The most illustrative example of using the Virto Marketplace platform is when a company already has a B2B online store and wants to expand its sales opportunities by inviting partners and third-party sellers to promote and sell products on its website, turning a mono-brand online store into a marketplace.
The first step we see in such cases is when a company from the B2B sector simply adds some pages with a description of partner products to the website. Generally, these descriptions do not have product attributes and are often displayed without even a price.
Obviously, placing partner product descriptions on the vendor website is just an exchange of links, not a marketplace. Prospects are invited to go to the partner's website and submit their request there. The maximum benefit a vendor receives is the ability to track the number of visitors continuing on to a partner's website. You will never know, however, if that customer bought a product from the partner or not. Accordingly, you cannot count on commissions.
You can find other illuminating examples of electrical engineering and mechanical engineering at vendor portals. Their partners are listed on their website, with relevant offerings like project documentation and professional services for the maintenance of machines, etc.
Some partners also build their physical products based on the vendor's components, like assembling electrical cabinets from the vendor’s relays and switches. But for customers, there are no actual prices, no product or service specs, and no ability to place the order and pay.
Take note of another rapidly growing niche for online marketplaces. Many IT companies are interested in building their application ecosystem as a marketplace. Such a marketplace is intended to sell various add-on applications and digital services developed by third parties to expand the functionality of software products from the marketplace owner.
The truth is that many B2B vendors are interested in building a marketplace, but the ecommerce software they use is probably not capable of implementing this functionality. So SMB sellers are especially interested in expanding their customer base through the marketplace owned by a large vendor.
Now, as we have identified the market niche and target audience for our new product, including vendors, suppliers, implementation partners, and third-party sellers, let's see how Virto Marketplace works in more detail.