What do you mean by B2B?
B2B, short for 'business-to-business,' denotes commercial exchanges between two businesses rather than between a business and a consumer (B2C).
B2B transactions encompass the transfer of products, services, or information between two businesses, where one business acts as a supplier or vendor, and the other as a buyer or customer.
How do B2B transactions function?
B2B transactions are typically more intricate and involve higher quantities of goods or services compared to B2C transactions. This is because they often entail longer sales cycles and necessitate tailored solutions to meet the specific needs of each business. B2B transactions can occur through various channels such as direct sales, e-commerce platforms, or via intermediaries like wholesalers or distributors.
Instances of B2B transactions comprise:
- The supply of raw materials from a supplier to a manufacturer.
- A business procuring software services from a technology provider.
- A corporation hiring a marketing agency.
B2B transactions play a vital role in the global economy, fueling innovation, growth, and job opportunities.
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