How B2B E-commerce Businesses are Jumping The Queue
It is 2021, and we are witnessing the much-awaited upsurge in B2B e-commerce. Though the pandemic has an impetus over the retail landscape, we cannot deny that it gave a much-needed push to the B2B e-commerce sector.
According to the statistics, in 2018, 50% of the global e-commerce sales was contributed by e-commerce marketplaces like Amazon, Alibaba.com, Etsy, and eBay.
Similar trends are witnessed with the B2B e-commerce industry, where B2B marketplaces are expanding their reach and network. Moreover, the B2B online sales are at an all-time high.
In point of fact:
- 74% of B2B buyers say they research almost half of their B2B purchases online.
- At most, just 6% of B2B buyers are still reluctant to buy from B2B e-commerce platforms.
With that said, the B2B e-commerce sector is growing rapidly and is well-equipped to change the traditional B2B sales processes.
Experts estimate that 75% of B2B procurement spending will happen via online sales within the next 5 years.
By now, most of the B2B brands are already convinced by the capabilities of B2B e-commerce. More and more businesses are embracing the online sales channel.
However, some B2B e-commerce brands are confidently surpassing this rising competition in the sector to leverage the maximum benefits of online B2B sales.
Here we bring you:
How B2B E-commerce Businesses are Jumping The Queue
1. Attracting New Sales with Feature-rich E-commerce Platforms
According to Gartner, B2B marketplaces are the first choice for B2B buyers as they can enjoy a one-stop solution. Moreover, a survey projected that B2B marketplaces are likely to dominate global B2B sales within the next 5 years.
With that said, brands must understand that B2B marketplaces are the latest disruption in the retail sector. So, it would be advisable to either invest in a B2B marketplace or lead with a feature-rich e-commerce platform. And makeshift e-commerce arrangements might fail to deliver considerable returns.
Many circumspect B2B brands have already started leading with their feature-rich e-commerce platforms. And it is helping them expand their reach and attract new B2B buyers to their platform.
Some of the important features of a B2B platform from the buyer’s POV include:
- Dynamic search, seamless navigation, and impressive shopping experience
- Real-time delivery status and shipment tracking
- Repeat ordering and hasslefree procurement
- The robust online payment feature
- View order history feature
- Personalized content and offers
- Rewarding loyalty program
Considering the growth of smarter B2B buyers who are willing to make online purchases, these features can help you draw good returns from your B2B e-commerce platform.
Except for helping you maximize the profits from growing online B2B sales, a feature-rich e-commerce software allows you to employ better sales channels and reach a larger audience.
Furthermore, you can attract a global audience and grow confidently.
2. Boosting the Efficacy of E-commerce Management
57% of the B2B staff referred to e-commerce integration as a crucial requirement for the B2B sector.
Moreover, they emphasised the importance of integrating backend technology. So to make the B2B management processes seamless. These include processes like inventory management, order processing, supply-chain management, etc.
Many B2B e-commerce businesses have already integrated e-commerce management technologies to embrace efficient business management. And they have witnessed significant growth in business productivity and returns.
So, how can you cash upon efficient e-commerce management?
The recommended solution is to find comprehensive B2B e-commerce solutions. These don’t just serve as a front-end e-commerce portal but also offers backend management features.
Some of the important B2B management features that you can expect from a B2B e-commerce solution include:
- Inventory management
- Order management
- Delivery management
- Location-level price management
- Order tracking and shipment management
- Customer KYC and Onboarding Management
- Contract Management
- Payment Management
These are just some important features that will help eliminate the traditional paperwork processes and boost productivity. Many other B2B e-commerce features can help you boost sales from your platform. These can be features like automated deals management, customer loyalty management, referral offer management, etc.
You must start employing backend technologies as a part of your B2B e-commerce integration.
3. Meeting the Fast B2B Order Shipping Trends
Many B2B businesses have already surpassed the digital threshold. And B2B e-commerce is adding significant value to the overall B2B sales. Moreover, millennial buyers are the key reason for this increased traction in the B2B e-commerce sector.
Since millennial B2B buyers are looking for efficient B2B solutions, one of their key expectations is fast order shipping. They are more likely to abandon brands that fail to offer fast order fulfilment and delivery. And here is where order management tools put in an appearance.
Many B2B brands incorporate order management software into their processes to speed up the order fulfilment process. However, a better choice is to employ a comprehensive e-commerce solution that offers entire supply chain management, order processing, and shipping management features.
In fact, delayed order fulfilment is generally the aftermath of inefficient supply chain management.
And, 43% of supply chain management executives stated that the traditional order management process significantly increased the shipping cost.
And therefore, it is better to eliminate the inefficiencies in the process with the help of an advanced e-commerce solution. You can streamline the entire supply chain management processes and the last mile delivery processes with an advanced e-commerce solution.
You can also employ real-time order tracking and last-mile delivery management. An integration with last-mile delivery software can provide features like:
- Reduced cost of warehouse management
- Real-time shipment tracking for both the seller and buyer
- Automated task location to the order fulfilment team
- Seamless delivery records management
- Improved accuracy in the delivery process
Many B2B companies are already leveraging the benefits of seamless order management and the technology has become crucial than ever.
4. Summoning Personalization for B2B E-commerce
As per a survey, 50% of the B2B buyers found personalization as an outstanding feature when choosing a B2B seller online.
According to research, a B2B buyer makes about 12 online searches before it confirms its order with a B2B seller. And to capitalize on this opportunity, many B2B brands spend a significant part of their budget on personalization.
In fact, 55% of overall B2B marketing budgets are directed towards offering a personalized user experience to the customers.
Today, 73% of millennials are making B2B buying decisions and they are one of the main reasons for the growth of the B2B e-commerce market. Moreover, millennials are smart consumers, and they are more likely to expect an impressive B2B personalization experience.
With that said, you need to start employing personalization as a part of your B2B marketing strategy.
A sure way to employ personalization is by incorporating personalized deals and smart content. Businesses use AI-based tools and machine learning tools to automate personalized content and deals.
You must choose e-commerce solutions that are compatible with these personalized marketing tools. Employing these tools can help you personalize the customer experience for your B2B platform, akin to the B2C portals.
Many businesses grow their conversions with the help of AI-based upsell/cross-sell tools. These tools promote personalized upsell or cross-sell offers to visitors in real-time. It helps you grow the average order value (AOV) from the B2B buyers. Moreover, these upsell and cross-sell offers can be more accurate in the case of B2B e-commerce, as you already have a certain amount of buyer information. You can use this data to offer a personalized experience.
A comprehensive B2B e-commerce app can help you utilize buyer data for personalized marketing. And it will allow seamless integration with personalized tools.
5. Leveraging Data Like Never Before
What is better than aggressive marketing? ‘Informed marketing’.
The Online B2B market is rising at a rate of knots and akin to the B2C e-commerce sector, the competition here is also growing.
With that said, aggressive marketing might not be the surest way to sail confidently in the B2b market. And you need to tap the right direction of the winds. Here is where your business data puts in an appearance.
With the rapidly changing B2B landscape and increased number of millennial B2B buyers, you cannot ignore the insights from your crucial data.
It is advisable to start using your business data to plan your marketing strategies, platform content, and remarketing strategies.
Your business data, along with specific buyer data, can help you market better and optimize the shopping experience for your buyers.
According to statistics:
- 45% of B2B buyers emphasize the fact that businesses should add personalized content to their portals.
- Moreover, B2B buyers spend almost 48% more when they find a superior or personalized shopping experience.
Therefore, many B2B businesses are already utilizing user data and other analytics data to boost the conversions on their e-commerce platforms.
A reliable method to leverage data for your e-commerce business is by employing a comprehensive e-commerce solution that offers real-time data analysis and management capabilities.
Along with 3rd party data analytics tool, a B2B e-commerce solution can help you analyse metrics like:
- Month on month sales revenue
- The peak time of the year
- The conversion rate on the portal
- The pages and content with the highest conversion rate
- The best performing product categories
- The deals that are appealing to the B2B buyers
- The source that drives maximum conversions
- The Evident supply-demand gap for certain product categories
- The average demand for the key offerings
- Inventory turns
- User metrics on the platform
- The repeat ordering rate
- Orders abandonment rate
- Order fulfilment rate and delays
These data metrics will help you shape your content and marketing efforts. Moreover, it will help you optimize your conversion rate, build business relationships, and boost repeat orders on the platform.
Inbuilt data analytics software can help you with the easy integration of automation tools and personalization tools. These can use data in real-time to promote personalized content and deals for growing conversions.
6. Gearing Up for Multi-channel Marketing & Multi-channel Sales
B2B landscape is making a major shift towards the online retail market. And unlike B2C consumers, B2B buyers are still more dependent on the offline sales channels. And therefore, B2B businesses need to offer a consistent omnichannel shopping experience to the buyers.
Moreover, a majority of B2B buyers still use online portals as a primary product research channel before booking an order offline. They are gradually adapting to the online ordering platforms, but you cannot still expect them to abandon the offline sales channel altogether.
As per the statistics:
- 75% of buyers expect a consistent experience from a brand over multiple channels. And many e-commerce brands consider consistent omnichannel experience as a way to future-proof their business.
- 73% of consumers will leave a brand if it fails to deliver them a consistent omnichannel experience.
Except for the omnichannel shopping experience, B2B buyers also appreciate omnichannel marketing efforts. You must blend your offline marketing efforts with online marketing strategies.
For example, An email marketing campaign can be followed by app notification deals. Or you can convert offline sales campaigns into inbound marketing efforts through personalized emails.
Omnichannel marketing efforts produce good returns for B2B businesses, especially today when buyers are adapting to online ordering readily.
An all-inclusive B2B e-commerce software can help you automate your multi-channel efforts. These solutions are a sure way to future-proof your B2b businesses.
7. Zooming into the Mobile Commerce Capabilities
We have recently discussed how omnichannel sales are important for B2B businesses. And one of the leading platforms that have been significantly influencing the B2B e-commerce market is mobile commerce.
B2B e-commerce statistics report that 60% of the B2B companies say the mobile platform has significantly added to online B2B sales in 2020.
In point of fact:
- According to Google, 42% of online research for making a B2B purchase is done through smartphones.
- Mobile devices are reported to drive over 40% of sales for established B2B organizations.
These stats prove that the mobile platform is crucial for your B2B e-commerce success. Most of the major e-commerce businesses have already added mobile platform as a part of their omnichannel sales strategy.
Moreover, the mobile platform also helps you grow your marketing efforts through omnichannel marketing.
The Bigger Picture
B2B e-commerce industry is witnessing an overwhelming rise of new e-commerce stores. And the increased traction on these e-commerce platforms hints at a stable growth of the B2B e-commerce industry.
With that said, many businesses have already started leveraging this latest trend with the help of makeshift e-commerce arrangements.
However, a majority of prudent businesses have been quick to seize the opportunity with the help of stable e-commerce solutions.
Comprehensive e-commerce solutions help B2B businesses with:
- Attracting and converting new buyers from across the globe.
- Offering an impressive shopping experience to the buyers with options like dynamic search, repeat ordering, order tracking, online payment, etc.
- Integrating backend functionalities like inventory management, order fulfilment management, buyer KYC and onboarding management, etc., on the go.
- Allowing businesses to integrate personalized marketing tools and smart content tools.
- Utilizing business data, user metrics, and buyer information for improving the shopping experience and conversions.
These are some basic features offered by B2B e-commerce solutions. And it is advisable to employ a customized e-commerce solution that fits your B2B needs and helps you scale confidently.
Further, if you wish to learn more about an ideal B2B e-commerce solution for your business, feel free to connect with us.