Blog · Approx. 2 minute read
Marketplaces Change the Game for Manufacturers
The manufacturing sector continues to evolve, and it goes beyond moving towards Industry 4.0. Manufacturers have been among the first to adopt marketplace giants like Amazon. In fact, many manufacturers have found tremendous value in creating their own, one to many marketplaces.
Take Hewlett-Packard Enterprise (HPE) for instance. HPE knew buyers were needing a seamless eCommerce experience that closely matched the experiences they had as consumers when shopping for personal reasons. But, HPE wanted to ensure they didn’t launch a solution that would cause friction with important dealer partners. That’s why the company decided to operate on a marketplace model.
Doing so provided buyers the experience they wanted like being able to search and find the right items at the right price, without having to go through negotiations, as well as let dealer partners participate as sellers. Plus, HPE had the added benefit of gaining deep buying behavior insight on what was being purchased and how it was purchased.
HPE’s example of leveraging a marketplace environment to deliver on expectations across all parties involved is not an exception. In fact, Forrester predicts that “hundreds of new B2B marketplaces will be launched in the next year — and thousands in the next decade.”
If manufacturers haven’t considered the marketplace model yet, the time is now. But, standing the marketplace up is only half of the equation. While it might seem daunting to get started with a marketplace, solutions like Arcadier, a SaaS marketplace builder that enables businesses to build their own white-labeled marketplaces, are available to step in and help. In order to offer buyers the entire purchasing experience they desire, manufacturers need to know how B2B buyers prefer to pay. And since 82 percent of B2B buyers would choose a vendor over others if that vendor offered invoicing at checkout with 30-, 60- or 90-day terms, manufacturers need to make sure they can deliver the ability to pay on terms.
TreviPay lets manufacturers outsource their credit and payments program to support an omni-channel experience for B2B buyers, including the ability to pay by invoice online. Plus, TreviPay easily integrates into POS systems, legacy ERP, CRM, and bank systems to streamline internal processes. With the solution’s dynamic pricing capabilities, manufacturers can offer contract pricing by customer down to the SKU level, across geographies.
Ready to take advantage of the marketplace movement? Enlist the power of TreviPay to scale operations and increase revenue. Request a demo now.