With online shopping increasingly evolving, the modern-day consumer expects to begin and complete their buying journey online. Worth noting is that online shopping growth has surpassed original predictions. eCommerce sales in the US are projected to exceed $1 trillion by the end of 2022, a breakthrough that experts have projected for 2024.

Monetization of B2B marketplaces is critical in this growth. Some reports suggest that industrial B2B marketplaces are the upcoming billion-dollar eCommerce startups. Still, numerous B2B marketplaces face various challenges. For instance, these marketplaces could be more advanced. Further, the level of user experience is substandard compared to B2C eCommerce. However, B2B marketplaces are a worthy investment regardless of the challenges because they are often more profitable than B2Cs. 

Understanding Marketplaces
Marketplaces are digital channels that link buyers and sellers, allowing them to execute business transactions in a centralized place. The concept is still evolving, but the relevance of marketplaces is more pronounced. For example, a few years ago, there were but a few B2B marketplaces in Europe.

Today, there are numerous marketplaces, and their growth is expected to continue. Predictions show that the global industrial B2B eCommerce marketplaces will hit $18.57 by 2026 from $7.35 in 2021. With the rising competition in the industry, B2B marketplaces are seeking ways to establish their brands, offer the ultimate value for vendors and buyers, and find a sustainable revenue model. 

Why B2B Marketplace is a Game Changer
The world has been preparing for industrial B2B marketplace selling for years. The purchase lifecycle within a B2B environment is ideal for marketplaces than the B2C concept. Many B2B purchases involve different decision-makers, back and forth between departments, and complex purchase paths.

Under this environment, smooth access to information, a wide range of options, and a seamless checkout process are critical. The purchase path for B2B buyers can be difficult to navigate. However, up to 89% of B2B customers begin their process from a search engine. Further, these buyers usually conduct multiple searches before engaging with a brand's site. 

Invest in B2B Marketplaces Now
As mentioned above, a successful B2B marketplace allows customers to find their preferred products straightforwardly and conveniently. Buyers want a centralized center for different complementary services and products. They want the liberty to analyze their options and customize the ideal solution for specific objectives.

As buyers seek flexibility and freedom, global sales on B2B platforms will rise, attracting nearly every sector. Experts say that the rising demand for industrial B2B marketplaces will continue to grow due to the unpredictable nature of the pandemic. Evidence of the rising demand for B2B marketplaces is from a study that established that 20% of purchasing executives spend more on B2B marketplaces. At the pandemic's peak, purchasing managers invested more in digital B2B marketplace purchases. 


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