8 Advantages of Investing in a B2B Ecommerce Platform in 2021by Web Digital Media Group Web Digital Media Group
The desire to buy with a few clicks has spread from the Business to Consumer (B2C) to the Business to Business (B2B) section. People are showing a growing interest in placing orders online, with e-commerce platforms.
In a way, one is new. Online stores have been around for a long time now, however, in addition to direct sales to end customers, they are also expanding into the B2B sector.
In the United States alone, e-commerce accounts for 10% of retail sales and are expected to increase by about 15% annually. In addition to meeting the needs of other companies, these platforms offer numerous benefits.
So let's analyze the advantages of investing in a B2B e-commerce platform in 2019:
1. The growth of B2B e-commerce is written in destiny
Spending on B2B e-commerce has increased dramatically. To meet these needs, investment in business-to-business platforms has peaked. In fact, it has increased at a pace that is more than twice the spending on the B2C e-commerce market.
Forecasts for its growth are also positive. By 2019, the B2C e-commerce sector is expected to reach a market value of $ 1.1 trillion. In contrast, the B2B market is expected to be worth $ 480 billion over the next year.
A recent survey revealed that 85% of B2B companies understand that e-commerce is a critical revenue stream that they haven't been able to fully leverage. According to Shopify, “Today's B2B shopper has evolved. Instead of turning to traditional sources such as sales representatives and wholesalers, they are now turning to online. "
2. Has significant order values
Digital ecommerce platforms show high conversion rates and order values. Orders placed on such platforms tend to be cumbersome by nature. This is one of the main reasons why the B2B digital market has grown more than the B2C market.
Additionally, B2B buyers tend to be faster on purchase orders. The average value of a transaction is around $ 491. In comparison, the average value of a B2C order is $ 147.
With these buying models and high conversion rates, you have another reason to set up an ecommerce platform next year. Websites that cater to the needs of other businesses outline average conversion rates of 10%.
3. Meets the needs of the ever-changing buyer persona
The buyer's portfolio in the business is changing significantly. Millennials are increasingly entering the B2B industry. As a result, such shoppers show a preference for online shopping.
In 2015, Google noticed this shift in shoppers.
It found that roughly half of B2B buyers are millennials. The study results from Heinz and SnapApp provide additional information, revealing that unlike baby boomers or Generation X, millennial shoppers tend to make independent purchasing decisions.
New buyers trust their peers more than their sellers. Additionally, millennials expect the same personalized experiences across digital channels as older generation shoppers (Gen X) expected from a sales rep.
4. An e-commerce store improves your customer service
In a typical scenario in the commerce industry, a customer service representative (CSR) searches for the availability of a product on the ERP system and places an order.
Unfortunately, an ERP system doesn't offer a user-friendly interface like an e-commerce platform can offer, CSRs can provide efficient services with an easy to use platform.
Not to forget, an efficient CSR offers a better customer experience, a goal that is destined to become the main distinguishing element for businesses by 2020, ranking as one of the most important aspects to be taken into consideration.
5. Easy life for sales representatives
A digital commerce platform also helps improve the efficiency of sales representatives. As mentioned, such platforms are easy to use.
As a result, reps can simply open the store on their phones or tablets to answer consumer questions, check product inventory, and recommend products, and more.
Such platforms say goodbye to the huge paper catalogs to check the availability of goods. As digital stores make the process more efficient, more attention can be paid to consolidating customer service.
6. The statistical analyzes of the online shop provide valuable information
The primary goal of businesses, which directly serve individuals or other businesses, is to better understand their customers' needs.
An e-commerce store is also useful for this purpose. It provides valuable information on what shoppers are looking for and what they are buying. You can also understand if customers use the search box or reach you via click-through.
Therefore, by monitoring those metrics and data, managers can make products more accessible, plan offers, create promotions, and so on.
7. Offers the opportunity to reach more customers
A large number of people shop online, which means that it is possible to reach an important market in the online sphere. Consequently, investing in a B2B e-commerce platform is crucial.
Statistics support this claim.
89% of B2B buyers use the internet when doing their research. Additionally, Forrester also reveals that 30% of shoppers make half or more than half of their online purchases.
Additionally, 56% of B2B buyers expect to make purchases of the same amount of goods over the next three years.
8. Allows you to stay one step ahead of the competition
B2B online commerce is still in its infancy, starting in 2019 will allow you to be one step ahead of the competition.
Big Commerce's 2020 B2B Industry Report describes the need for an appropriate investment. The analysis points out that “E-commerce is no longer hazy for B2B but it is a driving force. Entrepreneurs must take advantage of this growth opportunity in order not to risk being left behind.
The expansion of the B2B e-commerce sector makes this investment essential. Running a B2B e-commerce is not a space engineering science, if that's an obstacle holding you back, the time is now ripe to exploit the potential of a digital commerce platform.
Created on Jan 8th 2021 04:12. Viewed 58 times.