B2C transactions are often limited in value, while B2B exchanges involve millions; therefore, trust becomes a vital asset in trade.
Building trust is tougher than constructing a skyscraper. Trust develops over the years through clear communication, transparent transactions, and reliable delivery.
In traditional marketplaces, businesses develop trust with face-to-face personal interactions, verified references, and recurring payments. But today, businesses are consistently transforming into online commerce, and a simple mistake can put them at stake.
Industry-Specific Solutions
As businesses have moved into digital platforms, rather than becoming easier, it has brought a lot of challenges, such as scams, fake suppliers, unverified buyers, unreliable listings, and improper transaction details. This has begun to crumble the trust of B2B businesses.
While some businesses have thrived through commerce, some have become the victims of incomplete deliveries, substandard products, payment delays, and outright fraud.
According to a global industry insights survey:
- More than 60% of B2B businesses have experienced at least one fraud case in the last 2 years.
- 45% of the buyers are hesitant to buy from the new business listings.
- Sellers are expressing different experiences with buyers, as they disappear after sending quotes/samples, leading to a waste of time and resources.
This growing trust deficiency is harming the B2B ecosystem and slowing down business processes. Furthermore, businesses are losing efficiency, leading to a compromise in trade.
Why Trust is Harder to Maintain Online
In physical ways, trust can be built and sustained in different forms like meeting the buyers/suppliers, visiting the factory, taking quotes personally, and negotiating live; these actions help in building mutual trust between buyers and sellers.
Whereas online trade is intangible, one has to believe what they see – Profile listings, ratings, and reviews.
The gap between online and offline commerce:
- Lack of Verified Identities: Many platforms allow everyone to sign up online with no proper verification.
- Improper Communication: The bridge between the buyer and seller is communication, and improper contact makes it harder to establish accountability.
- Payment Uncertainties: Trust will break quickly if financial commitments are not met. Improper payment verifications and hidden costs lead many enterprises to move out.
- Fraud & Misinterpretations: Fake suppliers, improper quotes, and manipulations of records become a threat to the new vendors registering on the platforms.
Urgent Need for a Trust-centred Marketplace
B2B trade with proper business verification, transparency, and trusted business listings is no longer optional. Only then can the businesses confidently explore new opportunities, scale and be profitable.
The next generation B2B marketplace is more than just connecting buyers and sellers. They must act as a bridge between the trust gap and create an ecosystem that is more reliable and transparent.
How Surechain is Uniquely Redefining Trust
Unlike other traditional B2B platforms that only focus on business listings, transactions, and trade, Surechain is built differently with a mission of establishing trust and a network, allowing suppliers and buyers to freely trade and scale their businesses.
How Surechain is unique:
- Verified Business Identities: Every buyer and seller undergoes a strict verification, ensuring the businesses interact only with authentic and legitimate partners.
- Transparent Communication Channels: Direct and transparent interaction via audio calls, video calls, and also by posting content is moderated now. This helps both buyers and sellers for proper interaction.
- Providing Premium Plans: Paid features on the platform need business verification, which brings in more credible business for both buyers & sellers, and can also prove their authority.
- Resolution of Conflicts: In any case of conflicts, Surechain provides structured support to resolve the issues between the businesses.
Surechain is more than just a platform – it’s a trust-and network-building ecosystem enhancing holistic B2B marketplace experience for businesses.