Nowadays, B2B eCommerce is quickly increasing around the world. Expectations of people about business-to-business companies are increasing amid 2024. They imagine the same sort of user experience they get when they do business with a B2C company.
The B2B eCommerce is an electronic trade between two or more businesses. Also known as business-to-business eCommerce, it is a sale of services or goods among companies through online channels.
The online business activity where a company sells products or services to other companies is called BtoB e-commerce. It includes businesses as end-users of another business. For example, retailers are customers for wholesalers.
Once the companies used to place through the traditional methods (via business letters, telephone, or fax). Currently, all the business transactions are made digitally in the B2B eCommerce landscape.
People often confuse B2B with B2C. But it is important to clear this misconception. Because both B2B and B2C are dissimilar to each other.
Why is B2B eCommerce important for every B2B Company?
Hundreds of thousands of B2B companies are reaching pinnacles in the marketplace. In global economic progress, eCommerce development for the B2B industry is acting as a solid and highly indispensable catalyst.
Currently, a lot is going in the B2B landscape. If you’re one of them, continue reading pals.
2020 was a gruesome year for everyone, due to COVID-19. People globally lost their nearest and dearest; businesses and jobs.
However, many eCommerce businesses overcame this chaotic situation. They took advantage of the challenge by converting it into an opportunity. So, they upscaled their B2B and B2C businesses by launching them on the digital market.
Still, various B2B firms are skeptical about digitizing their business venture for various reasons. Well, we understand their concern.
Today, in this article we’ll walk you through every aspect of B2B eCommerce that every business owner must know.
How are B2B buyers different from B2C buyers?
Like we said above, B2B companies sell their products to other companies or industries. Whereas, B2C companies directly sell their products to customers.
Moreover, B2B buyers are unlike B2C shoppers. If you apply the same business strategies which you’re using for your B2C, then it won’t work for your B2B business.
It doesn’t mean you need to plan the whole business strategy again. You can find ways to efficiently accommodate and serve your B2B buyers through an online storefront or eCommerce app.
Advantages of B2B eCommerce
Several B2B companies are confused about switching from a brick-and-mortar store to a digital platform. Therefore, it’s essential to know about some perks of B2B eCommerce.
- Get new Clients to Expand your Userbase
- Easy Customer and Supplier Management
- Run Comprehensive Analytics Campaigns
Let’s check these rewards of B2B eCommerce now.
Get new Clients to Expand your Userbase
A B2B eCommerce platform is an excellent option for companies who want to expand their business and increase the ROI. There are many advantages of taking your brick-and-mortar B2B business to an online sales channel.
Through online sales channels, it is much easier to reach new customers to expand your consumer base. So, B2B companies and marketers can take advantage of the digital marketing strategy to increase the number of customers.
B2B buyers in the current era demand a stable purchasing experience. Those B2B brands who’re not available on digital sales channels cannot take benefit from advanced marketing tools. Thus, they miss the potential of a lot of sales from online mediums.
Since the pandemic broke out, users prefer to make purchases online. Because it’s safer, convenient, and easier. They can buy products or services from the comfort of their houses.
So, list your B2B business on as many digital channels as possible. This will enable you to grasp more customers. Accordingly, it will increase your sales conversion rate.
Easy Customer and Supplier Management
Taking your B2B brick-and-mortar business on eCommerce portals makes it painless and straightforward to manage suppliers and customers together. If your business is present on an eCommerce channel, you can also use management software to streamline business processes seamlessly.
Using a business management software for your B2B eCommerce facilitates in keeping proper information of customers. You can track their purchase history, and items they added to their wishlist, etc. Businesses and marketers can use all the gathered information to personalize customers’ shopping experience for better performance.
You can implement automated cross-sell and up-sell recommendation programs. In this way, you can sell more products and services to your customers. With a recommendation program, you can also offer them those products which they might need or they’re looking for.
You can assist your customers without communicating with them face-to-face. Furthermore, you can help them in their buying journey through live chat or chatbot.
Run Comprehensive Analytics Campaigns
B2B eCommerce is a perfect platform for marketers who’re planning to launch all-inclusive analytics campaigns. Using data analytics can help B2B organizations to make better business decisions.
With analytics, you’ll be able to identify which business idea or marketing strategy is beneficial for improving your eCommerce business. You can also improve your customer’s buying experience by taking action on their feedback.
You can also generate daily reports to check and analyze how well your business is doing. So, you can find what’re the failings and loopholes which need to be filled.
B2B eCommerce Statistics
Can you believe the B2B eCommerce global market is twice bigger than B2C? That sounds impressive.
Let’s look at some statistics that tell us what we can expect from the B2B industry in 2024.
Frost and Sullivan had truly forecast that international B2B eCommerce sales will hit $6.6 trillion by 2020. Similarly, Forrester predicts that B2B eCommerce sales in the United States will surpass $1.8 trillion by 2023.
By end of 2024, the role of traditional sales channels will greatly reduce. There is a reason behind these forecasts since millennials are stepping into B2B eCommerce and they are tech-savvy. So, they prefer using advanced technologies to communicate and trade.
Hubspot states that the most common B2B eCommerce marketing tool among millennials is LinkedIn. It is 277% more effective to generate leads if compared with other lead generation platforms like Facebook. These statistics prove that 2024 will be a big year for B2B eCommerce.
Concluding Thoughts
Indeed, B2B eCommerce is a massive digital platform during 2024. Explore the dynamics of your vertical for a future-proof standing in the industry. We hope this short guide on B2B eCommerce will be of great help to you.
The business world is becoming more accustomed to technology by every passing day. So, digitizing your business has become a necessity if you wish to thrive in this cut-throat competitive market.
Do you want to take your B2B startup or established BtoB company to the next level? Connect with Techliance to appeal to more business-to-business organizations online.
