B2B eCommerce Marketplaces (2023 Updated)
Did you know that Malaysia’s gross export earnings this year are expected to rebound by 2.7%? Yes, it was stated in the Ministry of Finance’s (MOF) Economic Outlook 2021 report.
The report mentioned that Malaysia’s gross export earnings are expected to rebound by 2.7% in 2021 after a projected 5.3% decline in 2020, encouraged by the recovery in global trade and supply chains.
Based on the Ministry of Finance (MOF) GDP report and the information provided, the high-demand products and sectors in Malaysia can be summarized as follows:
- Private Consumption: Private consumption has experienced significant growth, contributing to the overall GDP. This suggests a high demand for various consumer goods and services, including retail products, motor vehicles, and tourism-related services.
- Wholesale and Retail Trade: Wholesale and retail trade sales have increased substantially, indicating a strong demand for consumer goods. Motor vehicle sales, retail trade, and wholesale trade have all shown positive growth, reflecting increased consumer spending.
- Services Sector: The services sector has recorded significant revenue growth, reaching RM506.5 billion in Q2 2022. The Wholesale & Retail, Food & Beverage, and Lodging segments have contributed to this increase, suggesting a high demand for services related to these industries.
- Manufacturing Sector: The manufacturing sector has shown positive growth, with the Industrial Production Index (IPI) increasing by 12.1% in June 2022. Sales in the manufacturing sector have also increased, led by the electrical and electronic equipment manufacturing subsector. This indicates a strong demand for manufactured goods, particularly in the electrical and electronic equipment industry.
- Exports: Malaysia’s external trade, particularly exports, has experienced double-digit growth for consecutive months. This suggests a high demand for Malaysian products in international markets. The manufacturing sector, in particular, has attracted foreign direct investment (FDI) and contributed to export growth.
- Financial and Banking Sector: The banking system in Malaysia remains strong and supports credit intermediation in the economy. Higher loan growth in sectors such as wholesale and retail trade, transportation, storage, and communications indicates increased demand for financing in these areas.
High Demand for E&E Products
According to MOF, there will be a high demand for electrical and electronics (E&E) products in line with the global digital transformation. Additionally, the 5G roll-out is expected to expand the exports of E&E products by 3%.
In other words, now is a good time to start exporting your products if you plan to expand your business.
There are many B2B Ecommerce Marketplaces available. What is the best platform for you to go for? I guess most business owners are struggling when choosing the best marketplace for their business.
In this post, we are pleased to share the summarized findings on the 6 best online B2B ecommerce marketplaces.
Table of Contents
- B2B eCommerce Marketplaces (2023 Updated)
- Alibaba.com – Largest B2B Marketplace in Asia Market
- Amazon Business – The Second Mover into the B2B Market
- TradeIndia – India’s Largest Online B2B Marketplace
- EC21 – Korea’s Largest Online B2B Marketplace
- eWorldTrade – China’s Credible B2B eCommerce Marketplace
- Averest – Malaysia’s New Adopter of Online B2B Marketplaces
Alibaba.com – Largest B2B Marketplace in Asia Market
Alibaba.com is a leading e-commerce platform that helps SMEs venture into global trade. They help SMEs reach millions of buyers from around the world.
Efforts are made to entice and captivate their target prospects and nurture greater lead generation to the platform.
This crowded B2B ecommerce marketplace is known for being a centre of genuine and trustworthy manufacturers who offer the highest quality goods at the most competitive prices.
Network Effect. This is Alibaba’s primary competitive advantage in the market. As an early market player, it was able to attract a large number of vendors, who in turn attracted customers due to the large number of options that were available.
Easier & Efficient Shopping Experience. Buyers can browse a huge collection of products from every industry. The website has been professionally built with a clutter-free interface to make shopping easier and more effective for buyers.
Sellers are able to customise their products, which drives a lot of traffic to the web.
Amazon Business – The Second Mover into the B2B Market
Amazon Business is a B2B version of Amazon’s e-commerce platform. Following the beta launch of Amazon Supply in 2012, Amazon Business is the company’s second foray into B2B.
This marketplace specialises in office and manufacturing supplies. The service is aimed at business customers who need features like multiple users on one account, additional and credit options, as well as Amazon’s regular low prices, large selection, and quick delivery.
Simpler Approach. It created a business-friendly version of its standard website. The consumer and business sites run on the same platform.
Sellers are able to sell to both businesses and consumers in the same place while business buyers can get different goods, content, and pricing.
Free Exchange Policy. This policy makes it more efficient for placing bulk orders. It also provides overnight delivery to keep customers interested and satisfied. That’s definitely something you’d like to have.
TradeIndia – India’s Largest Online B2B Marketplace
TradeIndia offers all businesses (including SMEs and MSME’s) a single forum to promote their goods and services online.
The marketplace is an ideal platform for buyers and sellers from all over the world to connect and conduct business in a seamless, convenient, and efficient manner.
A High Number of Monthly Visitors. TradeIndia provides a wide product range and has over 20 million monthly visits as a result of its global success. It is a favourite of import-export traders all over the world because of its impressive statistics.
Self-Payment and Logistic Services. TradeIndia not only provides a B2B Ecommerce Marketplace platform but also offers payment security programmes (TI Pay), collateral-free loans (TI Lending) and logistic services (TI Logistics).
Businesses are able to handle the payment and logistic issues with TradeIndia’s self-services.
*Note: All the services offered are subjected to TradeIndia based on the country and region.
EC21 – Korea’s Largest Online B2B Marketplace
EC21 was established in 1997 in Korea and has become one of the world’s largest online B2B Ecommerce Marketplaces. It is truly global, with one million customers and over 600,000 monthly inquiries, similar to Alibaba.
EC21 Inc. was established in 2000 as an online trade board of the Korea International Trade Association (KITA).
Localised Marketplace. EC21 operates in three different B2B marketplaces namely EC21 Chinese, EC21 Korean and EC21 Global which has eight different linguistic user interfaces.
They offer localised marketplaces especially in China and Korea based on their language, website appearance, etc. which increases the acceptance of local buyers to buy products from non-local providers.
eWorldTrade – China’s Credible B2B eCommerce Marketplace
Other than Alibaba, eWorldTrade is also one of the highly credible B2B ecommerce marketplaces established in China. The brand is well-known for being a crossroad for specialist manufacturers and leading brands from various industries.
The company has a well-designed, mobile-friendly website that serves as a bridge between buyers and sellers.
Fully Optimised Online Platform. eWorldTrade is a fully configured online B2B marketplace platform that is well designed so that no matter what you’re looking for, you can easily use the advanced search bar to find it.
It is able to add filters to ensure a customised shopping experience, which is something that every customer desires.
Quick & Convenient. eWorldTrade provides buyers with a quick product discovery experience. Buyers can easily search for the product they are looking for.
This increases the overall shopping experience for customers and increases brand visibility for local providers.
Averest – Malaysia’s New Adopter of Online B2B Marketplaces
Averest is the new adopter from Malaysia to provide a B2B ecommerce marketplace for all industries. They were established in mid-2018 with a passion for helping the local Malaysian SMEs and manufacturers grow their business locally and globally.
Transforming local traditional SMEs in Malaysia is their vision that helps them remain competitive instead of being wiped out by competition.
Affordable Membership Package. As Averest aims to help local traditional businesses in Malaysia, it offers low-end membership packages that are affordable for SMEs.
It helps businesses pick up the exporting potential with a low budget. The lowest budget starts from 97 USD (approximately RM400) for 1 year.
The Bottom Line
Amid the Covid-19 pandemic, export, import, and global trade are booming. Businesses that act quickly will be able to seize the opportunity, expand globally and benefit the most.
We hope this post is useful in helping you find the best-suited online B2B ecommerce marketplace! If you have any further questions, feel free to let us know in the comment.