B2B in Ecommerce: Latest Trends That Are Reshaping the Industry
The future of ecommerce is here and staying ahead of the curve is vital. Recent predictions state that by the end of 2020, all B2B ecommerce revenues will be about 6.7 trillion USD. Today, B2B companies are looking for various web based and automated solutions in order to increase the efficiency while reducing the cost.
What is B2B Ecommerce?
B2B or Business to Business ecommerce is selling of products or services using the internet via an online sales portal. It is a type of commerce transaction that takes place between a business that involves a wholesaler and a manufacturer or even a retailer. The B2B markets have to deal with more complex ads and even regulatory impediments.
Why is B2B Ecommerce Important?
With latest advancements in digital technologies, more and more businesses are shifting their services and products into the online field so that they can expand their business and remain ahead in the market competition. The internet has made it possible to attract a wide range of customers and sell their products even beyond the business hours.
So, if you are a manufacturer or distributor, and you are not yet into the B2B ecommerce platform, then you will be losing great opportunities like losing revenues, becoming a bankrupt failing to capture the customer base.
With appropriate applications, three quarters of the B2B customers find it easy to purchase a product from the site rather from a sales representative. Today’s consumers often try to take easy approaches to embrace the ecommerce business models and also expand their stores to new digital markets.
Latest Trends in B2B Ecommerce Strategy
B2B can never be successful without a proper strategy. Manufacturers should always do their homework, insist on smart rollout plans and also interrogate the sales pitches.
Manufacturers will have to define their Ecommerce Strategy:
The latest B2B ecommerce trend will have a great effect on all the manufacturers. It is no more a good idea to rely on phone, email ordering. With the move to self-service online ordering, manufacturers without proper ecommerce strategy will feel the pressure of reduced sales. They should now define their strategy clearly with a realistic of where their business is at present and where it wants to go.
Rich Content is New Ground for the Manufacturers:
Usually distributors take care of product presentations for the end users. But with increased market competition, manufacturers too must present product content similarly as distributors do. In 2019, the B2B ecommerce vendors will push the importance of rich content.
The manufacturers should interrogate their sales pitch by using the customer segments that are defined in the ecommerce strategy.
Smart Manufacturers will Adopt Ecommerce for Organizational Transformation
In order to succeed in ecommerce, everything related to your interaction with the customers should also change. This high level list of customer touchpoints is needed for the switch to ecommerce:
- Product Browsing: If the ecommerce solution has rich content, then someone has to maintain and collect the rich content through product life cycles.
- Order Placement: If your sales executives are used to direct the customers to email, or phone, then you have to get them on board with ecommerce from the beginning.
- Payment Method: In case you have to switch your e-payments, then ensure that your accounting department has a clear understanding of everything that will change in the new payment process.