B2B Trade Portals: An Essential Step to Stay Ahead?

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B2B trade portals are thriving and disrupting the eCommerce industry. Solitary static websites are no longer an effective way to reach new audiences, as the content is easily outdated, and growing businesses won’t receive the traffic they expect.

Trade portals are an easy solution to this marketing issue, with known trade portals supplying an already established customer base. These platforms allow for product and company information to be displayed, sales transactions, and enables tools such as live chat to improve customer relations. Capitalising on what trade portals can offer is a crucial aspect of staying competitive in the face of strong competition.

Reaching new customers, selling direct to customers

From a customer perspective, trade portals are valuable because of the variety of products and businesses available. This cuts out the hassle of searching for specific companies or settling for below-standard products. Because potential customers are already searching on trade portals, incorporating your business and products into this system is beneficial. This platform allows you to properly catalogue products and better reach customers, ultimately improving sales opportunity.

Most trade portals offer tools, such as stock management systems allowing for better inventory control, live chats to improve customer relations, and secure payment options to complete transactions. This combination is part of the successfulness of trade portal marketing, with known and secure platforms to conduct business on. Similarly, they offer a pre-existing customer base, meaning less effort needs to be put in to advertising your platform. Compared to solitary company websites, trade portals offer an already established marketplace to complete transactions.

Lower costs

From a business perspective, trade portals are beneficial because of the incorporated tools and business management options. Effective use of a trade portal can assist with inventory control, lower marketing and promotional costs, and offer more transparent and faster supplier trade routes. Using these, a business can control several supplier relationships simultaneously through electronic and up-to-date data. Improving these communication networks reduces human error and ultimately saves money.

Taking advantage of the expert knowledge available in trade portals is just one way to capitalise on the benefits of these platforms and improves both customer and supplier relations.

Improved analytics, stronger brand

Trade portals can offer unique insight into the analytics surrounding your business. Using trade portal tools to track sales, inventory control, and profit margins is an effective way of maintaining a profitable business. Accurate data such as this is hard to attain without exterior tools, so taking advantage of these when they are incorporated in a marketing platform is invaluable. This will not only improve forecasting accuracy, but the elimination of error will build a stronger brand image, ultimately leading your business to more success.

Trade portals are designed to promote companies and brands, unlike some marketplaces that focus on the products and reduce brand exposure. Using trade portals that develop and promote a brand image is important to attract returning customers. Brand loyalty in this form is an important part of improving business success and using trade portals to increase sales but not override brand image is crucial.

Staying ahead

As an upcoming business, staying ahead of the competition is crucial in being successful. Taking advantage of resources incorporated in trade portals is one way to establish yourself in the market. Since trade portals are still a growing method of ecommerce, employing their services gives you a chance to get ahead of the competition, effectively marketing to new customers without increased costs. Being proactive allows you to build a successful business by improving company recognition and customer satisfaction.

For growing competitive businesses, taking advantage of platforms such as trade portals is key to improving customer relations. Using these platforms allows you to reach new customers, secure transactions, improved customer relations, better inventory control, lower marketing costs, and more transparent supplier trade routes. This ultimately propels your business beyond your competitors, improving business success.

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Melanie - Unleashed Software

Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.

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