Nowadays, everyone is so busy they hardly have the time to go to different stores to buy something. The best solution is to look for the product online. There are thousands of b2b exchanges online who sells all types of products ranging from vegetables to dresses. Though not all online sites sell goods, some only help customers in the process of buying the product. These sites who don’t sell goods normally showcase the e-catalogs of various reputed stores on their site. So that people who wish to purchase something can compare the prices of different stores and buy it from the one that fits their budget.
A purchase portal or a b2b marketplace is not just beneficial for the customer, but also for companies who are a part of these portals. These marketplaces are very much cost effective which means the company doesn’t need to bear too many overhead costs on a product. This way, the companies make more revenue from a product sold online than at a local store. These online marketplaces take care of everything in the selling process like negotiation, quotation and billing. They even make shipments and provide after sale services to customers. In a store, all these are done by the company, so most of the companies are heading for these online marketplaces.
There are separate portals that offer suppliers to have a wholesale business. MOQ facility is available on these portals and sizes are decided solely by merchants. The price falls with the increase in the quantity of goods, as there are high discount rates on heavy volume purchases. Most of the portals don’t charge any listing fee from the merchants. They also deliver goods to buyers free of cost. There are both online and offline ways of payment available for the buyers.
Everyone wants to be cost effective in the business sector. All the e-commerce facilities available online makes this easy. Now you can compare costs of products on a worldwide basis and buy the cheapest one. All these have been made possible by global sourcing. With the help of global sourcing, companies can get products and services at a much cheaper rate from anywhere in the world. This way their overhead costs are much lesser which means the price of the goods is much lower. Global sourcing has also created employment opportunities all over the world. Sometimes employee cost in foreign countries is low, so the companies hire employees from those countries. This way employment opportunity is created in countries that lack in industries.
A country also needs import export for its economy. People tend to think that an import of goods is done only when they are not available in the country. But sometimes goods are imported when they are cheaper in foreign countries. Due to import and export, local people get the opportunity to try exotic foreign goods that are not readily available in the local market. There are a lot of formal and informal barriers in export and import procedures. Tariff and Import quotas are a few of these trade barriers.