Marketplaces aren't just a trend, they're becoming a key to victory in B2B.
40% of the strategies used by winning companies đŻ to grow faster than competitors are now marketplace-centric.
McKinsey & Company's survey of over 3,800 decision-makers found that the fastest-growing B2B companies are now selling more via third-party marketplaces with tailored strategies and also building their own marketplaces.
đĄ The Marketplace-First Mindset Goes Mainstream
As customer behavior in B2B progressively mirrors B2C, the marketplace focused approach is rapidly gaining traction.
Outperforming B2B companies are increasing the share of their sales efforts through both 3rd party and owned marketplaces.
Nearly half (48%) of the fastest-growing companies participate in industry-specific marketplaces, compared to just 13% of those losing market share.
đ° Big Spends means Bigger Opportunities
Whatâs also driving the growth of marketplaces is the increasing number of B2B customers willing to spend big on online transactions today.
An impressive 70% of decision-makers are ready to spend up to $500,000 in a single e-commerce transaction.
Even more noteworthy, the number of decision-makers willing to make a $10 million+ purchase online has almost doubled over the past year.
đ Marketplaces: A Top Route to Market
Whether third party or company-owned (or both), marketplaces are becoming one of the top routes to market.
Successful companies are recognizing this
40% of market share winners are selling online via a third-party marketplace,
just 27% of underperforming firms adopted this a strategy .
Company-owned marketplace use also saw an 8% growth in 2022.
đ ď¸ With these trends in mind, it's no surprise that about 50% of companies are in the process of building, or planning to build their own marketplace.
Selling on own or 3rd party marketplaces is not only a viable strategy, it's increasingly a necessary one in B2B.
Are you one of the companies that leverage them?