How Technological Innovations Affect B2B Marketplaces?

B2B marketplaces are the products of technological innovations. First and foremost, the advent of internet provided the platform for global b2b marketplaces to exist. This was followed by the use of various technological ideas to improve the capabilities of b2b marketplaces.

The business directories and b2b marketplaces would have not been so effective without the use of technological concepts. The following discussion highlights the main technology-based concepts that have helped the b2b marketplaces to gain importance among the buyers and sellers.

Electronic Data Interchange

Electronic data Interchange or EDI is the way by which buyers and sellers communicate during a business transaction. Sending and receiving the information about your trading partners in the form of electronic documents is made possible by EDI. So, EDI has played a significant role to maintain communication between a buyer and a seller in a b2b marketplace.

B2B Hubs
Also known as e-Hubs, these are the b2b marketplaces that help in implementing the business to business commerce strategies. B2B exchanges and catalog hubs are the two types of B2B hubs. High-end synchronization and great visibility in the supply chain are two of the many benefits offered by these technology driven marketplaces.

Also known as supplier exchange, e-procurement is the purchase and sale of supplies using internet and other systems like enterprise resource planning. The e-procurement websites allow the registered members to search for buyers and sellers. Supply chain management is taken to a higher level with the help of e-procurement.

Online product catalogs or e-catalog are among the most useful technological innovations that b2b marketplaces have. These are the product catalogs with higher degree of precision than the printed catalogs. E-catalogs allow the businesses to maintain their products’ information and display it is the quality form. Use of colored texts, images and other multimedia features make these catalogs an important part of b2b transactions.

Online Payment
Online payment methods are governed by technological advancement, adding more value to the b2b transactions. The technology behind online payment makes it easy for the buyers and sellers to finalize the deal instantly.

Standards have been setup for all the technological innovations that contribute towards the success of b2b marketplaces. Facilitated by technology, b2b marketplaces are significantly contributing towards the world trade cycle.

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