Online business-to-business marketplaces are growing in number, and many are thriving. According to a recent report published by market research company Forrester, the value of B2B e-commerce in the US alone will reach $1.8 trillion by 2023, up from $1.1 trillion in 2018.
The report does not specify how many new marketplaces have emerged, but even a brief online search reveals a lengthening list of platforms. These will no doubt have been encouraged by the report’s observation that 70% of business customers now prefer to buy from a website rather than from a salesperson. This growing preference for a self-service model accessible around the clock is a strong driver for B2B marketplace growth.
Established platforms such as Thomas and Amazon Business are being joined by newcomers such as HUBX, Dropee and BaloTrade.
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Ademola Balogun, |
Ademola Balogun, CEO of BaloTrade, says that the advantages of conducting B2B transactions online through a platform like his are the quicker sourcing of goods and a lower cost of finding suitable partners.
“In addition, we screen market participants daily and remove bad suppliers through our verification process, which can be a time-consuming process for traders who deal directly with suppliers,” he says.
