B2B Marketplace Monetization: Top Strategies
The procedure of monetization can help store owners generate new ways of revenue that can benefit them financially. For every b2b multi-vendor marketplace platform, revenue and profits are very important to create stability in operations and finances. As a store owner, you must consider the liquidity and scale of the marketplace.
Product Sales:
This is the most basic and instant way to generate revenue for business owners. This is where businessmen can display their products online to compete with their competitors and earn higher profits.
The sale of each product directly transfers the amount to the account of the owner. Basically, we call this technique customer revenue generation where a business receives payments directly from their potential buyers. There is no third party included in between and hence, the revenues are maximum.
Vendor Commission:
By applying this strategy, admins can generate commissions for their multivendor marketplace platform. As the commission suggests itself, the store owner receives a fraction of revenue against particular sales.
In the online marketing channel, vendor commission is one of the best and most well-known methods of earning handsome amounts. The best multi-vendor marketplace platforms like Uber, eBay, Etsy, etc. also use this technique to grab huge revenues.
How to Implement Commission?
There are multiple methods to generate commissions in multi-vendor marketplace platforms. These include either:
- Via third-party sellers
- Via categories
- Via product selling (As discussed before)
Global Commission:
In this technique, the owner of the b2b marketplace can get monetary advantages by charging their customers for their product showcasing. It is up to the store owner whether he/she sets this commission individually or globally.
As per the global trading laws, the sellers have to pay the commissions that are set by the admin according to the global multivendor marketplace platform rates. Additionally, the calculations for the commissions will be according to the fixed rate rather than the variable cost.
Category-Based Commission:
This kind of commission helps business owners earn amounts in an advanced manner. This commission can either be fixed or set as a percentage. The B2B store owners earn revenues in the form of this commission that depends on the complete cost of the product that is sold.
Subscription Fee:
Subscription fee is the best and most widely used way of revenue generation that is used by the b2b multivendor marketplace platform sellers. In this technique, buyers are asked to purchase memberships for which they will get discounts on the prices of the products.
Most sellers also pay a fee to the main admin of the store so that the admin can allow the showcasing and selling of certain products under the flag of the seller’s account. Again, the fee calculations are either fixed or done on a percentage basis.
Listing Fee:
In a b2b multi-vendor marketplace platform, you as a store owner can also charge for the number of products being listed on the showcase. This strategy is another way to monetize your b2b multi-vendor marketplace platform and is considered very successful.
But, you should also remember that this fee is set for shorter durations and on a limited quantity of these products instead of all. And no doubt, it is the most used technique to generate higher profits.
Advertisement:
Advertising your products can increase their reach on the online multivendor marketplace platforms. The more you spend on ads, the more customers you will get.
Via an advertisement channel, a seller can purchase a particular section of the whole multi-vendor marketplace platform to showcase their products for selling purposes. This provides the advantage of monetary benefit.