All you need to know about B2B eCommerce
Technology has indeed taken the world by storm. Businesses of all sizes looking for new ways to stay competitive could surely benefit from mCommerce and eCommerce. So, what then is eCommerce vs. mCommerce all about?
mCommerce or Mobile Commerce means the process of buying and selling products as well as services using the internet or cellular data through wireless devices, like smartphones. On the other hand, eCommerce or Electronic Commerce refers to buying and selling of products and services using electronic systems, such as the internet.
DIFFERENT MEANINGS BUT THE SAME GOAL
mCommerce and eCommerce may have different meanings, but they have the same goal and that is to make customers’ lives easier. eCommerce is an umbrella term for online selling and buying while mCommerce is a subcategory of eCommerce focusing on making purchases via mobile devices.
A dramatic shift from physical stores to lesser brick-and-mortar locations or the complete switch to online commerce was witnessed in the last ten years. At present, the trend does not show any signs of abating. eCommerce development continues to grow due to the high market demand.
THE EMERGENCE OF THE B2B ECOMMERCE
With the ever increasing demand of mCommerce and eCommerce processes, other effective processes came to exist as well, such as the emergence of B2B eCommerce. B2B or Business to Business Electronic Commerce encompasses online products and services sales between enterprises. B2B is not only essential, but profitable as well. The order value depends solely on the order quantity.
THE RELEVANCE OF A B2B SOFTWARE
A business without digital channels could see itself falling behind the competition. In the tech-driven world today, organizations that have no digital commerce tend to lose customers, witness their margins shrinking and struggling to keep up with the competition. More and more customers are making their purchases online.
Majority of consumers state that making a purchase from a website is more convenient compared to buying from a salesman or from a brick-and-mortar store. Thus, having an eCommerce software is definitely a must to remain relevant and stay on the competitive edge.
THREE CATEGORIES OF B2B
– Volume Products. eCommerce solutions on volume products center on a more streamlined ordering process. Products are lower priced, simpler and often are ordered in huge volumes. Examples of common products include hardware, CPG, apparel and automotive. It lets customers put orders in the least amount of clicks.
– Subscription Products. The digital age growth paved the way for more and more products being offered as service and thus are purchased again and again. There are various purchasing plans but the most common is in a monthly or yearly basis. Rather than buying and check out products, customers sign up for a service, thus eCommerce solutions should support a distinctive flow of purchase and process.
– Configuration Products. There are several examples of this, but could include medical services, networking, manufacturing or telecommunication solutions. Since offerings in general are of a higher price, customers normally ask for a quote before they make a purchase.
TOP BENEFITS OF B2B ECOMMERCE
- Tap more opportunities. A web store could help strengthen an online presence, which allow potential customers and resellers find the online store via the search engines. This is particularly effective when opting to make the catalog pages public. Nonetheless, even if catalog is kept in private, a business could use targeted marketing content in the eCommerce store to catch the attention of new customers.
- Boost sales. Attracting more customers definitely could help boost sales, but is not the only way that a B2B eCommerce platform could help enhance business performance. Choosing the right solution enables displaying specific and relevant product recommendations to visitors. Clients could see not just related products but items with more features as well, unlocking robust opportunities for up-selling and cross-selling.
- Lower costs. Growing revenue and minimizing costs is a real and true benefit of B2B eCommerce. Modern technology enables taking almost every business aspect, such as client information provision, customer service and order entry. An enterprise could cut down on unnecessary expenses by automating and streamlining different processes.
- Customer feedback. A significant online buying experience keeps customers coming back for more and could even drive sales. With an exceptional B2B store, your clients could turn into evangelists of your products and services. Customers who share enthusiasm on the product or service could have an incredible impact on a business. Typically, positive reviews produce a noteworthy sales growth.
- Reach new markets. Because an online sales portal does not depend and rely on a sales team, the digital sales channel are available to customers 24 hours a day, seven days a week and 365 days a year. This eliminates the difficulty in time differences, making it easier to serve a bigger international market.
- Achieving Data-Centricity. With an ERP-Integrated B2B eCommerce, a business could achieve data-centricity. A powerful B2B software could streamline and automate a lot of processes. It could furthermore grant a unique insight to the data, which matters to the sales and marketing operations, particularly when integrating the eCommerce platform with an ERP system.
EMBRACING THE 2020 B2B TRENDS
WEBSITES THAT ARE SUPERIOR
A well-designed and original website boosts conversion rates. Not only that, it shows customers that the business cares for them and their experience. Although it may be less costly and at times tempting to opt for a generic name, a website with an original design and stands out among the rest is a wonderful investment.
Video usage in the past few years has been steadily growing, with more and more businesses embracing it. Why are videos good for online business? For the simple reason that it could offer in-depth products and services demos, promote upcoming launches and create product tutorials in the most engaging way.
Don’t forget lives streams, they’re critical for building a genuine engagement with the clientele as well as useful for promoting events as they occur, Q&A sessions and so forth.
HIGHER CONTENT QUALITY
These days, it’s obvious that content converts. However, not all content are created equal, thus it’s important to determine the kind of content that drives visitors to engage. To grow your band and boost conversions, creating a content with substance and purpose is paramount.
Business to business content in particular should offer as much value as it could with very minimal effort. Refrain from boring customers with endless articles on well-known topics. User industry expertise to provide valuable insights that busy professionals are looking for.
Customer service representatives are the unsung heroes of each and every industry. They deal with dissatisfied and disgruntled customers and they do it with a smile on their faces. Nonetheless, one representative could handle one customer at a time. This is where Chatbots come into play. Powered by artificial intelligence, they have become a more and more viable option for organizations to minimize the customer service workload.
- Offer customers information on the business
- Help customers with common concerns
- Redirect customers to a representative should further help is required
More about Author
Henrik Adams is an experienced Magento Developer, who worked with one of the leading Magento Development Company in India – Sparsh Technologies. He likes to write about eCommerce development, web development, marketing, sales, and more about current trends.