Why Should a B2B Business Build a Marketplace Using Magento?

If you’re running an eCommerce store or looking to build an online store, you might have heard about the popularity of Magento development services. With a total turnover of around $155 billion in merchandise trade and currently more than 187,500 active websites built using Magento, it’s easy to believe that why Magento is the best eCommerce platform. When talking about B2B businesses, we have one striking example – Amazon. In just three years, it grew from $1 billion to $10 billion in eCommerce sales. In fact, overs 70% of business buyers use it to find products and prices. Clearly, a lot of B2B businesses prefer to sell their marketplaces on Amazon. However, many businesses want to build their B2B marketplaces. About 70% of enterprise marketplaces created will serve B2B transactions by 2023 according to Gartner. Seeing the rising demand for B2B marketplaces, we have discussed the major reasons why a B2B business should build a marketplace using Magento.

Why Should B2B Businesses Build Marketplace Use Magento?

1. Large Pool of Relevant Magento Extensions and Themes

Many eCommerce entrepreneurs prefer to hire Magento developers as the platform helps to provide a secure, seamless, and satisfying shopping experience to customers. From website optimization for a visually appealing display and smooth browsing to secure payment gateway integration to proactive customer support to advance marketing to partnering with trusted shipping partners, Magento marketplace has a wealth of curated themes and extensions.

2. Adherence to Quality and Standard

Another reason to invest in Magento development services for B2B marketplace development is strict quality control for the extensions added to the Magento marketplace that make it a great and reliable choice. The extensions need to pass the 3-way review process that checks the extensions based on their adherence to business guidelines, ability to solve a problem, compliance with technical guidelines, and lastly, adherence to marketing guidelines. Also, the documentation of descriptions of extensions should adhere to high marketing standards which included zero plagiarism and grammar-spell check.

3. Product Reviews

Customer reviews and ratings have a huge impact on the saleability of products. Magento marketplace provides a new and enhanced product rating platform to ensure customer reviews and ratings are genuine and relevant. You can also find editorial content that features products that stand out for their quality and uniqueness.

4. Product Search Functionality and Admin Dashboard

Magento marketplace provides structured search functionality with intuitive product categorization and catalog. This makes product search easier. Owners can also manage their products, purchases, extensions, and content from a centralized admin dashboard. Developers can also avail of detailed metrics from the dashboard to monitor store performance and sales.

How Magento Marketplace Benefit B2B Businesse

• As a multi-vendor eCommerce business owner, you can increase your revenue by earning through commissions on each sale made by multiple sellers. Moreover, traffic generated is high because of an increased footfall which ultimately boosts the ranking of sites in the search engines.
• Multi-vendor marketplace development is a complex and tedious process. However, when you opt for Magento development services, you can build a robust marketplace as Magento architecture fulfills all the specific hosting requirements and ensures higher scalability. Additionally, the Magento supportsystem, reliability, and maintenance are other key factors that make Magento an ideal solution for building B2B marketplaces.
• Magento can handle over 5 lakh products and can take multiple orders at a given time. It can also support multiple sites at the same time. You can configure the software to make it device-friendly.
• By creating a B2B marketplace, you offer a readymade online store to vendors wherein they can sell out products. Magento makes product management simpler and easier. It allows for choosing multiple-pricing-methods for various sets of customers.
• Magento offers multi-lingual and multi-currency options to allow vendors to sell products to global customers. It also provides support for multiple payment methods, B2B and B2C transactions.
• You can also integrate third-party plugins into your Magento marketplaceto enhance its functionality.
• The software also comes with advanced SEO functionality that can help your website rank higher on the search engine result pages.

Steps to Set Up a Magento Marketplace

Below are the steps that you need to follow to implement the Magento marketplace. If you’re less confident, you may hire Magento developers for professional Magento support services.

1. Prepare a Checklist

When you create a new marketplace account, you need to prepare a list of technical and marketing items. The technical things include the extension code package, user, guide, release notes, and license details. The marketing items include a product icon, short and long extension description, pricing details, and a lot more.

2. Manage Profile Information

After setting up your account, you need to manage the information of profile, product, and monthly payment.

3. Develop and Submit Extensions

Develop your extension, adhering to the technical and marketing guidelines to ensure that your extension meets its standards. Submit your extension to get it verified by the extension quality program or EQP.

4. Manage Ecommerce Sales

By leveraging the sales and analytics reports, the vendor can access and view the extension sales report and manage it accordingly. You can hire Magento developers from us for building high-end Magento extensions for your marketplace. We follow the guidelines and best practices to make sure the extensions meet their quality and standards.

Wrapping Up

So, these are the major reasons why a B2B business should build a marketplace using Magento. If you think you can boost your business growth by building a B2B marketplace, now is the time to get started with Magento development services to stand out from the crowd. You may hire Magento 2 developers from us to increase your earning and the chance to thrive in the market.

Frequently Asked Questions

Q.1. How do I create a B2B marketplace using Magento?

First, finalize your B2B marketplace requirements and components. You may share these requirements with us to avail of our Magento development services to build a B2B marketplace using Magento.

Q.2. How much does it cost to build a B2B marketplace?

The overall cost to build a B2B marketplace using Magento will largely depend on the requirements of your business and the project’s complexity. Share your requirements with us to get a quote for your project today!

Q.3. What are the benefits of building a B2B marketplace?

The benefits of building a B2B marketplace include:

• Provides an opportunity to earn additional income through commissions
• Helps vendors/sellers to sell more products
• Provides customers with a variety of options to choose from
• Helps you stay ahead of the competition
• Boosts your websites’ search engine ranking with huge traffic generation
• Test and analyze the demand for new products
• Helps you to emerge as a market leader

If you’re a B2B business and planning to build a marketplace using Magento, you may hire Magento developers from us at affordable prices.

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