Manufacturers and distributors are facing major changes in the way they conduct business. Companies want to provide their buyers with efficient online ordering access and fast fulfillment they are accustomed to in their consumer lives. That’s why more and more small, medium and large businesses are implementing B2B Ecommerce into their business strategy.
Like B2C retail, where brick and mortar shops once thrived and in-person purchasing was the only option, B2B offerings are transitioning to online. However, due to the intricacies of bulk ordering, corporate accounts, and unique pricing, B2B Ecommerce lends itself to a much more personalized approach.
Business owners are gaining more understanding of the profound benefits B2B Ecommerce provides its bottom line, and are responding digitally. In fact, Forrester Research forecasts that US B2B eCommerce will reach $1.8 trillion and account for 17% of all B2B sales in the US by 2023.
Follow along as we discuss three main reasons companies are choosing to adopt B2B technologies. While doing so, ask yourself if it’s time your business ventures into the world of B2B Ecommerce.
In the past, it was standard practice for sales reps to hold numerous client meetings each and every day, taking print brochures and paper order forms along. Trade shows and conventions were also a great way to make business connections and obtain leads. However, given the nature of the work - canceled meetings, misplaced order forms, salespeople calling out sick - it can be quite an inconvenience and inefficient to continue to operate that way.
Bulk buyers shopping via B2B Ecommerce platforms have immediate access to product details, such as color, sizing, dimensions, quantities, availability, and more rather than dealing with old print catalogs. They also have the convenience of online order forms, intuitive shopping carts, personalized account log-ins, and more. Reducing human error via paper forms, missed phone calls, and improper data entry often results in a loss of sales and revenue.
While the main purpose of B2B Ecommerce solutions is to act as a transactional hub, marketing is a secondary benefit. An online presence allows more people to view your products, especially during their hectic schedules. Current and potential clients can hop on their smartphone device to learn more about your brand, research pricing, review various product offerings, and view promotional offers from location and at any time.
When designed correctly, a B2B eCommerce website allows businesses to provide you a digital space to highlight your marketing assets, such as e-catalogs, how-to-videos, lookbooks, lifestyle images, and more. Online marketing gives your customers the tools they need to maximize make well-informed buying decisions.
Your B2B Ecommerce site should also house specific product pricing, promotional offers, or discounted shipping to your buyers within their corporate account log-in.
There’s no denying that we live in an on-demand economy. Consumer expectations are very high, and B2B distributors must bend to these standards of customers wanting speed, ease and convenience in their bulk buying and delivery experience. These high expectations often can’t be met with the traditional, in-person sales approach, so having B2B Ecommerce technology is critical.
Since most of the functionality in terms of ordering and shipping comes from the back-end of the site, it’s important to invest in custom applications to ensure operational needs are met. In fact, according to one study, 66% of B2B suppliers acknowledge that customer expectations are driving their technology investments.
Whether your goal is to generate more revenue, increase brand awareness, respond to our on-demand economy, or some other reason, your business has so much to gain from establishing a B2B Ecommerce presence. If you want to learn more about B2B Ecommerce, check out this article or read more here.
For more than a decade, WebRevelation has been developing custom websites, custom web applications, and mobile applications. Contact WebRevelation at 817-283-3324 or online today to get started.