When products or parts are ordered from new suppliers, there can often be a sense of anxiety: will they be as described? How long will it take for them to arrive? And, if there are any issues, how do I make an easy return?

A turbulent trading environment in recent years – influenced by factors such as the pandemic, rising inflationary pressures and supply chain delays – has put even more pressure on getting B2B buying right. According to a new study supply chain woes – including delays, capacity constraints and elevated prices - are costing UK businesses more than £12 billion a year in lost revenue.

To address these challenges, business leaders have been reviewing their operations. In the UK, there has been a 22% increase in the number of vacancies for supply chain managers, outpacing an 8% increase in the total number of UK roles advertised. This is likely to only paper over the cracks as there continues to be a lack of focus placed on creating better supply chains. In fact, according to the Department of Business & Trade’s National Survey, only 3% of businesses see improving or refreshing their supply chain as a way of growing over the next 12 months, a one percentage point decrease year-on-year.

While it may not fix all of the problems a business has, I believe that adopting new technologies for B2B buying is one of the simplest—and most effective—ways to rapidly level up your procurement process. And to do that, online B2B marketplaces should become a key channel to turn to.

B2B buyers are frustrated by the outdated, old-fashioned, and—at times—not fit-for-purpose procurement model. According to Avionos, 97% of online B2B buyers experience some sort of pain point during their purchasing process because of suppliers’ tech solutions. Yet, 66 per cent of B2B buyers expect a similar experience when buying on a B2B site as they would get on a B2C site, according to Wunderman Thompson.

B2B online marketplaces, which are modelled on their B2C counterparts, are helping revolutionise the B2B buying experience. At their very core, online marketplaces serve as a meeting ground for millions of buyers and hundreds of thousands of sellers to connect with one another. Globally, 34 per cent of consumers use them as a source of inspiration for purchases – three percentage points ahead of search engines – while 35 per cent of all online purchases are made on marketplaces. When compared to other channels, online marketplaces consistently rank first for consumers in terms of price, convenient delivery, easy returns, and product reviews and advice.

Now, to make B2B buying easier than ever before, online B2B marketplaces are leveraging the same technologies that make B2C marketplaces so popular. For example, at Alibaba.com, a leading B2B ecommerce platform for global trade, we’ve adapted our popular live streaming function to enhance transparency and drive engagement between buyers and sellers. It enables sellers to showcase products in their portfolio, offer live demonstrations as if they were in-person, and provides opportunity for B2B buyers to ask questions in real-time.

This has been supported by new virtual reality factory tours. Here, B2B buyers can get up close and personal with a buyer, see the inside of their factory and ensure it meets their own standards, all from the comfort of their office. During Super September, Alibaba.com’s largest B2B sales event of the year, more than 20,000 virtual reality showrooms will be presented. The integration of technologies like this has completely eradicated the need for long and expensive trips overseas in search of new suppliers. 

Finally, smart solutions have also been used to create a simple and intuitive way for buyers to search for products. Alibaba.com’s Image Search feature acts as a picture-led discovery channel. Users can submit a picture of any product, which is then instantly cross-checked against more than 200 million products from 200,000+ suppliers around the globe. This efficiently enables businesses to shop around for the best deals and drive margins.

We know that marketplaces aren’t a ‘silver bullet’ to all the problems that buyers face. But, they are at the very forefront of meaningful supply chain innovation – innovation that presents new opportunities for businesses to connect and deepen their engagement with suppliers, build resilience, and capture growth opportunities.