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The B2B eCommerce landscape is constantly shifting and evolving, so businesses must keep up with the trends and opportunities stemming from digitisation.
B2B buyers have long since overtaken B2C buyers in the amount spent on online transactions. Digital commerce is taking a bigger share of total B2B sales, with that number expected to rise.
B2B sellers cannot afford to sit on the sidelines and not cater to these B2B users. eCommerce websites play a core role in the success of an eCommerce business. This is why we have taken a data-driven and detailed look into the many advantages of a B2B eCommerce strategy.
Leading B2B eCommerce Stats and Facts
Business leaders are embracing digital commerce
Businesses of all types are steadily expanding their online reach by moving online to capture additional sales to offset losses at their physical locations.
Online sales now account for over 26.2% of total retail sales in 2020, over double what they accounted for in 2011, according to Statista, which is why embracing digital commerce is more important than ever.
Customers are looking for you online already
There is an increased need to be online and provide eCommerce for your customers, with your customers looking for you online. As they’re already searching for you, make it easier by having an accessible website with an online presence.
10 Main Benefits of B2B eCommerce
Scalability and growth
An eCommerce store should strengthen your online presence and attract more customers that are interested in what you have to offer. Having an eCommerce website that is easily discoverable, optimised for SEO and is mobile friendly can also help you to be discovered.
Another benefit of B2B eCommerce solutions is the flexibility that allows businesses to open multiple stores and expand into B2C, B2B2C, and D2C selling modes.
Within medical supplies eCommerce, B2B2C is used to maintain regulatory oversight and healthcare organisations must ensure their marketing information is consistent and compliant.
Customer-centricity
Well-designed eCommerce websites provide buyers with access to self-service portals with product descriptions, reviews, shipping, and handling information, as well as their account, order history, and delivery tracking information.
By leveraging the personalisation capabilities of B2B eCommerce platforms, you are able to customise the appearance of your storefront and which products are displayed as a priority based on buyer preferences.
Most importantly, your sales team gets access to a wealth of data on each customer & their transactions, helping them offer personalised, customer-centric support.
Customer reach
Your customers are already searching online for the best prices, while comparing products and spending money with other businesses that meet their requirements. Using search engine optimisation (SEO) you are able to leverage the power of search engines with an SEO-friendly and responsive site that ranks higher in Google and therefore increases your brand awareness to those who are searching for you.
Having your web catalogue online allows you to reach more customers with easily accessible catalogue data, orders, pricing and history.
Digital agility
B2B businesses are likely to want to launch their stores quickly in order to meet growing demand and to scale their eCommerce business. OroCommerce makes it easy to build these long-term relationships to grow beyond your local area and reach new customers.
Unlike the traditional brick and mortar stores, eCommerce retailers are able to build web stores in local languages, currencies and accept local payment methods – whatever that may be. There is also the opportunity to operate within different tax codes and legal regulations.
Increased productivity
B2B eCommerce can allow businesses to focus on what matters most – building relationships and leaving behind the monotonous tasks that can easily be taken care of on your behalf.
A self-service portal can take orders 24/7 and supply your customers with personalised pricing, a quote system, order statuses and much, much more. And, with automated workflows, errors are eliminated.
Omnichannel experience
A B2B eCommerce experience transcends selling barriers posed by physical stores. Today’s customer journeys are rarely linear as they move between devices and platforms.
Customers often find you through social media on their mobile, and then eventually may click to your website on desktop.
Flexible payment options
There is more to eCommerce checkouts than just paying by card. Consumers like having options, whether that be with PayPal or with flexible payment (finance) options. Offering a variety of payment options can prevent consumers from dropping out before they make a purchase. Most B2B platforms will offer built-in payment methods which integrate with payment processors, invoicing systems, accounting software and support physical checks.
Accurate analytics
Customer expectations are continuing to rise, meaning that businesses are required to make the right decisions using the data at their fingertips. Accurate analytics make it easier to meet these high expectations by making the right decisions when it comes to orders, fulfillment and stock counts.
Data integration into other business software (ERP, PIM, Procurement, CRM, etc.) provides you with a holistic view of all business processes. This allows for greater instant insight into business processes such as inventory bottlenecks and making important business decisions to quickly optimise your operations.
Improved sales process
An automated sales process not only means that you save valuable time and money, but it also makes the process more straightforward for your buyers to complete their order.
86% of consumers prefer using self-service tools for reordering, rather than talking to a sales representative. When your customers are able to self-serve, order and reorder, it makes the process more efficient and can increase sales and average order values.
Your B2B eCommerce back-office must provide reps with full visibility into customer info, their order history, personalized pricing, and instant insight into stock availability. Finally, it must also be mobile-friendly and accessible to reps working remotely or on the road.
Stronger brand
Develop a stronger brand with an online presence and full control over growing, promoting and marketing. Be strategic and leverage B2B marketplaces as an additional sales channel, not a substitute for your own branded eCommerce site.
B2B eCommerce For Your Business
Although most B2B business owners are well aware of the necessity of digital transformation, there are still a large number of merchants who aren’t yet reaping the benefits. We do recommend identifying the many potential benefits of B2B eCommerce and advantages of B2B eCommerce solutions for your business.
