Today, everything has found its place on the internet. A market doesn’t mean just shops and retailers anymore. There are various online marketplaces on the internet. These places offer numerous deals and offer on commodities that the general stores fail to offer. It attracts more customers than the local stores. These are also called b2b exchanges. Some are private markets while some are public. Recently there has been a minor shift in the market where most marketplaces are shifting their base from public to the private marketplace.
There are various types of b2b marketplace available online. An online marketplace is not only helpful for a customer, but also for companies that are part of these marketplaces. Normally, to sell a service or a product, a company has to invest on numerous departments like marketing, sales, advertisement. A company has to bear the cost of so many employees to sell a product. In an online marketplace, most of the costs are borne by the online market, so the companies make revenues without spending much money.These marketplaces form a community where all companies can take part. These b2b exchanges offer e-catalogues of companies from where customers can choose any desired item and purchase it.
These days, online wholesale business has gained worldwide popularity. Gone are those days when suppliers had to pay money to middlemen to get buyers. These online portals bring buyers and sellers on the same platform at free of cost. This way, the buyers and sellers both get advantages of the wholesale market without having to deal with the middlemen. Some of these portals provide great dealership opportunities to the buyers. They even have advanced programmes for buyer protection. The merchants can create their online store either in retail or in wholesale as per their preference. Active sales and logistics support are provided by these sites.
The concept of global sourcing doesn’t only mean outsourcing employees from foreign countries. Sometimes the delivery and manufacturing costs are lower in foreign countries. In that case, some companies use the foreign manufacturer and close their domestic factory. There are several organizations that help various companies in finding cheaper manufacturing units in a foreign country. Global sourcing not only offers cost efficiency but also gives a wider resource pool. Almost thirty to thirty-five percent cost savings can be done this way.
Another important aspect of a business is import export of goods and services. In fact, it is also important for individual consumers. It expands the global market, and help in the growth of the national economy. Every country has a different set of systems and infrastructure. Some countries have advanced capital markets and innovative technologies. This is why it is important to import something a country doesn’t have. In the same way, things are exported to countries that lack in these fields. Even if importing and exporting both is important for a country every country hopes to be a net exporter. It is because exporting brings foreign money in the country whereas importing creates an outflow of money.