Why invest in a B2B e-commerce platform in 2020?
The online shopping trend with just a few clicks has been extended from the “business to customers” (B2C) model to the “business-to-business” (B2B) model. Businesses are showing increasing interest in ordering and managing all of their online purchases.
In the United States alone, e-commerce accounts for 10% of retail sales. These are expected to increase by about 15% per year. In addition to meeting the needs of other businesses, these platforms have many advantages.
Therefore, let’s list the benefits of investing and creating a B2B e-commerce site in 2020:
The growth of B2B e-commerce is factual
Spending on B2B e-commerce has increased significantly. To meet these needs, investments in business-to-business platforms have increased. In fact, it grew at a rate of more than twice as high as spending in the B2C e-commerce market.
A survey also reveals that 85% of B2B companies realize that e-commerce is a crucial source of income that they have not fully exploited.
Therefore, it makes sense to invest in e-commerce platforms.
Important order values
E-commerce sites have high conversion rates and order values. Orders placed on these platforms tend to be bulky by nature. This is one of the main reasons why the B2B digital market has grown more than the B2C market.
In addition, B2B buyers tend to be faster in orders. The average value of orders for such a transaction is approximately $491. In comparison, the average value of B2C orders is $147.
In addition to these buying models with high conversion rates, you have another reason to set up an e-commerce platform next year: the conversion rate. Websites that meet the needs of other businesses have average conversion rates of 10%.
Meeting the needs of first-time buyers
The portfolio of commercial buyers is changing considerably. Young workers from Generation Y (or Z), are increasing in number in companies, especially in B2B. As a result, these buyers show a preference for online shopping.
In 2015, Google noted this change among buyers. He pointed out that about half of B2B buyers are millennials.
They do on-the-spot research among their entourages and trust their peers more than sellers. In addition, they expect the same personalized experiences via digital channels that Generation X buyers expect from a sales representative.
Improve your customer service
In a typical business industry scene, a customer service representative can search for the availability of a product on the ERP system, place an order and help with any other type of services that are in the system.
Unfortunately, an ERP system does not offer a user-friendly interface unlike a B2B e-commerce site, where customer service representatives can provide efficient services through an easy-to-use platform.
Making it easier for salespeople to work
An e-commerce platform also helps to improve the efficiency of salespeople. As mentioned, these platforms are easy to use.
As a result, salespeople can simply access the store on their phone or tablet to answer consumer questions, check product inventory, and suggest products.
Such a platform contributes to the disappearance of huge paper catalogs to check the availability of products, etc. As digital stores make things easier, more attention can be paid to consolidating customer services.
Improve the company’s customer analysis
The main objective of companies is to better understand their customers in order to be able to adapt to their needs. In doing so, companies strive to improve their products and services and as a result, drive sales and profits.
An e-commerce store is also useful for this purpose. It provides valuable information about what buyers are looking for and what they are buying. You can also understand whether the customers are using the search field or reaching the products you’re looking for via a series of clicks in the menu or filters.
Thus, by following these metrics and data, product managers can make products more accessible, plan offers, create promotions, etc.
Reaching more customers
A lot of people now buy online. This means that a substantial market can be reached by online sales. Therefore, it is essential to invest in setting up a B2B e-commerce site.
Statistics support this claim: Forrester also reveals that 30% of shoppers make half or more of their purchases online.
Keeps you one step ahead the competition
With B2B e-commerce still in its infancy, working on it in 2020-2021 gives you a head start on your competitors. It’s best to be equipped with the right digital tools when your shoppers want to shop online.
As the B2B e-commerce industry grows, it becomes vital to get involved. Managing these online stores can be new but does not pose any difficulties if it is an obstacle that holds your back.
Therefore, it’s time for you to harness the potential of a B2B e-commerce site to offer your customers the best and stay up to date.