B2B e-commerce is the process of online product marketing and sales between two firms. The objective is straightforward: increase client reach while lowering cost-to-serve in order to increase revenue for your company.
What does the future hold for B2B e-commerce, and how do you launch a firm in this sector?
Don’t worry if you are unfamiliar with this e-commerce model. This blog will explain how it functions, how to set up a B2B e-commerce platform, and successful B2B e-commerce platforms to motivate your initiatives.
One of the sales models with the quickest growth is B2B e-commerce. According to some estimates, the worldwide B2B e-commerce sector is worth over $12 trillion and accounts for 13% of all B2B sales in the United States.
B2B e-commerce future
B2B e-commerce is a significant sales channel in digital commerce, and this trend is clear to see. Beyond 2021, the pandemic’s effects on consumer behavior will continue to spur adoption.
By 2023, B2B e-commerce sales are expected to exceed $1.8 trillion, or 17% of all B2B sales in the US, according to Forrester. Of course, phone calls and emails still have a place in business-to-business transactions.
Ecommerce, however, continues to push the limits of what B2B sales are capable of. Because of this shift in consumer behavior, B2B merchants should be quite happy.
A whopping 73% of millennials, a generation that was raised in the age of technology, are currently active in the B2B purchasing process.
B2B e-commerce types
You’ll probably fit into one of the following three categories if you’re new to B2B e-commerce. Each has advantages and disadvantages of its own, and many businesses operate in several categories at once.
In B2B retail, where there are many buyers and few suppliers, this arrangement is typical. To meet demand and sell in large quantities, businesses frequently sign up with supplier directories or create an online sales site.
By controlling pricing and the customer experience, suppliers who use this strategy can forge lasting bonds with B2B buyers.
Where there are more buyers than sellers, there are marketplaces that are geared toward consumers. In this instance, buyers have their online markets. They allow manufacturers and suppliers to display their wares and receive bids.
Buyers and sellers are matched by a third party in the intermediary-oriented marketplace. You must abide by certain rules because the intermediary controls the product catalogs and product information. It also owns the relationships with and the orders from the customers.
The top 10 b2b websites in the world that operate as intermediary or horizontal marketplaces include:
- Global sources
B2B e-commerce platform uses
B2B e-commerce companies sometimes find themselves constrained by outdated platforms. In the past, they sold to B2B clients via faxes, phone calls, and Excel spreadsheets.
Businesses can now address the needs of their online customers by utilizing B2B e-commerce systems. No matter where your customers are, these systems assist in creating an online environment that increases sales and completes purchases.
A true B2B e-commerce platform is more than just a tool to list products and process payments, contrary to what many people believe. It serves as a command center from which you can manage all aspects of commerce, from sales to business-to-business and direct-to-consumer website operations.
A B2B e-commerce website, for instance, enables you to:
- Spanning sales channels and devices, offer individualized sales and marketing experiences.
- Utilize onsite search and specialized navigation to assist customers in finding products.
- Utilize dependable APIs to include customer data from your ERP or CRM.
- Offer several payment providers, multiple payment choices, and manual invoicing
- Utilize effective checkout incentives to increase conversion.
Build a B2B e-commerce website
As you can see, B2B e-commerce is a fantastic approach to growing your company’s clientele and sales. A B2B e-commerce platform can assist you in reaching your goals.
Whether they involve creating an online storefront, enhancing inventory control, or optimizing your recording procedure.
Enhancing your onsite search for B2B clients is crucial and speeds up the sales process, allowing your sales representatives to take on more consultative rather than transactional responsibilities.
If you’re entering the wholesale market, a B2B e-commerce solution can help you:
- Make particular consumer categories eligible for customized pricing and discounts.
- Automate and evaluate new customer sign ups
- Make it simple for B2B clients to purchase, track, and repurchase products.
- Connect a third-party programmer or an existing online store with your inventory, purchase orders, and clientele.