Business to Business eCommerce (B2B eCommerce) has become a force to reckon with, just like its counterpart B2C eCommerce. Not only does it account for more revenue, $559B vs. 252B, it is growing faster as well. In 2013, B2B grew 20%, while B2C grew just 12%. There are a few reasons why B2B has shown remarkable growth.
A key reason behind this growth is the expectations of B2B buyers. Additionally, the B2B market is also facing consumerization, that is presenting complexities that B2B companies never had to face before. This problem stems from the fact that B2B buyers have become accustomed to the ability to make retail as well as lifestyle purchases online. At the same time, they have started searching for similar user experiences and better customer service when making business purchases. This factor has crept its way into the B2B market significantly.
Many B2B eCommerce companies have had to innovate rapidly, and they have felt the need to do so while they are growing at a scorching pace. This has generated a race between the B2B eCommerce companies to serve the best pie. So, if you are planning to get into the B2B Commerce solution, here are some of the best practices that you need to follow, so that you can get even with what you are up against:
Begin by reacting in real-time to market demand. At the same time, offer customer-specific promotions and price them accordingly. You can also start by taking advantage of customer segmentation technologies so that you can offer special discounts and pricing for any customer, group of customers based on their orders or location and geography.
Today, more and more B2B buyers are clamoring for an enhanced user experience based on their counterpart B2C purchasing experiences. Hence, if you are one of those who respond with a robust online capability to cater to the B2B business scenario, you will eventually gain revenue as well as global market share. However, if you choose to ignore this particular eCommerce imperative, then you will gradually become irrelevant in large sectors of the B2B marketplace.
If you are on your way to become a best-in-class B2B supplier, then you cannot avoid the use of mobile to build customer loyalty and streamline back-office processes on both sites. Since customers like mobile as they can track budgets and costs and can place orders from virtually anywhere. Also, suppliers like this method as they can utilize the data to provide relevant offers which is based on customer context.
Activities such as bulk, repeat, and scheduled ordering are very common in B2B eCommerce. Hence, it is extremely essential that you have the support for these features if you want your eCommerce website to compete. You will also probably understand that companies prefer the ability to leverage quick ordering capabilities.
If you operate a B2B eCommerce website, you will have realized that most B2B customers prefer to manage their account settings on their own in the self-service area within the B2B eCommerce store. Start by offering such a facility on your eCommerce store, where B2B customers can assign rights to their employees, maintain cost centers as well as budgets, as well as manage individual spending limits as well as setup new approval rules as well as work-flows.
By not providing such data, you are only closing the doors on yourself regarding your B2B business. As an industry leader, it is advisable to utilize mobile tools so that your business is always on shipping, order fulfillment, as well as accounting. Use the most appropriate inventory control tactics to prevent customers from inadvertently making orders that cannot be fulfilled. Also provide suppliers the necessary insight to take a look at the inventory levels, pricing accuracy, and other interconnected factors about the ground situation at their warehouses as well as fulfillment centers.
Through the technique of customer segmentation, some of the best B2B eCommerce sites offer customer-specific promotions and incentives to drive volume as well as increase conversion rates. They also boost average order value, reward customer loyalty, and even clear out inventory. On many occasions, these promotions can be a challenge to manage. However, with the right platform and partner, you can easily configure the technology, so that it becomes easy to manage these challenges.
Large enterprises often require punch out for working with. This is also called integrated punch out, which means that through strategic partnerships with key customers, these key customers can order from a supplier directly via their internal standard procurement system.
Integration with all back-office technologies that are existent today. This includes technologies such as CRM, ERP, EDI, PIM, OMS, and any other system that you need to involve as part of your business. The reason is that it will cost more money, effort, and time, to re-enter the data later. It should always be remembered that partial integrations can cause effort duplication as well as inefficiencies in the back office.
To summarize us hope that these B2B eCommerce best practices help you get your B2B online eCommerce business or e-store on the right path. By leveraging the best practices, you will be able to establish a new level of success in the B2B eCommerce industry.
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Shivi Rao is a content marketer with Krish. She has worked in various industries spanning technology, science, rural marketing, startups & unicorns, eCommerce business, and digital marketing, believing that content is the foundation to facilitate the visibility of any organization and ensuring her words do the same. In her free time, you can either find her lifting weights in the gym or feeding the strays.
21 December, 2022 After WooCommerce, Shopify is the 2nd most loved and used eCommerce platform worldwide. Shopify is an entirely feature-rich eCommerce platform. It offers many drag-and-drop options, and its apps work tremendously for store owners. In addition, Shopify is easy to use as it doesn't require depth coding.
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