With over $1.2Tn worth of B2B business moving online, and a growing proportion of this trade being done on marketplaces, B2B marketplaces offer a significant growth opportunity for organisations looking to shift from traditional supplier or distributor models to a multi-vendor direct to customer business model.

Omnyfy CEO, Fabian Rebeiro, sits down with Paul Skeldon from RetailX to discuss B2B marketplace in this webinar, which has been broken down into 4 easy to view parts, each discussing a specific topic.

Part 4 – Key features required for B2B marketplaces

In this section of the webinar Paul and Fabian discuss the key features required by operators of B2B marketplaces.

Other Parts

• Part 1 – B2B Marketplace Growth and Usage
• Part 2 – What’s driving the shift to B2B marketplace buying and how are customers buying?
• Part 3 – What are B2B customers buying?
• Part 4 – Key Features required in B2B marketplaces

With over $1.2Tn worth of B2B business moving online, and a growing proportion of this trade being done on marketplaces, B2B marketplaces offer a significant growth opportunity for organisations looking to shift from traditional supplier or distributor models to a multi-vendor direct to customer business model.

Omnyfy CEO, Fabian Rebeiro, sits down with Paul Skeldon from RetailX to discuss B2B marketplace in this webinar, which has been broken down into 4 easy to view parts, each discussing a specific topic.

Part 3 – What are B2B customers buying?

In this section of the webinar Paul and Fabian discuss what customers are purchasing on B2B buyers. This includes services, product and procurement for businesses.

Other Parts

• Part 1 – B2B Marketplace Growth and Usage
• Part 2 – What’s driving the shift to B2B marketplace buying and how are customers buying?
• Part 3 – What are B2B customers buying?
• Part 4 – Key Features required in B2B marketplaces

With over $1.2Tn worth of B2B business moving online, and a growing proportion of this trade being done on marketplaces, B2B marketplaces offer a significant growth opportunity for organisations looking to shift from traditional supplier or distributor models to a multi-vendor direct to customer business model.

Omnyfy CEO, Fabian Rebeiro, sits down with Paul Skeldon from RetailX to discuss B2B marketplace in this webinar, which has been broken down into 4 easy to view parts, each discussing a specific topic.

Part 2 – What’s driving the shift to B2B marketplace buying and how are customers buying?

In this section of the webinar Paul and Fabian discuss the different products and services that B2B customers purchase via marketplaces.

Other Parts

• Part 1 – B2B Marketplace Growth and Usage
• Part 2 – What’s driving the shift to B2B marketplace buying and how are customers buying?
• Part 3 – What are B2B customers buying?
• Part 4 – Key Features required in B2B marketplaces

With over $1.2Tn worth of B2B business moving online, and a growing proportion of this trade being done on marketplaces, B2B marketplaces offer a significant growth opportunity for organisations looking to shift from traditional supplier or distributor models to a multi-vendor direct to customer business model.

Omnyfy CEO, Fabian Rebeiro, sits down with Paul Skeldon from RetailX to discuss B2B marketplace in this webinar, which has been broken down into 4 easy to view parts, each discussing a specific topic.

Part 1 – B2B marketplace Scale and Growth

In this section of the webinar Paul and Fabian discuss the rapid growth of B2B marketplaces globally.

Other Parts

• Part 1 – B2B Marketplace Growth and Usage
• Part 2 – What’s driving the shift to B2B marketplace buying and how are customers buying?
• Part 3 – What are B2B customers buying?
• Part 4 – Key Features required in B2B marketplaces

Marketplaces are platforms with large volumes of transactions between buyers and sellers for goods and services. It is critical that the financial component of these transactions is effectively managed and allows customers to scale quickly. Millions of companies—from the world’s largest enterprises to the most ambitious startups—use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. With Stripe Connect, Omnyfy offers businesses a holistic solution for running and operating a multi-vendor marketplace.

Customers will benefit from the robust and scalable global solutions that Omnyfy and Stripe offer to grow exponentially. We will constantly innovate and work with global partners like Stripe to provide the new commerce with next generation solutions.

Frictionless commerce

In a world where B2C and B2B commerce and multi-vendor marketplaces are quickly expanding, businesses are beginning to look outside of the traditional lines of operation in a fight to defend their market position. This growth, and the willingness to venture into commerce and multi-vendor marketplaces, is largely attributed to the frictionless experience of Stripe solutions.

We have all experienced the frustrations when attempting to complete a purchase, consequently resulting in abandoned carts. Stripe puts the user at the forefront of the technology and paths a way to purchase. Users are presented with an uncomplicated, intuitive, and concise checkout page featuring Stripe’s payment integration. By utilising Stripe’s frictionless payment experience, customers’ security fears are alleviated, the checkout process is expedited on site, and the stress and extra steps at payment are relieved.

Customers are constantly expecting a fully frictionless payment experience, and to remain competitive, business owners must meet these demands. Stripe’s frictionless payment experience is provided entirely out-of-the-box, meeting the needs of businesses. In the interest of business owners, they see a reduction in cart abandonment rates, an increase in payment efficiency, and an overall increase in customer satisfaction and loyalty.

It is easy to see why Omnyfy has positioned Stripe as the leading payment integrations on our clients’ marketplaces, and we are extremely proud to be identified as one of Stripe’s launch partners for the partner ecosystem program.

How Stripe helps to accelerate launching a marketplace

Omnyfy has seamlessly integrated a range of Stripe products that fast track the development of a marketplace. We have made the pay in and pay out process a breeze with the help of Stripe Connect which allowed us to build an advanced commercial management tool for the marketplace administrators. The fully automated solution provides accurate accounting and visibility of their earnings for the marketplace owner and vendors. The release of funds from the marketplace to the vendors is as easy as a single click.

Onboarding new vendors is critical for the life of a marketplace and mainly in its infancy. The integrated KYC (Know Your Customer) process included with Stripe Connect is accelerating this onboarding but also removing the hurdle for marketplaces to go through an extensive process. They can then focus on other tasks while all vendors that register, and are approved, to participate on the marketplace can complete the KYC process in a few simple steps directly from the marketplace backend.

Start local, go global

Stripe supports Omnyfy’s customers in many ways and this is proven by the range of payment options available at checkout. Businesses can reach more customers worldwide with a unified, global platform and support for over 135 currencies and local payment methods through a single integration. From traditional payments methods to Buy Now Pay Later and popular digital wallets, the range of options is constantly evolving. The integration of Stripe within our marketplace platform is not only enabling our customers to get access to future technology but also to target new markets to expand beyond their borders and access the world.

Powering B2B Commerce

As part of the Advanced B2B Features Suite released with the new Omnyfy V4 platform, we have introduced a new capability to manage payment terms and credit limits on the marketplace designed for Business to Business transactions. Leveraging Stripe technology, we have powered this new feature with Stripe Direct Debit to allow payment terms. The terms are defined on a one-to-one relationship between buyers and vendors. The organisational structure enables you to have different payment terms for different departments. The marketplace platform will manage seamlessly all payments to occur through the different terms that are setup. This is an extremely powerful feature for all B2B and procurement marketplaces.

Built with support for Adobe Commerce V2.4.3 and above and also providing support for Adobe Commerce Enterprise version, Omnyfy V4 is the new foundation from which we will continue to build and extend, with capabilities unique to V4 only.

Omnyfy will continue to support clients on V2 and will begin our migration of all V2 marketplaces to V4 in early 2022, we will be communicating with each of our existing marketplace clients about the migration schedule in early 2022.

These are just a small sample of the enhancements that we have delivered in V4. Omnyfy has also addressed a ton of minor bugs and issues that we felt were impeding the quality of our marketplace product to create the most stable version of Omnyfy ever.

One of the instant benefits for the consumers is that Online Shopping Centre Marketplace provides an opportunity to get their usual shopping done online, under one umbrella bringing more convenience and optimising delivery time and costs.

“The success of a marketplace comes from the ability of the marketplace to offer buyers and sellers something unique, a new way of exploring, engaging and transacting, that improves the experience for everyone. Omnyfy offers a turn-key marketplace platform with extensive customisation capability and flexibility to create any marketplace you want “, said Alexis Susser, GM Sales and Marketing at Omnyfy.

Learn how Omnyfy helps retailers, shopping centres, airports to build an online distribution channel by creating a multi-vendor digital marketplace.

The Project Bidding Module with milestones payments functionality is a vital addition to any professional services or procurement marketplace. This powerful add-on module allows marketplace customers to post a project and connect with multiple vendors and specialty contractors that meet their requirements.

The Project Bidding Module is perfect to accommodate any tender process. The module allows customers to post a detailed project brief, find and invite suitable vendors to participate in the bidding. Vendors, on the other side, are able to accept the project and send their proposal, with the scope divided into milestones if necessary. Once both sides get involved in the negotiation process, the module is able to maintain the communication and support all future transactions between the parties.

Such functionality is a must-have module for almost any professional services marketplace. It ensures a great customer experience and enhances the transparency of all communications and transactions. This helps marketplace owner to establish their reputation and build trust within their industry.

The module was first launched with Poligage – a professional services marketplace that helps businesses find and engage with government and commercial policy advisors.

Project Bidding Module Benefits

• Connects project owners with vendors and service providers in the clear and transparent manner
• Allows to manage different parts of the project, involving multiple vendors
• Allows project owner to choose, compare and negotiate with multiple providers at the same time
• Enables millstone-based scope management and payments

The report outlines market trends and directions, draws the differentiation between core digital commerce and marketplace functionality and cites representative vendors that enable enterprise marketplaces.

Market Trends

Gartner states, “Developing an enterprise-grade marketplace is a complex undertaking that often involves fundamental business model changes. As a result, many of the vendors have relatively few enterprise clients. “

According to Gartner, “by 2023, 30% of enterprise marketplaces will transition into a third-party  seller model for better profitability.” Such a model allows the organisation to expand product offering and achieve better profitability by enabling third-party sellers to sell directly to the end customers through the marketplace.

Marketplace Technology

A Marketplace Operations Application (or Marketplace Platform) enables enterprise marketplace functionality that includes seller onboarding and management, combined product catalogues, order routing and management, seller payouts and more.

Gartner states that “Marketplaces must have multiple sellers, an assortment of product categories, and a larger number of SKUs…Operators will need functionality such as seller onboarding, product mapping, product deduplication, offer management, seller monitoring and alerting.” Omnyfy is one of few vendors that provide such features out-of-the-box, along with standard marketplace functionality.

Omnyfy

Omnyfy supports both turnkey native shopping cart functionality with a direct-driven front-end as well as fully headless API based marketplace capabilities. Omnyfy is a native Magento 2 marketplace solution but with our integrated ETL software, Omnyfy Fuse, is able to convert virtually any eCommerce platform into a Multi-Vendor Commerce Marketplace.

Omnyfy is currently integrated with Shopify for In-bound (Vendor inbound) integration for product and order sync and also supports Neto, to convert Neto into a fully multi-vendor marketplace enabled platform.

Omnyfy Marketplace provides marketplace operators with advanced vendor management capabilities designed to offer full control over the on-boarding, management and administration of marketplace vendors at every level. The marketplace operator can review and deny/approve vendor registration requests, make edits to vendors and perform tasks on behalf of vendors, have control over vendors’ stores, their categories and products. Vendor subscriptions are available to enable a marketplace owner to monetise the vendors on their platform by charging a monthly fee to use the platform. Subscription plans can be created with different plan frequency, value and entitlements.

Omnyfy also supports a basic product listing workflow that enables the marketplace owners to approve/reject products submitted by the Vendors, with the ability to add notes if a product has been rejected.

Choosing Marketplace Technology – Omnyfy’s Recommendations

Marketplace goes far beyond technology deployment, it is actually the entire business model that may require a lot of additional considerations such as the relationship with sellers, managing new products and categories, modifying customer experience and more. It is important to make an informed choice of the technology that supports the needed functionality, allows future growth and manages the complexity of a particular business model. Here are top 3 decisions to make, when deciding on a marketplace software:

• Marketplace operator should decide if they want to deploy an integrated solution or build an extension to an existing commerce platform.
• Marketplace owner should decide on the vendor onboarding process, the shipping model and payments early on to make sure all criteria are met when choosing a marketplace software.
• It is important to forecast the scale and the future expansion of the marketplace to choose the right technology that accommodates all the needs and provides additional functionality.

Market Guide for Marketplace Operation Applications, February 2021

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.