Typically, B2B merchants like distributors and manufacturers are hesitant to move their business online. The whole idea of uprooting a business model that has worked for years doesn’t seem like a good option for them at first. Apart from this, the fact that the virtual landscape contains various security threats increases their reluctance to plunge into it.
Despite these assumptions, there is a large sector of B2B world that is realizing the importance of going online. B2B sellers are increasingly entering into the digital marketplace. According to data published in the 2019 U.S. B2B Ecommerce Market Report, sales transactions in the United States processed through B2B ecommerce sites, log-in portals and online marketplaces grew 11% to reach $1.08 trillion. Still, a large portion of B2B ecommerce opportunities stays largely untapped.
If you own a B2B organization, it’s about time you start thinking about the digital switch. Failing to invest in this platform can end up being a costly mistake. It can have your business lose out millions of dollars in revenue. Eventually, your company will lose customers, struggle to compete, and face shrinking margins.
A paper by Forrester Research also recommends B2B companies to make the transition. It states that 74% of B2B buyers believe that buying from a website is more convenient than buying from a sales representative, while 93% prefer to buy online when they have already decided what to buy.
Given these stats, we can’t stop wondering why entering into the digital marketplace is so important? What brought forth these trends? What could happen if a company decides to work on traditional models?
Below, we address some reasons for an increasing B2B inclination towards eCommerce:
Adds a competitive edge
While you are still doubtful about moving into the virtual grounds, it is quite possible that your competitor is already planning a digital strategy. They may easily tempt away your customers with improvised purchasing techniques.
To cope up with this pressure, it is important that you jump into the field, too. Customer behavior is changing, and this is going to affect your profitability. Hence, to get a leg up on your competition, set up an eCommerce solution right away!
Offers limitless distribution span
Opportunities provided by this method don’t confine to a particular area. Instead, existence in the digital world allows business owners and companies to expand their audience reach. By making the most out of the Internet, B2B commerce can reach all levels of the market at any time and into all parts of the world.
You can now keep your digital doors open and watch your sales increase beyond expectations.
Provides a personal touch
B2B companies are now offering personalized functionality to turn the customer experience into a unique and pleasurable one. Merchants can connect with their customers through multiple communication tools like e-mail, live chat, and instant messaging. Or they can also add options on the website and offer customers more options than ever before.
For instance, App Verticals, is a mobile app development company. Customers from all over the world can place their app orders on the website and provide specific instructions for their app. It is an easy, quick, and highly functional method.
Manages suppliers and customers well
Integration with tech brings incredible benefits for a company. It enhances their marketing and management skills. Plus, it makes the client dealings quite smooth. The suppliers and customers have a custom-made portal for them. They can view their browsing history, check out their details, shipping process, and other tracking data.
It lets them have more control over the entire process. As a result, their work becomes efficient transparent, and also eliminates the need to ask people for an update on the orders.
Moreover, eCommerce enables you to have better management of the suppliers. You can easily view the raw inventory you have in stock and the progress on orders.
Marketing Strategies are less expensive
Having social media accounts and pages helps you catch public attention in a better way. But there are some tricks to reach out well. Your content should be creative and witty. It’s all about the way you interact with your clients.
Be aware of all tactics. If it’s video or graphics, it should be entertaining and inspiring. In case you are using blogs or any other sort of written content, it should be grammatically perfect and free of errors. Several agencies can assist you in creating ideal ad material.
Figure out your ad niche and make sure you give your best when it comes to the creative construct of the content.
As mentioned earlier, online portal tags along with a bunch of plus points. One of those is the reduction of workload. Instead of employees, customers have to do the heavy lifting with digital configurators. When they are asking for a personalized product, they automatically execute half of your task.
Eases up the analysis
B2B eCommerce brings a perfect forum for the organization to launch a comprehensive analytics campaign. Companies can measure and evaluate their promotional campaigns. They can study their sales effectiveness, inventory turns, product mix, and customer engagement.
When you have all such data at hand, you can take valuable measures to improve company performance.
Boosts sales engagement
Your physical sales team can also benefit through eCommerce. The online portal will provide them with an ability to view client orders, pricing, and history.
Gone are the days when employees used to feel totally detached from demand and supply. Plunging into eCommerce equips you with an ability to set up channels where the entire workforce can gather. They can also provide their input on essential matters and offer help where needed.
- If you own a B2B organization, you should start thinking about utilizing eCommerce in your practices.
- Using eCommerce in your B2B organization helps you add a competitive advantage, offers a wider distribution span, provides a personal touch, and manage suppliers and customers well
- It makes marketing strategies less expensive, defies complexity, eases up analysis, and boosts sales engagement
- eCommerce is the future for B2B transactions and if you make the right moves, you can succeed within that realm.