Enterprises large or small rely heavily on B2b eCommerce marketplaces today. While most people use Google and other search engines to search for products, enterprises did not have the same capabilities in the past. However, this is now changing thanks to the increasing number of B2B eCommerce marketplace platforms.

Some would consider Alibaba and Amazon to be the pioneers of the online B2B marketplace. Today, Alibaba and Amazon are the biggest B2B marketplaces in Asia. SMEs have been relying on both these B2B eCommerce sites to not only reach out to customers in the region but globally as well.

China dominates when it comes to e-commerce, especially in B2C businesses, which has grown tremendously as companies focused on better serving a vast base of customers over the past two decades.

According to the B2B ECommerce: The Challenges and Opportunities Caused by Digital Acceleration report, total sales on B2B eCommerce sites grew 10% to $1.39 trillion in 2020. Though B2B marketplaces currently make up a modest share of all electronic sales, it appears the B2B industry is heading to an eventual marketplace-dominated distribution model.

Apart from the dominance of Alibaba and Amazon, other B2B eCommerce sites have also emerged around the region to give businesses more choices. For example in India, TradeIndia is the subcontinent’s largest online B2B marketplace with over 20 million monthly visits by both SMEs and large enterprises.

In Southeast Asia, Averest is Malaysia’s B2B eCommerce marketplace for all industries. Averest offers low-end membership packages that are affordable for SMEs. It also helps businesses pick up the exporting potential with a low budget.

Meanwhile, is Singapore’s largest B2B Marketplace, hosting thousands of small business online fronts with products and services, empowering them with the connectivity tools to do business globally at a few clicks.

Despite being one of the fastest-growing economies in the world, Vietnam’s businesses suffer from manual and inefficient processes resulting in wasted time and higher costs for both purchasers and suppliers when procuring goods. Additionally, purchasers cannot quickly source products due to the lack of price visibility and transparency.

To deal with this, EI Industrial is the first industrial-focused B2B marketplace in Vietnam that aims to accelerate digital procurement in the country. With, purchasers can now easily source from multiple suppliers and identify the best deals available.

Source: Techwire Asia news