B2B company Virto Commerce unveils the Virto Marketplace
Business-to-business (B2B) digital commerce platform Virto Commerce announced Wednesday, March 23, the launch of its new Virto Marketplace offering, which aims to help businesses scale and add new business models.
Virto Marketplace supports both proprietary and third-party marketplace models, depending on version, connecting to e-commerce solutions without reformatting. As such, solutions can be adapted, extended or recomposed to meet different market requirements and business scenarios.
Moreover, Virto Marketplace works with many products and suppliers. It comes with both vendor and carrier specific functionality, thanks to its headless and Application Programming Interface (API) based nature.
“To solve customer problems, B2B e-commerce solutions must provide a wider assortment of products than those available in a single category,” said Denis Clifford, Chief Customer Officer at Virto Commerce. “Creating cross-category and in-market experiences should be possible for all businesses, regardless of size and scale. We are excited to bring this new, adaptable solution to market and address this emerging trend.
Meanwhile, Evgeny Grigul, co-founder and vice president of Virto Commerce, said the application has seen the company build “a fully fledged composable marketplace solution”.
“Over the past few years, Virto customers, such as Bosch Thermotechnik, Leventus or Giift, have successfully created market solutions from existing Virto modules,” Grigul said in the release. “However, Virto still lacked a complete, standalone market application. We solved this problem with Virto Marketplace.
PYMNTS wrote that the pandemic has seen businesses in various industries think more about how they work with their operations, especially with B2B payments.
Read more: Data: B2B companies consider payment options for integrated financing
Many companies have looked for ways to streamline things while providing cost-effective payment options to suppliers and other key business partners.
Integrated finance could help by enabling companies to offer better payment and banking services directly to customers and suppliers. Plus, it would help them get rid of the friction that usually comes with B2B payments.
Integrated finance makes it possible to integrate payments into previously non-financial processes or platforms, facilitating things like buy now, pay later (BNPL), which is becoming increasingly popular lately.