Introduction

 

Until a decade before, novel products, good salesmanship and technology were fair enough to close a business deal. But, the current world of cut-throat competition and short product lifecycle has created a requirement for quicker marketing options. Introduction of the Internet and e-commerce during the 90s has caused hype in the activities involving e-business. Its impact on the business activities of the companies has caused a drastic change in the global economy. Companies started to realise that internet can be a great asset and can boost up the efficiency in everyday business dealings, and internet became the new way of linking customers to suppliers. B2B portals serve as an 'electronic market' that enables the buyers and sellers to exchange information, products, services and payments through computer networks. It plays a pivotal role in building a profitable and value-oriented relationship between businesses and the many individuals involved in them.


Let us take the example of a small manufacturer from Delhi, Honzhou, Hanoi or Mexico. They have high quality manufacturing facilities. Now, there might be importers who are looking for quality manufacturers. How can an importer or a buying house locate the manufacturer? The solutions could be, first to create a web identity, second to be a part of any of the leading business 2 business internet portal, and third; to create authenticity by being a verified manufacturer. These steps would create confidence in the prospective buyers mind. But this process needs to have an adequate follow-up done by updating and informing the world about the manufacturing capabilities and product designs categorically. This improves the chance of gaining the trust of buyers.

 

 

Application Areas of B2B Portals:

 

In the life cycle of a business, B2B portals have many potential application areas.

 

  • Create an Identity: B2B portals create an identity for the business in the global market. They create searchable list of good suppliers and products which are efficiently marketed through direct marketing initiatives, trade fair participation and paid/free search optimization techniques resulting in the buyers reaching the right suppliers.
  • Increase the sales: B2B portals optimize the company's website for search engines. Priority listing given in the B2B portals enables the search engines to prioritize the concerned company, and thereby be noticed by importers for valuable supplies. This could be a bit costly proposition since internet searches today are changing their methods of giving priority listing to companies.
  • Increase the efficiency of Supply Chain Management: 70% of the turnover is in materials. Getting connected with highly cost effective suppliers which would lead to fewer inventories holding and being competitive in having high quality raw materials at a low cost.

 

 

Will Importers opt for B2B portals?

 

In today's competitive business environment, importers and retailers are looking for improving their supply chain by choosing alternative suppliers on quality and price front either through an agreement with the existing B2B portals or by having their own websites. Being a part of the B2B portal is the beginning of a business cycle. Retailers and importers have realized the value of internet since most of them have done customer purchasing through internet sites. Once the level of penetration and awareness increases among the manufacturers, simultaneously, importers feel it convenient to choose the suppliers through B2B initiatives.

 

Companies Approximate Budget for Online Expenses

 

 

Successful B2B Models:

 

B2B portals provide a comprehensive and up-to-date source to advertise the business on the internet. It empowers online business by augmenting manufacturer, supplier relationship, and creating an 'e-bridge' between them. There are horizontal B2B portals like alibaba.com, which work predominantly on priority business listings, and vertical business portals like fibre2fashion.com, which work on focused and precise product search listings.

 

B2B portals, an Interface for International Trade- Future Prospects:

 

Advancements and happenings in technology and increase in the average of bandwidth will help B2B portals to generate valuable business through virtual models like web casting and web conferencing which will help the companies to launch their products to the source and display it in the desktops of audience. Online trade fairs will help to generate valuable business connecting suppliers and buyers from across the globe. Another interesting area of growth in B2B will be through lead maturity model, where B2B portals work on behalf of suppliers in finding the right buyers or vise versa, arrange meetings and help the companies to complete the business.

 

Business came into existence since the time when man felt the need for barter system, and communication is very vital for the existence of any business. So till the time the need for business communication is present in this world, there is a promising future of B2B process. E-Commerce flavored with B2B can create inspiring results. Welcome to the world of ever-growing network community, 'B2B Portals' to avail cost effective services and solutions.