9 B2B Ecommerce Trends That Impact B2B Sales
With the option to support any product, service or solution, it is no surprise that ecommerce technology has become a game changer for both B2C and B2B companies.
B2B ecommerce is dominating and will soon outperform.
According to Forrester Research, the B2B eCommerce market in the USA will reach $1.2 trillion over the next 5 years which is more than twice the size of the B2C market. It is estimated that the global B2B ecommerce market will reach over $6 trillion by 2020.
Ecommerce today has evolved as the purchasing method of choice for customers. Instead of writing an email or picking up the phone to engage with a company’s representative, B2B buyers prefer the online option for research, comparison, and buying.
Stay on Top of Current B2B Ecommerce Trends
The benefits to B2B businesses of using e commerce includes the option to automate and simplify the sales process, decrease costs, and reduce manual errors.
Ecommerce can also change the way wholesalers and distributors run their businesses. To make sure your business keeps ahead of the competitors, it is important to stay on top of today’s B2B ecommerce trends.
1.The Importance of Omnichannel
Omnichannel offers the possibility to sell and purchase through multiple channels – offline and online.
According to the Forrester survey, more than 60% of B2B businesses said their omnichannel customers increased spending once they were available both online and offline.
Omnichannel customers are more active, they research and spend more.
In order to optimize sales across all potential channels, B2B businesses and distributors must include a B2B ecommerce platform in their omnichannel strategy.
2. Mobile Devices Take Over
Let’s face it – mobile devices are important to everyday life. We are using our smartphones for everything.
This is just as true in personal and professional lives.
More than 80% of millennials feel that using a smartphone to conduct business is crucial.
Many B2B ecommerce software solutions are fully responsive and can be used on a tablet or smartphone.
By providing your customers with a platform they can access anywhere at any time, you are offering a convenience which will help you increase orders, as well as, adoption.
3. ERP Integration is Vital
While B2B ecommerce can provide efficiencies for wholesalers and brands, taking orders 24/7, doing the self-service ordering, and etc. it is common for a B2B ecommerce platform to be separate from ERP systems.
In the past, integration may have been challenging. Today, most B2B ecommerce platforms offer easy and out-of-the-box integration via plugins.
Integration with ERP systems means complete business automation.
4. Working in The Cloud
With large data requirements, companies need to be able to access it wherever required. Using cloud technology is the best solution.
Even though cloud technology is not new it surely continues to improve and will become a very important factor for B2B ecommerce trends.
Cloud technology delivers scalability without high investment in physical infrastructure.
Any ecommerce software you choose must be able to run in the cloud.
5. Cognitive Commerce
The smart generation of technology is officially here and used by ecommerce companies in the B2C world.
Cognitive commerce gathers personalized information about your customers and offers them products that meet their specific interests.
One of the companies that use this technology is Amazon. They use it to promote products based on what the customer has already purchased and show promotions tailored to their needs and specifications.
Currently, we are introduced to the third generation of computing which allows businesses to learn everything about everyone and then use the information in real-time.
6. Secure Online Payments
Making an online purchase through a B2C ecommerce website is quite simple. Payments through B2B ecommerce websites are more complex because of the cash flow and spending control.
Companies have handled these payments manually, however, these ways no longer work, especially if you decide to move your business to a B2B ecommerce software solution.
B2B ecommerce platforms are efficient in providing secure online transactions by incorporating automated payment solutions.
There are several companies offering online payment solutions.
7. B2B Ecommerce is Global
The accessibility B2B ecommerce offers means that wholesalers and distributors are no longer limited to selling locally. They have the possibility of selling their products to millions of buyers from all over the world.
More and more companies are going online as there are attractive markets in China, the UK, Australia, and etc.
With global expansion, you will be able to grow your ecommerce business. More competition means more buyers.
The prices need to be high enough to make a profit, but not so high to make customers turn to other businesses.
Using software that can offer different pricing to different customers will help you determine the right price for your customers in different countries.
Offering your customers an online catalog in the local currency and language is a huge advantage.
Choose a platform that allows you to sell your products in multiple languages and currencies.
8. Working from Home
Working from home is gaining its momentum. According to one research, more than 50% of the workforce will be working from home or remotely by 2020.
Why is this important?
In the B2B businesses where shop owners, retailers, and restaurants prefer to make orders from home, having an opportunity to order products 24/7 is essential to busy people.
They have more control and don’t need to depend on the sales representative to guide them before they can order inventory.
9. Customer Retention & Customer Acquisition
A B2B storefront can be excellent for customer retention. Like every business owner, you work hard to bring new customers. Moving them along the sales pipeline is a lengthy process, especially if your products are highly priced.
By including the option of buying via your B2B online website, customers can place orders 24/7 and you will be able to develop a better relationship with them.
The purchasing experience will significantly improve.
Now that you are familiar with B2B ecommerce trends and how they shape B2B sales, it is time to adopt an ecommerce platform and allow your customers to purchase your products 24/7 via their smartphones or tablets.
A fast and efficient technical support team, always ready to help by offering high quality solutions and advice.
Hello, thank you for everything, for your speed in solving the problem and being more efficient.
Fast, accurate and effective response. Very professional and committed to continuous improvement of all.