Mobile technology and the Internet have empowered consumers in a way that they are now more informed about market offers than the retailers trying to sell to them. Changing their minds or switching providers is now as easy as clicking a mouse.
The combination of commoditization and the empowered customer makes it even more important to have a Consumer Centric Culture where the experience of purchasing is just as important as the product that has been purchased. (Check out the last post to learn more about the Consumer Centric Culture).
Therefore, business owners must be able to buy the products they need in order to customise their customer’s requirement and be able to compete effectively in todays ‘experience economy’.
photo credit: https://pixabay.com/en/computer-laptop-business-office-3246121/
From B2C to C2B
Today’s era is no longer B2C but C2B. The consumer drives the transaction. Therefore, the B2B concept of “Make, Ship, Sell” is no longer applicable and is instead replaced by the B4B concept which allows retailers to buy “On Demand”.
The B4B model encourages manufacturers to stop thinking about how they can sell more products and start thinking about understanding and actively working with retailers to arrive at a specific end result. Manufactures should be working for retailers, not the other way around.
Applying the B4B concept, MarketOrders built the platform to bring “visibility of supply and Demand” for both retailers and manufacturers by “Digitization” of the entire gold jewellery industry by centralisation. A central network platform will successfully help to map out customer needs and desires which will help retailers to practice and implement a customer centric culture in return.
MarketOrders will help retailers to discover what their customers want, create greater density with designs and selection, a transparent system and increase the ability to tap into global sellers directly and faster, which will allow speed to market.
Now, using the B4B concept, business owners will be surrounded with a customer-inspired culture. In today’s digital customer era, creating a customer centric culture is and should be a top priority for all businesses, especially independent small retailers, in order to thrive in today’s customer first world.
The future is centralisation
Centralisation allows data and insights to be collected from every transaction. These insights can help grow the business of the participant on the platform with greater engagement to their customer closer. The building of technology embedded on the MarketOrders platform is focused on customer experience and the customer focus is at the heart of the snowball effect.
When you add the B4B concept with a centralised network, we will help small businesses to be in better control of their success at scale.
photo credit: https://pixabay.com/en/jewelry-manufacturing-manufacturing-1381501/
Why does the gold jewellery industry need centralization?
By centralizing the supply chain in the gold jewelry industry, it gives both retailers and suppliers a greater level of visibility in terms of where to source the best products they need.
The B4B model allows the technology to be built around the customer and helps small business owners understand their customer needs. For once, there will be the ability to see buying trends within the gold markets and this data can be used to generate deep insights for retailers to help drive their business success through better decisions making. These data based insights will drive greater adoption for more business growth and ultimately lead in helping achieve targeted business outcomes.
What do you think of the rise of the B4B economy? Post your comments below.
Written by CEO & Founder, Ram Krishnna Rao