B2B e-commerce industry is witnessing significant changes in consumer behavior. The potential scope of the e-commerce segment has changed the outlook of the entire B2B industry.
Everything is now automated, even your shopping experience. In addition, the advent of the internet has opened various doors of possibilities for every industrial vertical. It also includes the Business-to-Business vertical.
B2B can be considered a wholesale model of business where consumers sell bulk orders and buyers shop for larger quantities. These products are not bought for personal use but to develop their own finished product to resell.
According to Astute Analytica, the global B2B e-commerce market will grow at a compound annual growth rate (CAGR) of 14.1% during the forecast period from 2021 to 2027.
Walmart, Amazon.com, Inc. Flipkart.com, and Alibaba are some of the prominent B2B e-commerce platforms. Even though every platform offers its unique services and benefits, here are some of the factors shaping the future of the entire B2B e-commerce industry.
An effective B2B eCommerce digital experience platform will enable your organization to grow and scale easily. It also helps you meet the market demand by extending new sales channels and continuously growing to the new market segments.
Moreover, you can deliver value by developing and testing compelling content for your targeted B2B buyers. Adopting extensible B2B eCommerce cloud solutions can help you perform operations with robust technology intending to improve your marketing capabilities.
The e-commerce industry is gaining wide prominence all across the world. The integration to the enterprise resource planning (ERP) offers a better experience to the consumers. In addition, businesses can now place more emphasis on enhancing actual customer experience than simply being order takers. Automation can also simplify the workflow and reduce the chances of errors. Thus, it is the primary factor explaining why the B2B eCommerce industry is growing rapidly.
The scope of online shopping is extremely strong. Due to the growing working population and urbanization, people prefer to buy every little thing online. Moreover, it allows buyers to compare the product from the wide range of listed products which is significantly not possible through traditional methods.
In addition, favorable offers, discounts, and other strategies gain significant prominence through the help of digital marketing and other strategies. Thus, the traffic on online shopping platforms is gaining substantial traction.
Better User Experience
Top B2B websites showcase rich HD images in order to give clarity to the consumers. In addition, businesses can enhance the experience of the consumers through personalized catalogs and web promotions.
The Magic of SEO
Search Engine Optimization is one of the essential factors that grab the focus of the audience. Thus, online platforms can gain a significant benefit from strong SEO-friendly content. Traditional methods lag in spreading awareness about the stores and the product offering. However, it is not the case for B2B e-commerce platforms. It offers a business-wide online presence through promotion.
Through e-commerce websites, organizations can accurately evaluate their strategies and marketing campaigns. They can also track their sales effectiveness, inventory turns, and customer sales effectiveness through Google Analytics or other platforms.
The revenue of any brand does not only depends on the awareness among the general public. It also relies on communications and relationships with consumers. B2B e-commerce sites help businesses reach new heights through an automated cross-sell and upsell recommendation program.
In addition, a well-designed e-commerce platform delivers accurate information to the customers. Customers also get a choice to read the feedback of other customers. Furthermore, B2B websites offer customers the authority to opt for negotiated and discounted prices which is also the ultimate building block of the industry.
Exceptional Customer Service
E-commerce platforms provide outstanding features to attract a wide consumer base. For instance, features like fast deliveries, self-serve portals, easy order tracking, history, and online invoices are always needed by consumers. Through integration with an organization’s ERP system, the websites can show customer-specific products within the price range set by the consumers.
Moreover, the features like automated inventory management can help you synchronize data across your e-commerce channels. Thus, such benefits are likely to drive the industry ahead in the coming years.
In today’s world, social media is not limited to memes and communication. Businesses have found a wide space to showcase their product offerings. B2B companies can open the doors for millions of potential clients through social media. Through well-crafted content, businesses can grab the attention of their target audience.
Contribution of Industry Players:
The benefits and features are undoubtedly the roots of the B2B e-commerce industry growth. However, the initiatives by the companies and new launches are more like sun and water boosting the strength of every business.
Industry players are extending their geographic reach and offerings to outperform and help other businesses grow. For instance, Amazon Business unveiled a new “Punch-in” feature for its consumers. The Amazon Business Punch-In application allows buyers on Amazon’s B2B marketplace to present their online purchases to their company’s e-procurement system.
Moreover, Bosch also obtained a 26 pc stake in B2B e-commerce firm Autozilla Solutions.
Further, recently in an interview, Suchit Subhas, Director, Amazon Business, said that the focus of ABIN will be on increasing its selection in 2020. The business aims to bring the top brand launches to its list with exciting business deals for bulk purchases. Moreover, it will also offer innovations for customers.
On 2 March 2022, Alibaba.com, one of the prominent business-to-business (B2B) e-commerce marketplaces, began its annual virtual March Expo. It was aimed at connecting buyers and sellers from all across the globe with the new initiative to help them discover new products, services, and possibilities.
In addition, in September 2021, Alibaba introduced new marketplace features for small businesses. Alibaba Group has been focusing on its aim to connect small- to-medium U.S. businesses through an efficient way to sell business goods and services online to the global population.
Buyhive launched its Expert Sourcing Network platform. This strategy aims to offer services to B2B buyers and offer a trustworthy and quality sourcing experience to the consumers.