B2B Payments

eBay Enterprise Targets The B2B Crowd

When eBay announced that it would separate from its eBay Enterprise unit, the market did a collective shrug. The news didn’t make much of an impact, considering it was announced at the same time eBay separated from PayPal, a much more drastic change in the market.

But since the split, eBay Enterprise has been busy, and the industry is starting to listen up. Earlier this month the firm, which is rumored to be the subject of an impending acquisition, announced what it called an “industry first” with the launch of its Dynamic Commissioning service, which allows businesses to gain stronger insight into their sales and marketing efforts.

On Thursday (Aug. 13), eBay Enterprise announced its latest plans, this time for its Magento unit. The corporation is rolling out its Magento B2B Program, an expansion of the unit’s existing B2B eCommerce-as-a-Service unit. According to the company, its B2B Program provides the industry’s fastest time to market and will offer B2B-specific services to buyers and suppliers, features that will add on to Magento’s existing eCommerce-as-a-Service tools for B2C sellers.

According to the company, B2B buyers and sellers are already using Magento for their eCommerce needs.

“Distributors and manufacturers favor the Magento platform because they can curate consumer-like experiences for their buyers and still take advantage of Magento’s flexibility to customize any aspect of the order flow to match their unique business requirements,” said Mark Lavelle, eBay Enterprise SVP and GM of commerce technologies, in a statement.

Magento noted that nearly one-third of its enterprise clients are already using its platform for B2B sales. In preparation for the first phase of the B2B Program launch, the firm said that it has struck partnerships through its Partner Initiative to provide new services to enterprise clients. Those partners include eWave, Alpine Consulting, Redbox and Gorilla Group, according to reports.

The firm cited recent research from Forrester that found 93 percent of B2B procurement officials prefer to buy online, and the number of buyers expected to complete a B2B purchase online is slated to nearly double by 2017.

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With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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