Opportunity to Test New Products and Services
According to McKinsey, more than 25% of total revenue comes from launching new products, meaning that continuous innovation and testing should be on the agenda of any company looking for sustainable and healthy business growth.
By leveraging data, companies can learn what products and services are in greater demand and use that knowledge to develop and add new products (or substitutes) where the supply falls short. Surely, any other concepts can be tested, such as different pricing strategies, website layouts, catalog representations and so on. You can also allow your vendors to test their concepts or ideas, which is what Amazon does, for example, by allowing its merchants to perform A/B title experiments so they can learn which product titles work better and contribute to more sales.
To put it shortly, B2B marketplaces offer a fertile ground to test new concepts and make informed decisions based on predictive short-term and long-term metrics derived from data