Today, a large number of eCommerce agencies as well as platforms center their business strategy around the B2C market. However, they fail to judge or gauge the popularity of the B2B market. As the online B2B market is still a sleeping giant in many countries around the world, it becomes essential to understand the role that Magento and websites powered by the Magento Platform will play in such a scenario. In this article, we are going to discuss whether Magento is right ecommerce platform for B2B.
Today, many companies are shifting from legacy B2B models to a different form of B2B – online B2B wherein the marketplace shrinks and becomes more welcoming to online customers from all over the globe. Since the B2B market includes a large number of transactions, understanding the B2B market is generally very complex. This complexity is further complicated by the number of people involved in the transactions. Today, many companies are going online and that too through their private B2B platforms.
These private B2B platforms are capable of offering various online applications in a sophisticated manner that provide access to a variety of B2B process components such as quotations, purchases, change management, contract negotiations,payments, and a host of others. B2B catalogs are usually very large including millions of items from hundreds of suppliers. Online B2B is taken up with intentions such as streamlining huge volume businesses and reducing online costs. Therefore, if correctly implemented, B2B has the potential to revolutionize industry. Let’s see how Magento can be the robust B2B commerce solution.
In 2014, Magento along with Oracle and IBM “…were the top three providers for the top 500 internet retailers in the USA as well as Canada.” On the IT top 50 list, Magento has 34 merchants, thereby doubling the number of merchants from the 2013 list. This only means that B2C markets have endorsed B2C merchants. Now, it is up to Magento’s customers who need to testify the value of Magento for the B2B markets. This means that if Magento is a completed product for B2B, then Magento will surely a market leader in this segment.
Especially in the B2B markets in the USA, eCommerce B2B is getting bigger and bigger. According to some recent facts available online, “B2B online sales are expected to reach around $ 6.7 trillion by 2020”. This also means that “48% of the B2B customers will place 50% or more of their online orders within three years.”Therefore, the opportunities for B2B eCommerce are staring in the face of Magento.
It should be understood here that B2B merchants come to a site with an objective to do business, rather that having purchasing needs as is in the case of B2C. Therefore, the difference here is that there are different buyers or users in the B2B process, as one user places the order, yet another user approves the purchase.
Therefore, because of the various complexities involved, most organizations are seeking a simpler way for B2B. The answer is B2B eCommerce, yet do we have the right platform in the form of Magento? Magento already has a winning platform in the form of Magento Community and Magento Enterprise.
Also part of the package are various eBay enterprise product that provide retail as well as omni-channel solutions. What is now required is a push up to the next level to encompass Enterprise B2B clients. Magento’s clients will be tech savvy enterprises, which have great expectations in terms of performance, customer service and ROI.
Today’s B2B customers want more and those B2B websites that cannot deliver will face their demise very soon. B2B entails ordering multiple if not tens or hundreds of products. Today’s companies demand speed and unlike the B2C market, the B2B market demands ruthless efficiency. Quick convenient ordering is the order of the day, and those B2B eCommerce websites that allow rapid searches and quick product searches will be successful eventually. Also, websites with auto-suggest options and quick payment options will beat others in the B2B race. It remains to be seen whether a full range of enterprise Magento Extensions will be the answer to the B2B conundrum. Considering above points, Magento can be the best solution for your B2B needs. Still confused? Talk to us.
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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.
7 October, 2022 The Holiday season is one of the busiest shopping seasons throughout the year. In 2021, the months of October and November witnessed a jump of 11% YoY and accounted for $211.41 billion in online retail. From Black Friday to Cyber Monday and Halloween to New Year, these two months are a gold mine for online retailers if all falls in place as per plans.
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