In this century, investing in a digital platform has become a necessity. Companies who often overlook this will not be able to stand out in this cutthroat competitive market. Today, shoppers are willing to shop for each and everything online.
Therefore, investing in an e-commerce platform is a wise decision to make if your company wants to generate million dollar revenues.
From the past few years, a massive expansion is witnessed in the B2B e-commerce world. The B2B industry is all set to surpass the B2C market. All tech-savvy millennials are dependable on online business.
They make decisions after searching through the online market. 60% prefer to conduct significant research to gather up information by themselves instead of seeking help from a salesperson.
What is Business-to-Business e-commerce?
Business-to-business, e-commerce has undoubtedly changed the whole marketing world. It has replaced the traditional ways of doing business (by email or telephone). From placing the order to transactions, everything is digitally done.
B2B e-commerce is a digital business that refers to the transactions carried out between two business organisations rather than between companies and individual customers.
The transactions are done between a wholesaler and a manufacturer or between a retailer and wholesaler.
Importance of B2B e-commerce in this century
Most business organisations are now moving steadily towards digital transformation. Today, companies are willing to invest in B2B e-Commerce platform. Since the B2B e-commerce industry is growing significantly, investing in it is undoubtedly a wise choice.
By the year 2023, B2B e-commerce sales are predicted to reach $1.2 trillion in the United States. This industry is booming massively. Wholesalers and manufacturers using this means of marketing are generating million of revenues. This shift in the marketing process improves the user’s experience.
Most of the B2B buyers are digital natives, which makes them quick buyers. They don’t spend too much time and energy. Once they’re satisfied with the product quality, they purchase it, which directly impact on the order value of B2B.
Advantages of B2B E-commerce
There are ample benefits of B2B e-commerce, which every business organisation must know. So let’s discover some of them to understand the significance of it.
Bigger order value and conversion rates
B2B buyers are more likely to make purchases in bulk quantity. They prefer to purchase thousands of products in a single transaction. Compared to the average order value of B2C ($147), the B2B average order value is much higher ($491).
There is a massive difference in conversion rates of B2C and B2B. The average conversation rate of B2B is 10%, while the average conversion rate of B2C is only 3%.
Stay ahead of your competitors
B2B, e-commerce is still in the process of development. If you invest in this industry today, then you have better chances to stand ahead of others in the digital market in the future. Not all companies realise how imperative it is to invest in this booming industry, which offers a lot.
Expand consumer base
Millennials have taken over the B2B industry; they are spending billions every day. B2B sellers must keep this in mind and make themselves available where these new potential customers are found, online.
89% of B2B buyers use the internet while doing researches. They prefer to research before making a purchase. Selling online facilitates them to quickly find out what they’re looking for, which automatically improves customer experience.
Previously, B2B business organisations believed to serve only their existing consumers. However, this tradition will soon go extinct since B2B has changed its sales strategies.
They’re now using this e-commerce platform to attract and acquire new potential customers to increase their business revenues.
Lower the cost
Minimising costs while boosting revenues seems pretty impossible; however, a B2B e-commerce platform makes it possible. From order entry to customer service, digital marketing facilitates business to take every aspect of it online.
By automating these processes, an online business can save a lot by cutting off unnecessary expenditures while making their selling process more productive.
Improved and better customer experience
We often prefer to purchase from the stores that offer a better customer experience. Similarly, an excellent online shopping experience forces your customers to keep coming back to you for more.
What would a buyer trust more, a promotional email from a company, or a review given by another buyer? By offering an optimal B2B customer experience, you can appeal to new potential buyers and earn more revenues.
A positive review from another buyer can have an incredible effect on other buyers, which will benefit your online business.
On the other hand, B2B sites somewhat now look more like B2C to improve customer experience.
They integrate new-fangled features to make them look visually more attractive and functional. They focus on making the process more straightforward to increase the conversion rate optimally.
This shift has revolutionized eCommerce platforms since the top e-commerce platforms like Amazon, Magento, and BigCommerce are upgrading their e-commerce platform to attract tech-savvy buyers to offer them distinctive B2B experience.
Available 24/7
We have already discussed how a B2B online store can facilitate you in gaining new potential customers. Those clients necessarily don’t have to be from your existing market.
Because the B2B e-commerce platform is an online platform, customers don’t have to rely on your customer’s service team availability. Your digital shop will be open 24/7 and all 365 days. It makes it easier for customers to place orders and carry out transactions at any time.
Makes business more convenient
IS convincing a large number of customers or a group of people, which is easier? Well, a group of people for sure. Since B2B is limited to companies only, there are no customers involved. It saves a lot of time and money because you don’t have to spend too much on marketing your product.
Conclusion
Reading through this article, you must have comprehended how rapidly B2B e-commerce is taking over this digital marketing industry. Gone are the days when it was a luxury. By the end of this year 2023, It will massively change the online business industry.
Digital Web Services (DWS) is a leading IT company specializing in Software Development, Web Application Development, Website Designing, and Digital Marketing. Here are providing all kinds of services and solutions for the digital transformation of any business and website.
