B2b Garments And Jewelry Markets
Due to today’s technical technologies, goods profession can currently be done online. Business-to-business (B2B) profession is likewise being done online.
An on the internet B2B profession generally refers to trade in between the supplier as well as the producer and also the representative and also the merchant of product.
The get in touch with in between distributor and also customer is normally developed online, especially in B2B markets or B2B networking websites.
On-line B2B profession is not restricted by geographical limits. If he desires to get materials from overseas regions, a customer can go to B2B trading websites with a globally subscription base.
Document in between the trading celebrations is typically done online and also repayments are refined with net funds transfer as well as financial solutions.
A B2B profession is comparable however not the like on the internet selling. Since call as well as sales happen online, it is comparable.
There are likewise providers that auction or show off their product as well as there are purchasers that seek the very best goods high quality at the most effective rate.
The distributors as well as purchasers in B2B profession are unlike that in on-line selling. In the last, the distributors are the stores as well as the customers are completion customers that will certainly utilize the item or goods acquired.
In the previous, both customers as well as vendors are local business owner or entities.
The purchasers in a B2B profession are not completion individuals of the traded goods. They are one action greater in the supply chain than completion individuals;
they’re mosting likely to be the straight vendors of the goods. In many cases, the purchaser might likewise be a maker that has actually gotten resources for his very own product manufacturing (claim a watercraft contractor purchasing air conditioning system for his line).
B2B Trade in Garments as well as Jewelry
On-line B2B trading is especially valuable in the garments and also precious jewelry sector. Masks, tribal artefacts as well as makings can additionally be purchased straight with B2B trading sites.
If you desire to come to be a store of garments and also fashion jewelry, you require to seriously think about ending up being a participant of a B2B trading website so you would certainly have accessibility to accredited makers and also representatives.
On the various other hand, you can check out the wholesale garments as well as precious jewelry dealerships in the internet as well as locate those that supply high quality product at practical rates.
Business-to-business (B2B) profession is additionally being done online.
An on the internet B2B profession normally refers to trade in between the supplier as well as the supplier and also the supplier and also the merchant of goods.
The call in between provider and also purchaser is normally developed online, specifically in B2B markets or B2B networking websites.
A B2B profession is comparable however not the very same as on-line selling. The vendors and also customers in B2B profession are unlike that in on the internet selling.
If somebody tells you that your present corporate website can be converted to a B2B portal which will help you significantly improve your company’s productivity in both of the two primary factors: Revenue Growth and Cost Saving,
and that the portal can be launched in a matter of months with a very reasonable investment, what will be your reaction?
Read on to learn how corporations all over the world are missing out from an opportunity, which can revolutionize the way they manage their businesses.
What is a B2B portal?
A portal is defined as an access point to World Wide Web. A portal is a combination of web pages, features and services which become a primary destination for users.
The word was first used to describe the sites of popular Internet access providers or search engines such as AOL, MSN and Yahoo! At a later stage,
the word “portal” evolved into something bigger covering business websites, where a corporate portal or enterprise information portal acts as a base for employees, customers, suppliers and other associates of a company to access corporate information and web services.
A B2B portal is a distinct kind of website with features to conduct electronic business and manage significant parts of corporate business processes.
Benefits of having a B2B portal
Today, B2B portals are not just a fancy idea! They are an absolute necessity for all enterprises of any shape and size. The advantages of having a quality B2B portal are massive. Implementation of a true high quality B2B portal could have immediate impact on company productivity.
Revenue Increase from Existing Clients
Existing clients get faster and easier access to product information, quicker response to their requests, get better customer support and are able to buy products online.
Revenue Increase from Value Added Services
Once a B2B portal is set as the primary sales channel, freed resources can be used to create more value added services for clients. Some of the services that the portal may offer also could be utilized to generate more value.
Order Processing Cost
If the B2B portal integrates supply chain management solution, it will reduce the cost of processing orders drastically. Studies show that similar solution can reduce cost of processing a purchase order from US$ 70 down in average to US$ 6 only.
Sales and support costs
Automated sales and customer support features integrated in the solution is capable of reducing overhead costs up to 30 percent.
Inventory keeping costs
Clearer visibility and forecasting ability thanks to various features of the B2B portal may help companies considerably reduce inventory keeping costs.
Other key benefits include:
Low customer acquisition cost
Branding the portal on the Internet effectively will help attracting customers from new sources. The cost of acquiring customers through online channels is always cheaper than other traditional methods.
Improve customer service
Ability to have constant interaction with customers through the B2B portal helps companies serve customers better. The B2B portal solution allows tracking the whole ordering process from payment to delivery and brings greater efficiency in customer service.
Reduce sourcing time cycle
The customers can select products from the integrated marketplace of the B2B portal and either sends purchase orders or using the shopping cart buy products out right.
Buyers handle all their procurement related correspondence from a consolidated working page, which helps them react instantly and reduce time in document processing.
Company buyers and sellers can create communities surrounding the B2B portal’s discussion board. This helps getting valuable feedbacks on time, building new partnerships using
the networking ability of a community, and disseminating important information through out the members easily.
Real time access to current product information
Current information of a product is vital for an accurate buying decision. Updating product content and other information using customized forms as it is necessary, the company can help buyers and other associates take critical decision promptly.
Control rogue spending
Consolidated and automated procurement and approval method stops maverick buying in a company.
Main components of a B2B portal
Supply Chain Management
Supply chain management solutions can deliver great values to company’s existing systems. Implementation of these solutions will help achieving incredibly high return on investment and will have tremendous impact
on company’s business, which include: better productivity, faster order processing, greater visibility, the elimination of maverick; or unplanned purchasing, etc.
This is the venue where the enterprises can post their products for sale. A sophisticated shopping cart will be integrated into the electronic marketplace in order to automate the buying process.
Electronic auction system can use both English and Dutch auction methods. For convenience the auction component can be integrated into the electronic marketplace. Online auction helps liquidate surplus goods easily.
This solution allows the company to automate electronic procurement, where suppliers compete for business real time online.
Storefront for Participants
Each associate of the B2B portal will get a Storefront that may reflect profile of the company, its products, services or other information.
A Forum or a Discussion Board is an organized, on-line interactive message board where participants conduct discussion on a set of topics by posting questions, comments and responses.
Internal Messaging System
Sophisticated Internal Messaging System allows a participant of the B2B portal send and receive messages from other participants and the company.
Since the messages do not leave a secured server, participants would not be worried about sending sensitive information over the Internet.
Catalog based bulletin board allows company associates to post important notices in various predefined formats.
Directory of Companies
This is a listing of all registered associates of the B2B portal either by business category or by alphabetical order. An advanced search engine tool is incorporated in order to find a company based on data provided.
E–catalog — a hierarchy of product and service categories based on UNSPCS, a global products and services classification method that covers the broadest
collection of industries and commodities available today, and designed to facilitate e-commerce transactions by providing geography-independent common nomenclature system.
Product Content Adding System
Product adding mechanism based on either easy-to-use wizard or simple but detail forms allow users to integrate products or services with accurate and up-to-date information.
The system can generate an alert and send by email to a user, who requested to inform once a particular product or service gets added to the E-catalog.
Numerous other features could be incorporated to an existing B2B portal depending on requirement, such as: News Aggregation using RSS feed, Contact Management, Electronic Journal, Press Room, Document Repository, etc.
Time needed to set up
Using ready made B2B Portal components from a provider like Rusbiz.com a medium size portal can be build or integrated to existing website within three to four months.
By developing a B2B portal ahead of your major competitors you can give your business a significant boost and make your company stand out from the crowd.
Why Suppliers should use B2B exchanges
Business to business e-commerce is on the rise! Worldwide B2B e-commerce revenues are estimated to reach around US$ 2 trillion in 2004. This is a significant leap from last year’s US$ 1.4 trillion.
However, according to a recent survey, although, more than 70% of companies have already used Internet as a purchasing channel, a mere ten percent of their overall spending is directed via the Internet! Contrary to popular believe, this means, B2B e-commerce has still large potential to grow.
Internet has the capacity of changing the conventional way of doing business. Today, you can not only buy and sell your products and services on the Internet, you can, virtually, shift all your business processes to online solutions as well.
If you take advantages of new Internet based technologies, the outcome would be tremendously beneficial to your business. How to do this without spending a fortune and not putting a huge pressure on scarce corporate resources? The possible answer could be B2B exchanges!
A B2B exchange is an online marketplace, where buyers, sellers and intermediaries form communities, exchange views, offer products and services, and conduct business transactions.
By becoming a member of a B2B exchange you can benefit in both cost-saving and revenue increase – two primary requirements of productivity increase.
New sales channel
By becoming a member of a B2B exchange, you open a low cost, highly functional and easy-to-use sales channel for your company.
You expose your company to a new targeted audience that otherwise would have been untapped. Prospective customers can buy products and services from you, using various venues and features of the B2B exchange, where you are a member.
Marketplace: All B2B exchanges include a marketplace, where suppliers can post sales offer of their products and services.
Buyers, looking for specific products, can easily find best suppliers that suit them from the marketplace. A populated marketplace can easily become a good sales channel for a supplier.
Electronic catalog: As a member of the B2B exchange, you are allowed to add all your products or services to the consolidated online repository of the exchange.
Adding your products to the repository helps to create online standardize electronic version of your product specification – if you don’t have that before – and use the same catalog with other electronic sales systems – even with other B2B exchanges using XML interface.
You can publish sales offer of your entire catalog to the marketplace, eliminating a need for other web presence. You can add products or services to the repository one by one or you can use XML interface to upload your whole electronic catalog.
Web Store: Some B2B exchanges allow you to convert or integrate your website to their exchange. This helps you to handle sales conveniently from your website and the marketplace of the exchange seamlessly.
You can make a web store from scratch with the help of integrated website builder of the B2B exchange as well.
Auctions: One of the great features of many B2B exchange is their auction systems. As we all know from the immense success of Ebay,
auctioning is a great way of selling products online. Some exchanges boast reverse auction system, where suppliers bid for a deal posted by a buyer.
As a supplier, you can participate in those tenders without any extra cost involved.
Low customer acquisition cost
Your mere presence in the B2B exchange might bring you new customers! Since the buyers come to the exchange themselves; your cost of getting customers through this channel is relatively low in comparison to other traditional channels.
You can even increase your visibility by advertising in the key places of the exchange, where your prospective buyers frequently visit. Being highly targeted, these ads produce incredible results.
Improve customer service
Ability to have constant interaction through the B2B exchange allows you to serve your customers better. You can track the whole ordering process from payment to delivery and bring greater efficiency in customer service.
The integrated functions of an exchange such as sales management, internal messaging service, lead management, etc. also help you managing customers service process effectively.
Efficient information sharing method
When needed, you can instantly update your catalog and inform customers about changes. Whether you are launching a new product or having a web seminar, through the B2B exchange you can share the information more efficiently.
Some B2B Exchanges use sophisticated knowledge management systems to create, capture, reprocess and reutilize information intended for specific group of audience. These contents or information can be displayed on demand or in time to a member – when needed.
Business processes management
One of the primary objectives of using B2B exchanges for you should be their ability to handle, run and administer various business processes. These solutions assist you to streamline your business, reduce overhead costs and reduce documentary errors.
Using technologies in a bid to streamline business processes like supply chain is nothing new. Companies have been using various solutions to support product development, customer service, procurement and other integral processes for many years.
Before the Internet era, many companies have invested enormous amount of money in infrastructure building to automate supply chain process.
Today, thanks to the Internet, even small companies have opportunity to use highly sophisticated supply chain solutions for a small cost. Many B2B exchanges, such as Rusbiz.com, allow small companies to use supply chain management solution for a small fee.
The major benefits of using supply chain solutions include:
Reduced sales time
Better inventory control
Reduced manufacturing cycle time
Reduced cost of goods
Business to business e-commerce is evolving very fast. The fact is, at one point, most of all business transactions will take place via the Internet.
B2B exchanges are a way of building cost-effective e-business environment on the Internet, which is capable of producing concrete and quantifiable business benefits to the participants.
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