In today’s competitive environment, businesses are aggressively leveraging Internet technology to operate more efficiently, gain insight into customer behavior, and reach new markets.
There will be 10,000 digital marketplaces or vertical exchanges by 2003, according to some estimates. And any businesses not planning to participate in an electronic trading network just might not be around by then. We’ve all seen the announcements of electronic B2B marketplaces over the past year. One early entrant was VerticalNet.
It’s but one example of a B2B marketplace organized around vertical industries such as chemicals, metals, automobile parts, food supply, office equipment, telecom services, aircraft parts… and so on.
These trade communities provide an online marketplace through which buyers and sellers worldwide can exchange information, source products, and execute online transactions. They frequently offer targeted content, focused audiences, and qualified sales leads.
The Internet is a powerful sales tool, and digital marketplaces can help vertical businesses by providing e-commerce solutions that do all of the following for member firms:
- Attract target audiences
- Inform prospects with supplier directories and industry news
- Offer customized products to meet buyers’ specific needs
- Provide secure transactions worldwide, 24/7
- Provide interaction with colleagues and industry experts
- Provide a reliable order fulfillment and distribution network
- Permit global trading of production goods
These exchange communities use technologies that allow buyers to source and compare complex products online, while allowing sellers to participate in e-commerce without developing a costly infrastructure.
Sounds complicated, right?
Not to experts like Philip Say and Chris McTiernan. Each week, thanks to our friends at B2BWorks, Philip and Chris of NOVO will alternatively give you their views on a spectrum of topics. These topics range from advertising, sales, marketing, and analysis to internal operations, supply chain management, and innovative business models that take advantage of the new economy. In addition, they will cover the technology, software solutions, and infrastructure needed to support the enterprise.
These guys know their stuff. As an e-business strategist for NOVO, Philip has more than seven years of experience in e-business consulting, product management, and sales. He works with executive managers of Global 1000 companies to define, articulate, and implement e-business strategies that increase customer loyalty, improve employee productivity, and enable greater collaboration across the supply chain.
In turn, Chris is a senior member of NOVO’s e-Business Strategy and Planning Group. Chris partners with clients to define e-business strategies and operational plans. He has played a lead role in planning and leading the development of several highly successful Internet ventures for NOVO’s Fortune 500 and dot-com clientele.
So starting next Monday, stay tuned. See you next week.