Since the B2B e-commerce industry’s inception, it has gained a lot of momentum over the past few years. Looking forward to its evolution, experts are assuming e-commerce transactions will cross the mark of $1.2 trillion by 2021!
B2B e-commerce is not new; in fact, has been here for quite a long time. But businesses need to invest money and time into growing technology to better manage their ongoing processes and stay relevant. There are endless ways to set yourself apart in this playing field.
In order to help make your business’s potential skyrocket, we will first help you understand B2B e-commerce and how you can stand out to succeed in the market in the near future.
Understanding B2B e-commerce
B2B e-commerce, or business-to-business electronic commerce, is all about digitally selling products and services from one company to another company. If you compare B2B and B2C (business-to-consumer) markets, B2C e-commerce sales are a bit easier because:
B2B e-commerce, or business-to-business electronic commerce, is all about digitally selling products and services from one company to another company. If you compare B2B and B2C (business-to-consumer) markets, B2C e-commerce sales are a bit easier because:
- There is a more defined and simple quoting or pricing as compared to B2B where it is more complexed and, the entities’ requirements vary.
- The average price point is different – a B2C company might need hundreds and thousands of transactions to reach their first million, whereas in case of B2B transactions, it takes just a few transactions, as the deals are bigger.
- The decision-making process is different.
- Of the scale of their audiences. B2C brands often strive to reach a broadly defined group of people, whereas, B2B ecommerce audiences are a lot narrower.
The latest B2B trends
- Dynamic pricing
- Artificial Intelligence
- Synchronized order management
- Social selling
- Customization and fast implementation
- Landing pages and videos
- Omni channel marketing
- Global targeting
- Order status updates
How can you successfully manage your B2B e-commerce
- To successfully manage your business, you first need to take a broad look at your services or products, figuring out how you can optimize everything for the modern customer.
- You must Know, access, and reach your target audience
- Make the most of your ability to scale
- Optimize your marketing plans
- Grow with the current trends of B2B needs
Effective B2B e-commerce marketing strategies
When taking control of B2B e-commerce, you have to think outside the box. It’s not just about creating an appealing website—it’s about creating a positive customer experience that comes with buying your products. You’re there to help your customers purchase services and products as effortlessly as possible.
So, how can you do this?
Here are a few foolproof strategies that will help you work toward effective B2B e-commerce:
1. Leverage mobile: A recent report by Google claimed that around 42% of B2B consumers use their mobile phones when navigating the purchasing process. To keep up, you need to carry out your mobile experience when considering your purchasing process. To do so, you may need to complete the following:
- Create a website specifically designed for small screens, or one that is adaptable to different screen sizes (desktop, smartphone, tablet, etc.).
- Choose mobile-optimized e-commerce platforms
- Provide 24/7 customer service and easy access to your sales team
- Make the best use of social media platforms for branding and content promotion
- Increase visibility of advertising and sales across all digital channels
2. Shopping and payment: As per the Google report, there are still a few B2B retailers who accept fax orders rather than using a more modern payment system. You need to understand that B2B purchasing methods differ from regular e-commerce shopping methods. Also, if you’re dealing with physical products, you need to keep a few things in mind:
- Strong logistical planning
- Great shipping technologies
- Excellent delivery facilities
- Timely delivery
- Return and exchange system
- Product replacement
A few highlighted modern payment methods used by successful B2B retailers in the year 2018 include:
- Website
- Mobile phone
3. Video content: Video content is what today’s consumer prefers. As per Google, around 70% of B2B buyers and researchers watch videos first in their purchasing journey. So, if you haven't taken a closer look at the power of social media and video content together, you are missing out. To run a successful B2B business, you need to take advantage of this platform. If you get the opportunity to share your product or service through videos, share as much as possible. Also, when sharing videos, you should have:
- Simple video text, creativity, and graphics
- Videos on your website
- A powerful call-to-action
- Direct download capability
Apart from that, take a look at some other ways to implement your business:
- Business branding
- How-to guides
- Show product features on your website
- Success stories and testimonials
Final thoughts
These are some effective points that can help you make the most of your B2B e-commerce initiative. Some other plans include content and social media, e-commerce plug-ins, important integration, applications, and personalization, among many others. If you assemble and imply these, you can undoubtedly improve your B2B digital commerce quality, facilitate productivity and lower your recurring costs.
These are some effective points that can help you make the most of your B2B e-commerce initiative. Some other plans include content and social media, e-commerce plug-ins, important integration, applications, and personalization, among many others. If you assemble and imply these, you can undoubtedly improve your B2B digital commerce quality, facilitate productivity and lower your recurring costs.
Have questions or are thinking of effective e-Commerce to your B2B business on a unified platform? We, at Docmation, have years of experience in implementing successful B2B eCommerce systems for complex processes. Write to us at info@docmation.com and we will get right back.
