The essential features to integrate into a B2B marketplace

Here are the essential features to integrate when creating your B2B marketplace.

• Facilities for suppliers

 

Your marketplace, as a multivendor portal, should be easy to use for vendors. Each supplier should be allowed to easily manage their own company information; their contact details, product pages, product catalog and potentially, even their prices!

This includes setting up prices, including managing custom prices for their customers; real-time pricing integration with their backend systems and the ability to let their suppliers set the MSRP (Manufacturer's Suggested Retail Price) or actual retail price.

• The revenue model

 

There are different revenue models. Choose the most suitable for your needs.

• The commission model

 

You charge a commission on any purchase made through your website, added to the cost of the product. Thus, when a buyer buys a product, we also pay your commission during checkout.

• The registration model

 

You offer retailers to place a limited amount of products for free. If they want to expand their product catalog with more products, they have to pay you for such an option.

• Paid promotions

 

Sellers pay you promotion fees, so that their products appear first in search results.

• Supplier management

 

Growing your B2B market depends a lot on effective supplier engagement and retention. It is recommended to identify the best performing suppliers in your market and build on their successes, as well as invite more suppliers with the same profile.

Knowing and managing all this supplier data is only possible with a well-integrated CRM system, which is a great addition to your B2B marketplace. Giving sellers access to their own marketplace CRM instance allows them to continuously improve their customer relationships.

• Search filtering and navigation

 

To streamline the shopping experience, advanced filtering and searching are essential. Allow users to filter by brands, price range, availability, as well as custom attributes created by vendors.

Use smart search techniques, such as semi-automatic search or product substitution (alternatives), to allow B2B buyers to quickly find what they are looking for.

• Easy API integration

 

A flexible API and various integration options enable seamless connectivity. Nowadays, processes are often automated and require very little technical knowledge.

Documentation and technical support functions, as well as 24/7 system availability; facilitates integration between the market and all other third-party solutions.

• Flexibility to modify purchase orders

 

B2B buyers expect greater flexibility when editing their purchase orders. Not only may they have to change their payment method, but also their delivery method, delivery address, payment terms, etc.

• Negotiation and management of quotes, proposals & orders

 

In B2B, buyer-seller interactions can involve several rounds of order negotiations before the purchase occurs. This means that your B2B marketplace must fully handle the exchange of quotes: requests for quotes or proposals between the two parties, from day one.

You should also consider UX best practices in B2B e-commerce, regarding a seamless transition from RFP to formal quote, to order validation.

• Payment management

 

Acting as intermediaries, marketplaces can collect the funds paid by customers and distribute them to beneficiary merchants. Nevertheless, being associated with the provision of payment services, this activity is regulated by the Prudential Control and Resolution Authority (ACPR). Only services authorized by the ACPR can provide payment services.

For your marketplace to offer this, you have the choice between three options, according to various levels of constraints, namely: obtaining a banking license or an exemption from the regulator. The third option is to outsource payment services to a licensed Payment Service Provider (PSP).

• Adherence to European regulations

 

Marketplaces are a highly regulated ecosystem. Several regulations or guidelines must be adhered to to prevent corruption, fraud or identity theft, including:

• PSD2: the European directive on payment services

 

The PSD2 aims to facilitate the use of electronic payment services on the Internet by making them less expensive and more secure; thanks to the obligation of "strong authentication" and the consideration of so-called payment initiation services, intervening between the merchant and the buyer's bank. (source: Wikipedia).

• LCB-FT: fight against money laundering and the financing of terrorism

 

LCB-FT is one of the major supervisory priorities of the Autorité des Marchés Financiers (AMF) in France. It includes a series of measures aimed at better combating the financing of terrorism and guaranteeing greater transparency in financial transactions.

• KYC (Know Your Customer) and KYB (Know Your Business)

 

KYC or Know Your Customer is a process that not only verifies the identity of a company's customers, but also refers to the banking regulations that govern these activities. This also aims to prevent identity theft, tax evasion, money laundering and the financing of terrorism.

In the KYB process, the verification focuses on the company and its management; in particular the identification of the person in charge or the legal representative of a company. The purpose of this exercise is to combat money laundering and other tax crimes.

• GDPR (General Data Protection Regulation)

 

This regulation strengthens and unifies data protection for individuals within the EU.

The main objectives of the GDPR are to increase both the protection of the persons concerned by the processing of their personal data and the accountability of the actors of this processing. These principles can be applied by increasing the power of the supervisory authorities.

• Multi-warehouse management

 

Another useful feature for B2B buyers, who typically buy in bulk, is the ability to split their orders between different vendors, brands, and warehouses based on stock availability and negotiations.

• Comparison of supplier offers

 

Comparing supplier offers is the main reason why buyers use a B2B marketplace, with the ambition of finding the best offer for each of their needs. Make sure your solution allows shoppers looking for a certain product to compare prices between different vendors that offer the product.

To further enhance everyone's experience, make the auction option available to allow sellers to bid on their products.

• Approved Suppliers

 

Different from B2C, B2B buyers may only be required to work with suppliers that have been approved by their internal stakeholders. Your B2B marketplace should support these buyer workflows and allow them to easily whitelist their top suppliers.

• Fast deliveries

 

Choose the right execution model. Your end customers are always in a hurry. They expect you to provide fast shipping options. To meet customer expectations, you need to have your execution model in place.

E-commerce fulfillment includes all operations including storage, inventory management, warehouse management, order picking and packing, shipping, and returns management. Depending on your business type, size, and requirements, you can pick from the most popular fulfillment models, including delivery via third-party shipping services and dropshipping.

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