A market report shows an upward surge in the global medical supplies market owing to the COVID-19 impact. The market is estimated to cross the USD 100 billion mark by 2021, growing at a 13.4 CAGR. Moreover, the world is experiencing a tremendous rise in the B2B eCommerce market. And the interesting story is that smart, growth-oriented pharmaceutical wholesalers have already started drawing good profits by converging these two trends.
Let’s keep all the facts in light-
Online shopping is well-rooted in our lives and barring the B2C eCommerce market the B2B eCommerce market itself is estimated to reach USD 20.9 trillion by 2027. The B2B eCommerce has changed the way distributors and wholesalers purchase and sell stuff. And pharmaceutical supplies industry is no exception.
Here is what the numbers say-
In today’s marketplace, 74% of B2B buyers research online before making a purchase. Of these, 93% complete the purchase online itself.
Despite this great response to B2B eCommerce, currently, only 11% of the medical and pharmaceutical suppliers offer B2B eCommerce solutions.
So, the question is –
What’s stopping pharma wholesalers from embracing the B2B eCommerce Trend?
Traditionally, most of the B2B sales in the medical and pharma supplies marketplace were managed by sales representatives through manual marketing and customer relationship building. But, with the growth of online retail, medical and pharmaceutical distributors and retailers have already started defying the status quo by extending their research online and even making purchases online.
Now, it is a great opportunity for medical wholesalers to leverage the substantial perks of B2B eCommerce for pharma, which offers tangible profits and significant growth.
Why Pharma Wholesalers Must Utilize B2B Ecommerce Platform?
B2B eCommerce has already been offering unparalleled perks to the retail industry. It doesn’t just open the doors to an online ordering system for the pharma industry but will revolutionize the entire pharma supplies market in the years to come. The smartest move is to stay ahead of the curve and capitalize on the perks early. Some of the most significant advantages include-
Scale Up for Business Growth:
71% of B2B eCommerce portals for Pharma, report getting ideal traffic from desktop and mobile devices. It certainly means distributors and retailers are already making pharma and medical supply purchases online. If you as a distributor or wholesaler are still reluctant in offering online ordering option to the retailers and hospital procurement staff, you are likely to lose on a significant number of sales opportunities.
Enter and Dominate New Markets:
Nevertheless, a B2B eCommerce for medical supplies can help you grow your sales, it offers you a global exposure owing to the online presence. Unlike a brick-and-mortar store, your B2B store helps you collect orders 24×7 and from anywhere. You can always switch to affordable SAAS eCommerce platforms for kickstarting your B2B eCommerce store quickly. B2B eCommerce also means you are entering the new market of online retail that itself is huge.
Optimize the Business Processes:
When you employ an eCommerce solution, you can get a closer look at your sales cycle and business performance. An advanced B2B eCommerce software can help you analyze insightful data like –
- Monthly sales cycle
- Inventory turns
- Product Mix
- Sales representatives’ performance
- Customer engagement
You can utilize all this data to automate your inventory management, improve customer engagement, manage your sales force, etc. With this, a feature-rich B2B eCommerce portal can help your users download their order details, view the status of their orders, view order history, reorder, check the product catalogue, and directly drop an enquiry to you.
Most SAAS-based eCommerce solutions allow you easy integration with sales management software for automating sales transactions. One can also make integrations to streamline inventory management and logistics.
Leveraging Online Marketing Capabilities:
When you choose to penetrate the online retail market, you also choose to capitalize on digital marketing channels. Starting from the simplest (yet effective) online marketing channel, i.e. email marketing, you can take a step ahead by building paid marketing campaigns. These can help you market your business offerings to targeted pharma retailers and hospitals. Digital marketing channels allow you to reach out to your targeted audience in the best possible manner. It is likely to grow your sales up to many folds and eventually grow your brand.
Reduce Operations Management Cost:
Several reports claim manual paperwork processing takes significantly longer than digital processing. Moreover, with B2B eCommerce for Pharma, the sellers get an automated platform where they can place their inventory, while the consumers can directly place their orders. With this system, the sales representatives do not have to invest humongous efforts in chasing the clients, manually collecting their orders and processing these orders. Instead, they can invest most of their time in improving customer loyalty and drawing new leads through the eCommerce platform.
Moreover, with the automated eCommerce platform, the manual paperwork is minimized, which saves on the operations management cost. The automated processes further eliminate the chances of inaccuracies that were quite evident in the traditional business processes. It adds to the overall cost-savings.
The Best of Both Worlds
B2B Ecommerce for Pharma, which was once merely seen as a channel for online sales, now has grown tremendously to offer pharma and medical distributors the best of both worlds. It doesn’t just boost their revenue figures but revolutionizes the way they process and grow their business.
What grabs eyeballs is the upward surge in global medical supplies and the increasing acceptance of B2B eCommerce in medical and pharmaceutical supplies industry. It claims B2B eCommerce is more than an opportunity, but a ‘must-have’ entity in your business model. And if we place the calculations right, today it is more important than ever for pharma distributors and wholesalers to adopt this new channel.
Many smart wholesalers and distributors have been early to adopt the B2B eCommerce model, and you can too get a quick debut into the B2B eCommerce world with our meticulously-developed custom SAAS eCommerce platform – Artis.