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Enterprise Marketplaces: How to Use and Benefit

This guide was created by Oro Inc. and Novalnet to help you recognize the power of an enterprise marketplace to transform your business model and determine if operating a marketplace is right for your company.
enterprise marketplaces guide
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Who should read this guide?

This guide is designed to introduce the marketplace concept to leaders in many business disciplines. It explains why marketplace popularity is on the rise and delves into the various marketplace enterprise models, means of monetization, trends, benefits, and challenges in accepting payments. 

This guide is essential reading for any forward-thinking leader. It includes insights helpful to:

  • Digital Commerce Directors
  • Marketing and Sales Executives
  • CEOs and Leadership Teams
  • CTOs and IT Leaders
  • CFOs and Finance Teams

Why download this guide?

The modern eCommerce marketplaces are the natural evolution of the stand-alone webstore. Gartner forecasts indicate that by 2023, 70% of enterprise-grade marketplaces will serve B2B buyers and sellers. The B2B marketplace is the next wave of eCommerce, and you don’t want to fall behind.

1. What are marketplaces and are they a good idea for your business?

Buyers and sellers have been meeting in marketplaces to do business for thousands of years. Once selling moved online, it was only a matter of time before digital marketplaces popped up. Today’s enterprise marketplaces are so much more than Etsy and AirBnB. Discover why brands launch online marketplaces, who benefits from marketplaces, and how to determine if a marketplace will benefit your business.

2. Marketplace types and monetization models

Not all marketplaces look and operate alike. This guide explains the different types of marketplaces and the wide variety of ways businesses can monetize a marketplace even when goods are offered for free. For a better understanding of the tremendous amount of marketplace variety, you’ll see examples of the different types of marketplaces.

3. Technological backbone of building a good marketplace

Behind every innovative marketplace, there are equally innovative technology solutions. One of the challenges facing marketplaces is building the technology infrastructure that serves operators, buyers, and sellers, and partners equally well. Find out what features you must have to create and expand a digital marketplace and how to evaluate marketplace eCommerce platforms.

4. Payment challenges of marketplaces

One of the greatest challenges facing marketplaces is the ability to process cross-border payments and settle mixed carts. Buyers love the convenience of making one purchase from multiple vendors at a marketplace, but this poses a challenge when it comes time to the checkout. Learn how to overcome these payment processing challenges and the other payment challenges posed by marketplaces.

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Frequently Asked Questions

What is an enterprise marketplace?

An enterprise marketplace is a digital platform that connects multiple buyers and sellers within a specific industry or business ecosystem. It enables businesses to streamline procurement processes, manage vendor relationships, and facilitate transactions efficiently.

How does an enterprise marketplace work?

An enterprise marketplace works by providing a centralized platform where buyers can discover, compare, and purchase products or services from a curated list of approved sellers. It often includes features like catalog management, order management, payment processing, and analytics to facilitate seamless transactions.

Why does a business need enterprise marketplaces?

Businesses need an enterprise marketplace to improve procurement efficiency, reduce costs, increase transparency, and foster collaboration within their supply chains. It helps them find trusted suppliers, negotiate better pricing, and streamline purchasing processes, ultimately driving operational efficiency and growth.

How do enterprise marketplaces make money?

Enterprise marketplaces typically make money through various revenue models. They may charge transaction fees or commissions on sales made through the platform, offer premium subscription plans for sellers, or generate revenue through advertising and sponsored listings.

How to choose the right enterprise marketplace for your project development?

To choose the right enterprise marketplace for your project development, consider factors like industry focus, scalability, customization options, integration capabilities, user experience, security, and pricing models. Assess your business needs and objectives to find a platform that aligns with your requirements and goals.

How to join the best enterprise marketplaces?

To join the best enterprise marketplaces, businesses typically need to go through an application or onboarding process. This may involve submitting relevant information, meeting certain criteria, and agreeing to the platform’s terms and conditions. It is crucial to research and understand the requirements and procedures of each marketplace before seeking to join.

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