We’ve seen the headlines, and we’ve all read the numbers when it comes to B2B ecommerce. Forbes predicted it would be worth 1.1 trillion dollars, by the end of 2019. Znet put it at 2020.
Whether you’re a sales guru or a recent convert, one thing brings all B2B users together – transforming your business with an online B2B portal.
Today, we’re going to discuss the functionality of this comprehensive commerce platform, and how you stand to benefit from it. Moreover, we’ll show you why this is such a revolutionary platform, to help you understand the future of B2B and your place in it.
A Quick Look At The Numbers
Research and advisory firm, Forrester, conducted a five-year study into the B2B ecommerce market in 2015. The report, which forecasted glowing results for the platform, highlighted cost-saving, changing user preferences, and noted the value of omnichannel service.
But how good could the numbers be? With a 12% growth predicted from $780 billion in 2015 to $1.13 trillion in 2020, we’d say they speak for themselves.
Evolving buyer preferences: The B2B process starts as early as the research phase, with 74% of buyers looking into at least half of their work purchases online, ahead of time.
When it comes to actual buying, 30% of B2B buyers conducted at least half of their work purchases online, with that percentage nearly doubling by 2017. With such a significant increase in sales, the B2B market only seems poised for bigger and better things in the next few years.
Opportunities to reduce customer service costs: In 2013, the Forrester survey reported 56% of B2B e-commerce operations supporting their customers in a manner they reported as being “only profitably”. This is tied quite strongly to the idea that, as businesses adopt this commerce model, they’re able to reduce their service costs, accordingly.
By migrating their customers online, these operations are able to streamline the entire economic process, bringing down costs and improving overall business.
Building on the loyalty of multichannel B2B customers: In offering B2B channels for business, more, it seems, is most certainly better.
Customers taking advantage of omnichannel opportunities to make their purchases tend to spend more than single-channel customers, research showed. The numbers showed 60% of B2B clients reporting spending more, overall, interacting with multiple channels. Moreover, the study showed omnichannel B2B customers were more likely to become long-term customers, given time and consistent B2B access.
Make A Change, With B2B Ecommerce Websites
To say the Internet’s changed the way we buy and sell is an understatement.
There are so many sales opportunities available to buyers and business alike, online. And there are only more, every day.
And sitting high on top of the pile of digital advancements is one fairly recent trend in digital commerce.
The force of nature that is B2B.
With sales figures numbering in the trillions as of 2017, if any commerce model has made waves in recent years, this is it.
In today’s article, we’ll be putting B2B ecommerce websites under the microscope, showing you how they do what they do, and why it’s so important.
The Benefits Of B2B Ecommerce
We’ve shown you the figures on how businesses are benefitting from B2B ecommerce. But what is it about this system that makes it such an effective platform for buying and selling?
But why is the industry so important?
Because it makes for more effective products. Business-to-business marketers and websites create products and services that meet specific user needs. Producers have to elevate their final package to a point where clients can rely on them to meet and surpass their own requirements.
Of course, beyond these, there are more than a few inherent benefits to B2B ecommerce.
- The cost of using a certified sales representative. This is much less expensive than going through a traditional vendor. Additional savings you’re likely to make include the cost of your order entry, and the incidental cost of printed and emailed invoices.
- Admin costs in correcting order entry errors. With a focus on larger, business-facing orders, you’ll find fewer errors and better overall automated systems than B2C.
- Service promotions and discounts, geared towards your specific industry. Whether you’re buying from within a B2B network or trying to go into business yourself, a lot of the support here takes the form of discounts. Stay informed and watch out for great deals.
Businesses using B2B enjoy more sales opportunities, lowered costs, and better customer reviews. With your entire operation moving online, you’ll save on rentals and the other incidental costs that come with a storefront.
Simpler retailing helps to deliver better service to your customers. These customers, in turn, tend to review sites more positively, spreading the good word about your operation. And, while any press is good press, a good review is the best reward a business can get.
Finally, there are the improved business hours. Because digital sales make any business international, your operating hours will not be affected by concepts of “day” or “night”. You can trade anytime, anywhere.
Discover the Benefits of B2B Ecommerce Websites, Today
With all of this to offer, it’s no wonder B2B is such a strong frontrunner in the ecommerce market.
It’s easy to understand the appeal. From improved networking opportunities to lowered maintenance costs, B2B is a model with lots to offer.
It’s no shy little commerce model, soon to be forgotten or surpassed. It’s a robust, complex system, with huge opportunities for growth. Many actually see it as a platform still in its infancy, with a lot of growing to do.
Whatever the case may be, one thing is clear, and that is that it’s not going anywhere soon. With traditional B2C business ethics and modern B2B tactics, the potential benefits are enormous.
Interested in exploring your options for B2B and digital marketing, further? Visit us, today, and start improving your sales figures, the smart way.