A B2B marketplace is a digital platform that allows companies to interact with other companies to conduct business. This products and services marketplace facilitates the extension of distribution channels and helps businesses to get on with new partners. It also allows the providers to sell in bulk quantities. B2B marketplaces are managed by third parties wherein the operators are responsible for the automation of processes, investment in customer experience, and ensuring transparency in transactions. The importance and potential of B2B marketplaces can be assessed from this statement by Gartner – “By 2023, at least 70% of the enterprise marketplaces launched will serve B2B transactions.”