Pardon the pun, but business-to-business, or B2B, sales are big business. When most people consider who a business might be selling to, they picture the consumer sitting at the end, enjoying their product. However, if you've ever worked in a company, you know enormous sums exchange hands in between businesses every day. Let's explore what business-to-business e-commerce is and how you can use it to grow your business.
Types of B2B E-Commerce
Business-to-business e-commerce can come in a variety of different forms. Here are just a couple:
- Wholesale Business: You buy something in bulk at a low(er) price and sell it onward at retail value. Are you looking for an example of a Black-owned B2B wholesale business? Look no further than Bifties Wholesale!
- B2B2C:In other words, Business-to-business-to-consumer. The manufacturer sells goods to another business, which then sells its product to the consumer.
Benefits of Growing Your Business Through B2B Wholesale
Bear with us here, this may be another section with a lot of marketing jargon, but we promise we'll explain it as simply as possible. Some of the benefits of business-to-business wholesale are:
- Increase in AOV and Order Volume: AOV, also known as average order values, and order volume benefit from a business-to-business structure. AOV and order volume increase because the wholesale industry strives on long-term deals and shifting vast quantities of products.
- Leads to Greater Brand Awareness: Especially when you sell on to another business, which in turn sells on to consumers (the before mentioned B2B2C), brand awareness increases by having your product pop up in a variety of different retailers. Greater brand awareness means more opportunities for the business and more trust in your products.
- Fixed Margin of Profit:As a B2B wholesale business, we predetermine our profit margin and do not need to worry about selling a certain amount of goods at the retail stage. A definite bonus to moving large quantities of stock!
- Fewer Marketing Costs:When you sell to your wholesale partners, your marketing costs decrease as you aren't selling to individual consumers. B2B marketing is a different ball game!
Tips to Grow Your Business through B2B Sales
Growing your business through B2B sales doesn't have to be a massive headache. Here are some tips on how to go further:
- Retail Stores are Your Friend: Even as a B2B company, you must have an ideal customer in mind. Look for businesses, whether online or retail outlets, that sell to your ideal demographic. And don't be afraid to reach out to them! They can buy your products directly from our marketplace.
- Network The Day Away:We all love to socialize, but networking strikes fear in the hearts of most. Remember: you're just getting to know someone, and it might end up being a key business opportunity for you. No sweat.
- Websites Are In:There are still B2B wholesalers out there relying on pen and paper. You need an outstanding online presence for other businesses to get to know you.
Bifties is your number one marketplace for buying from businesses of color without having to spend hours googling. We have always been here to do that work for you!
Are you looking to support more people of color in your retailer? Bifties Wholesale is our wholesale alter-ego, designed to bring Black-owned brands to the retail chains you already shop at! It's that easy to support the best Black-owned has to offer. Tell your favorite store about us!
Thanks for reading!