If someone tells you that your current business website can be converted to a B2B portal that will help you improve your business’s productivity in both of the two primary factors: Revenue growth and cost savings, 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 companies around the world lack an opportunity that can revolutionize the way they manage their businesses.
What is a B2B portal?
A portal is defined as an access point to the World Wide Web. A portal is a combination of web pages, features and services that become a primary destination for users. The word was first used to describe the websites of popular ISPs or search engines such as AOL, MSN and Yahoo! Later, the word “portal” evolved into something larger that covers business websites where a business portal or business information portal acts as a base for employees, customers, suppliers and other affiliates of a company to access business information and web services. A B2B portal is a separate type of website with functions for conducting electronic business and managing essential parts of a company’s business processes.
Benefits of having a B2B portal
Today, B2B portals are not just a fancy idea! They are an absolute necessity for all businesses of every type and size. The benefits of having a B2B portal are huge. Implementing a true, high-quality B2B portal can have an immediate impact on a company’s productivity.
Increase revenue from existing customers
Existing clients get faster and easier access to product information, faster 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, saved resources can be used to create more value-added services for clients. Some of the services that the portal can offer could also be used to generate more value.
Cost of order processing
If the B2B portal integrates supply chain management solution, it drastically reduces the cost of processing orders. Studies show that a similar solution can reduce the cost of processing a purchase order from $ 70 on average only to $ 6.
Sales and support costs
Automated sales and customer support features integrated into the solution are capable of reducing fixed costs up to 30 percent.
Cost of storage
Clearer visibility and forecasting capabilities thanks to various features of the B2B portal can help companies significantly reduce inventory costs.
Other important benefits include:
Low cost acquisition for customers
Effective portal branding on the Internet will help attract customers from new sources. The cost of acquiring customers through online channels is always cheaper than other traditional methods.
Improve customer service
The ability to constantly interact with customers through the B2B portal helps businesses better serve customers. The B2B portal solution allows tracking of the entire ordering process from payment to delivery and provides greater efficiency in customer service.
Reduces the shopping cycle
Customers can choose products from the integrated marketplace on the B2B portal and either send purchase orders or directly buy products using the shopping cart. Buyers handle all their purchasing-related correspondence from a consolidated work page, which helps them respond immediately and reduce the time spent on document processing.
Business buyers and sellers can create communities around the B2B portal discussion forum. This helps get valuable feedbacks on time, build new partnerships using a community’s networking capabilities, and easily disseminate important information to members.
Real-time access to current product information
Up-to-date information on a product is crucial to an accurate purchase decision. Updating product content and other information using custom forms as needed can help your business and buyers make a critical decision immediately.
Check for junk spending
Consolidated and automated procurement and authentication method stops buying maverick in a business.
Main components of a B2B portal
Supply Chain Management
Supply chain management solutions can deliver great value to the company’s existing systems. Implementing these solutions will help achieve incredibly high return on investment and will have a huge impact on the business of the company which includes: better productivity, faster order processing, greater visibility, elimination of maverick or unplanned purchases, etc.
This is the place where companies can place their products for sale. A sophisticated shopping cart will be integrated into the electronic market 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 settle excess merchandise easily.
This solution allows the company to automate electronic purchasing where suppliers compete for real-time online business.
Storefront for participants
Each B2B Portal employee is given a Storefront that can reflect the company’s profile, products, services or other information.
A forum or discussion forum is an organized, interactive bulletin board where participants discuss a set of topics by asking questions, comments, and answers.
Internal messaging system
The extended messaging system allows a participant in the B2B portal to send and receive messages from other participants and the company. Since the messages do not leave a secure server, participants would not be concerned about sending sensitive information over the Internet.
Directory-based bulletin board allows corporate companies to send important messages in various predefined formats.
This is a list of all registered associates on the B2B portal either by business category or in alphabetical order. An advanced search engine tool is incorporated to find a business based on the data provided.
E-Catalog – a hierarchy of product and service categories based on UNSPCS, a global classification of products and services that covers the broadest collection of industries and commodities available today and designed to facilitate e-commerce transactions by providing geographical independent common nomenclature system.
Product content add-on system
Product add-on mechanism based on either user-friendly guide or simple but detailed forms allows users to integrate products or services with accurate and up-to-date information.
The system can generate a warning and send via email to a user who requested to inform when a particular product or service is added to the E-catalog.
Several other features can be incorporated into an existing B2B portal depending on requirements such as: News aggregation using RSS feed, Contact management, Electronic journal, Press room, Document retention, etc.
It takes time to configure
Using ready-made B2B Portal components from a provider such as Rusbiz.com, a medium-sized portal can be built or integrated into the existing site within three to four months.
By developing a B2B portal in front of your larger competitors, you can significantly boost your business and make your business stand out from the crowd.