ECommerce is not only about purchasing clothes and running shoes, but there’s a thriving B2B eCommerce market from where companies get the supplies they need. According to a report, 82% of B2B buyers want their business purchasing experience to be similar to their personal shopping.
We all know what are eCommerce companies, let us understand
What is B2B eCommerce?
B2B eCommerce is nothing but selling goods and services through an online sales portal, between two businesses. According to Statista, 57% of B2B buyers are willing to access product information and make a purchase online. Like most things related to the internet, the B2B eCommerce industry is growing at a rapid rate. This B2B eCommerce business is projected to grow to $1.18 trillion by 2021 in the United States alone.
Although the term “B2B eCommerce” has become popular now and has been in use for only about a decade, B2B eCommerce business procedures have actually existed for a longer period of time, going back to as early as the 1960s and 1970s. In the year 1975, the first Electronic Data Interchange (EDI) standards were published and within a few years, manufacturers like Ford and GM, and retailers like Sears and K-Mart, had made it mandatory for their suppliers to use EDI.
EDI has been a standard business practice, used by over 90% of Fortune 500 companies. At present, eCommerce is no longer limited to EDI. Over the last four decades, eCommerce options have expanded to include a wide range of transactions.
B2B eCommerce is growing rapidly and organizations neglecting its presence today, might be left far behind the time.
Let us have a look at some tips to create effective B2B eCommerce strategies
- Learn from B2C eCommerce experience
B2B eCommerce is still in its early phase but is making remarkable gains so there is a lot that can be learned from the B2C eCommerce industry. The B2C eCommerce has changed the world of buyers and sellers. Some of the basic lessons that B2B eCommerce professionals can learn from B2C are personalizing the offer according to the audience and giving the clients what they want. B2C eCommerce companies have learned to reach their audience through various channels, so B2B companies will have to use Omnichannel methods to reach their audience. Consumerization will drive the B2B eCommerce experience. Most importantly, to achieve a breakthrough, B2B professionals must adopt proven B2C principles.
Planning for long-term growth and competing with online retail giants like Amazon requires tapping into the B2B buyer mindset and using B2C relationship-building tactics.
- Showcase the information companies need
While listing the products or services on an eCommerce website, showcase detailed information about the product or service so that the site visitors can get a clear knowledge about it. Showcasing detailed information with the quality of the products and pricing sends a positive message to the client company which is searching or comparing certain products. This also helps in creating a bond of trust with the viewers.
- Understand the business of your clients
In any type of B2B business, understanding the business of the clients is a very important part of making strategies and marketing. Use various methods such as taking down customer feedback, asking detailed information about the functioning and need of a company, etc. to understand their business better. It helps in offering services and products according to the requirements of the clients, it also enables in providing personalized service to them. Delivering better client services and satisfaction assists in retaining them.
- Integrate your eCommerce with Back-end systems
The Back-end system is the corporate system that is used to run a company. They manage functions such as managing inventory, orders and supply processing. Integrating your eCommerce with this system has numerous benefits such as improving customer service, reduction in mistakes because of the access to data, etc. It is considered as a method that will help organizations in optimization in the future. It also helps in channelizing sales and reaching customers through various channels. This integration will also reduce the expense of the company.
- Focus on Customer Experience
A study conducted by Oracle found that 74% of senior executives believe that customer experience impacts the enthusiasm of a customer to be a loyal advocate. The most important secret behind the success of any organization is quality customer experience. B2B doesn’t have any exception on this. Client experience becomes more important in the case of B2B business as companies that leave dissatisfied rarely come back. Customer experience plays a key role in the retention of customers. Providing true information and quality product with excellent customer service are some of the basic ways to deliver great customer experience. A study conducted by Oracle found that 74% of senior executives believe that customer experience impacts the enthusiasm of a customer to be a loyal advocate.
To wrap it up
The following are the tried and tested B2B eCommerce methods that you should keep in mind while trying to enhance your business.
- Align your offerings to the targeted clients
- Make product search easy
- Enable SEO
- Nurture leads
- Follow-up proactively