Business-to-business (B2B) digital commerce platform Virto Commerce announced the launch of its new Virto Marketplace offering on Wednesday (March 23), which aims to help enterprises scale and add new business models.
The Virto Marketplace supports first and third-party marketplace models, according to the release, connecting to eCommerce solutions without re-platforming. As such, solutions can be adapted, extended or recomposed to accommodate different market requirements and business scenarios.
Additionally, Virto Marketplace works with numerous products and vendors. It comes with vendor- and operator-specific functionality, thanks to its headless and application programming interface (API)-driven nature.
“To solve customers’ pain points, B2B eCommerce solutions need to provide a wider assortment of products than those available in a single category,” said Denis Clifford, chief customer officer at Virto Commerce. “Building multi-category and marketplace experiences should be possible for every business, regardless of size and scale. We are delighted to bring this adaptable new solution to the market and respond to this emerging trend.”
Meanwhile, Evgeny Grigul, co-founder and vice president of Virto Commerce, said the demand has seen the company build “a full-fledged composable marketplace solution.”
“During the last few years, Virto’s customers, such as Bosch Thermotechnik, Leventus, or Giift, have been successfully building marketplace solutions out of existing Virto’s modules,” Grigul said in the release. “However, Virto still lacked a standalone, complete marketplace application. We’ve fixed that with Virto Marketplace.”
PYMNTS wrote that the pandemic has seen businesses in various sectors thinking more about the way they work with their operations, especially with B2B payments.
Read more: Data: B2B Firms Eye Embedded Finance Payment Options
Many companies have been looking into ways to streamline things while also offering cost-friendly payment options for suppliers and other key business partners.
Embedded finance might help with that by letting businesses offer better payment and banking services directly to customers and suppliers. Additionally, it would help rid them of friction usually going along with the B2B payments.
Embedded finance allows payments to be integrated into previously non-financial processes or platforms, which helps with things like buy now, pay later (BNPL), which is seeing more usage as of late.
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