The B2B eCommerce world has been experiencing rapid growth in recent years. In fact, the industry is expanding so rapidly that it’s set to outpace and beat the development of B2C eCommerce over the coming months and years.
“B2B eCommerce growth shows no sign of slowing down. In 2018, the United States hit $1 trillion in online B2B sales, up 17% from $969 billion in 2017. These numbers will continue to climb, reaching $1.8 trillion by 2023.” – Forrester Research
With the advent of digital marketing and eCommerce, more companies are looking for B2B eCommerce solutions since it increases the ease and transparency of transacting with big businesses.
Although the majority of B2B entrepreneurs are aware of digital transformation and are gradually adapting to the shopping habits and expectations of online users, the number of suppliers reaping the benefits of this opportunity is still limited.
85% of B2B companies perceive that digital commerce is a significant income opportunity that they aren’t yet completely using.
“Old marketing was dictation… New marketing is communication. Change from Convince and Convert to Converse and Convert!” -Ted Rubin
Whether you’ve just started or haven’t even considered B2B eCommerce as a significant wholesale channel yet, here’s why you must be a part of this new approach to marketing.
1. Reach Potential Customers Anytime, Anywhere
Online B2B selling has been around for the last 20 years, but it wasn’t built with the potential to reach new or prospective B2B customers. However, with emerging technologies, online websites that are being currently developed are capable of successful customer acquisition.
The rise in B2B eCommerce allows access to more B2B buyers that can be targeted globally anytime and anywhere. B2B eCommerce also gives access to new stores, geographies, product catalogs, divisions, and so on. This makes your B2B selling easier than ever before.
Having your product catalogs online allows you to reach out to more customers, especially those who have entirely shifted to the online space. Leverage the power of search engines with SEO to efficiently promote your offerings to your potential customers.
As per a report shared by Pear Analytics, 70% of prospective buyers who start with a Google search return to search 2-3 more times, and 12% refine their search more than 3 times.”
So, if you’re running a B2B business and you think that your prospective customers aren’t searching you on Google, think again. Get your website pages indexed by Google to find new visitors and convert them into customers.
2. Fast-track Order Fulfillment with Cloud-Based eCommerce Systems
Selling online offers B2B sellers an opportunity to fasten their order fulfillment processes. How? It offers a modern cloud-based eCommerce platform for order processing and tracking inventory.
Today, cloud-based eCommerce platforms have built-in order management systems. Modern Order Management Systems (OMS) treat the entire supply chain as an interrelated ecosystem that permits suppliers to automate their internal processes from order to satisfaction.
OMS can easily integrate with other digital catalog software that reduces errors in order placement and improves inventory tracking. This, ultimately, enhances customer relationships by offering timely service and order delivery. B2B sellers can now promise a quick, accurate, and transparent delivery to the B2B customers.
For instance, TradeGecko is an amazing cloud-based commerce system that allows B2B eCommerce businesses and wholesalers to manage inventory, orders, customers, and an extensive supply chain ecosystem from a single integrated platform.
Here’s How We Launched a Multi-Channel B2B2C eCommerce Platform for UK’s Largest Car Part Supplier
Net Solutions helps you deliver robust and scalable B2B eCommerce development services to your customers. We help businesses focus on digital transformation to ensure better customer experiences with high performing websites.
We collaborated with Euro Car Parts (ECP) to build a B2B eCommerce platform. Founded in 1978, ECP is UK’s largest car parts supplier. Our experts helped them build a platform that enhanced the digital experience for their customers and delivered a faster supply chain logistics ultimately leading to an increase in conversion rates and sales.
Read more about the opportunity and challenges here
3. Enhance Analytics for Better Insights
Combining business software like – ERP, PIM, Procurement, CRM, etc., gives you a comprehensive perspective on all business forms. This helps get an instant insight into all the bottlenecks and arrive at significant business decisions to manage your activities swiftly.
As depicted in the above image, adopters of digital transformation are achieving 9% higher revenue creation, 26% more prominent effect on profitability, and 12% more market valuation.
Following are the 4 key factors that can help improve analytics through branding:
- Consistent communication with clients through social media channels and to keep them updated with unique content.
- Use of engaging content, characters, graphics and online ordering gateways to enhance user experience.
- Optimizing your B2B eCommerce websites for mobile.
- Creating your brand story that not just sells your product to the customers but also strengthens the relationship with existing buyers.
4. Offer Customer-Centric Support
“74% of business-to-business customers and 63% of consumers will pay more for a great experience”. – Salesforce
This implies that businesses have an opportunity to enhance their revenue by offering a delightful experience. And, if you skip this, here’s what your customers are likely to experience.
Nowadays, users prefer researching products and services prior to purchasing them. B2B eCommerce websites offer customers access to self-service portals with reviews, product descriptions, shipping and handling information, order history, and delivery tracking information.
By availing the personalization capabilities of B2B eCommerce platforms, store owners can personalize the storefronts and display the products as per customers’ demand. Also, the customer-facing teams gain access to data of every customer and their transactions. This offers completely personalized and customer-centric support to customers.
With features such as rich content, intuitive design, and interactive functionality B2B eCommerce website ensure a remarkable customer experience for retail customers and B2B buyers.
5. Retain the Repeat Customers
Attracting new customers and keeping the existing ones happy is something every business tries to focus on. Also, it is equally important to maintain optimum revenue from new and repeat customers to retain business growth and reach sales goals.
“Only 15% of B2B buyers want to speak with a salesperson when repurchasing the same product or service.” – McKinsey
So, why not make it easy and progressively consistent for the repeat customers to purchase from you?
Create a customer profile based on Customer Lifetime Value (CLV) and Net Promoter Score (NPV). Keep track of repeat purchases and ongoing customer activity. This will help you identify customer’s requirements and problem areas. Once you start addressing them, the churn rate reduces and the sale increases, generating higher revenue. And, chances are your business becomes their most preferred supplier.
With higher repeat customers, businesses can explore the opportunity of offering a continuous subscription-like service. An eCommerce platform permits them to buy and re-buy the products and services swiftly without an additional footstep of connecting with a representative. This spares time for you as well as your customers.
A combined online marketing approach mentioned above emphasizes on multiple ways to attract, retain, and repeat customers on your website by leveraging the power of B2B eCommerce.
The B2B buyers are shifting to the internet more than ever before and this is a huge opportunity for B2B businesses to undergo a digital transformation and capture the online market. It’s equally important to construct a strategy that offers your customers a digital experience during their online interaction with your brand.
Embracing eCommerce for your business will help establish your brand’s digital presence along with ensuring an impactful multichannel sales strategy.