able to deliver what they promise because so many factors come into play in determining the success of their platforms.
Use this simple checklist to ensure that you choose the very best platform to will help you get the most buyers and become an import export success story in no time at all:
Retailers, wholesalers and distributors are ever in search for better deals that leave them a bigger profit margin. But they will not find you if you showcase your products on B2B platforms that no one know about. It is therefore imperative to choose a wholesale ecommerce platform that is highly popular and towards which traders naturally gravitate to look for great prices and appealing new products.
2. User-friendly Website
Buyers are always in a rush to find the best offers and secure the products they want. Consequently, they will not waste time trying to maneuver around an unnecessarily complex website that does not provide them with instant solutions.
The platform you choose must therefore be highly appealing because human beings are visual creatures and will only stay around if there is something interesting to hold their interest. It should also be easy to use with clear instructions for product viewing, easy access to reviews and pricing information. Use your own experience with the marketplace to assess its user friendliness and choose wisely.
While it may be possible to build your own B2B ecommerce website and try to make the most of its numerous advantages, you need to realize that it takes a lot of effort to generate traffic for any website. This means that there are very high chances of missing out on all the opportunities to sell to buyers who are looking for your products but cannot find you. This is what makes it prudent to instead make use of an already existing B2B trading marketplace that meets the above criteria.
The Best B2B Marketplace
Waystocap is one of the most reliable ecommerce marketplaces in the world and has for a long time facilitated trade between Africa and the world. We have a wide reach into all parts of the globe and allow you to connect with buyers for your products with a single click.
We do not stop at making that connection between sellers and buyers; we also work with you through the logistical processes and help you conduct due diligence and verification on potential buyers. This ensures that you work in an environment of mutual trust and do not even for one minute have to be anxious during the transaction processes.
We are spearheading the digital revolution in Africa making possible things that were previously thought to be beyond reach. Join our ecommerce marketplace today and enjoy a refreshing transformation to your business.