5 THINGS YOU SHOULD KNOW ABOUT B2B
Knowledge Base | By: Ruchi Shah
If you're running a business, especially, in the gems and jewellery industry, knowing what terms like B2B, B2C, B2B e-commerce mean can make all the difference.
In this article, we shed some light on the term ‘B2B’. B2B is the acronym for Business- to-Business.
Below are the top 5 things you should know about Business-to-Business:
1. B2B shows the type of parties involved Business to Business
B2B, is about commercial transactions between manufacturers and wholesalers or wholesalers and retailers. It’s when the business community transacts internally for supplies and services.
It is a common type of transaction in the gems and jewellery industry.
2. B2B occurs for bulk purchasing
If a business needs to purchase products in bulk, it leads to B2B transactions. B2B also occurs when the purchasing is timely, regular and recurring.
3. B2B can be credit-based or cash based
It depends on the parties involved in the commercial transaction. If the businesses have a long trustworthy association, they work out the method accordingly.
4. B2B transactions can now be online
There are various digital platforms called B2B E-commerce, which are industry-specific or cater to a wide general series of products across sectors.
Merchants, service providers and product sellers register on the platform, go through the products/services, agree to the payment and transfer the money online.
5. B2B can also have a middle way
Unlike other B2B platforms, Jewelxy has a unique model for the gems and jewellery industry. Buyers and suppliers can elicit services or products online; however, they can pay offline. This is also referred to as O2O, online to offline, type of B2B.