Get the ultimate guide to online marketplaces.

The B2B marketplace is an obvious opportunity for digital transformation of traditional business models. It creates a unified system that is used by producers, distributors, and end customers and makes processes easier at all stages. It is a huge value-add to even established businesses but building a B2B marketplace is a long-term commitment of time, money, and resources. 

It may seem complex and perhaps even overwhelming but it can be broken down into manageable phases. And it’s not just about changing the technology. With a traditional business model, much of the challenge lies in changing the perceptions and habits of your network and your own people. Everything is new and you need to clearly communicate the value of what you are building.

The project can require two years of budget if it is to be a success. It needs to be carefully planned and executed, but it will then set up your business for the decades to come.

An online marketplace is made up of essential elements, technologies that promote growth, and nice-to-have features that you can class as a bonus. It is similar to an online store but there are crucial differences that you need to understand and accommodate.

We look at the key parts like your merchant’s panel, eCommerce, and payment system and explain what each does and then make specific recommendations of technologies to use based on our long experience. We also talk about growth elements like your PIM, search, and personal contact systems, then dig into the nice-to-have features such as product feeds, headless CMS, and marketing solutions. In total, we’ll present more than 25 technology solutions that we’ve tested in our own projects and will show when each is the best option for your business.

Before you commit to creating a new third-party marketplace or expanding your existing eCommerce to include other merchants, ask yourself why you are doing it, who you are trying to reach, and whether you can bring real value.

A marketplace is often a great concept but getting off the ground can be difficult. There are hugely powerful competitors such as Amazon and Alibaba on the market and it is also difficult to overcome the issue of attracting vendors when you have no end customers, and vice versa. 

At the end of the day, your marketplace will be judged on your products, prices, delivery, and customer service. The most important indicator of success is doing your research up front, identifying your customers, and delivering something that is not already available on the market from established platforms.

You can’t take on the behemoths of online eCommerce and win out. Don’t be over-ambitious and think that you will surpass Amazon in years to come. However, that doesn’t mean you can’t build a platform that reaches millions of customers and is highly successful. In fact, the best way to put yourself on that path is to look to the top platforms for inspiration.

Amazon, Alibaba, Zalando, eBay, and others have taken social proof, recommendations, user interfaces, delivery, customer experience and other elements of the eCommerce experience to new levels through constant innovation and calibration. If you are building a new marketplace, look at which features you can replicate without investing millions, and see how you can create a familiar experience on a brand new platform.