When we hear the term eCommerce, we tend to this of the business to customer relationship, the direct bond the two have in a purchase. We think of eCommerce as the exchanging of goods and products between a business and a customer. In so many ways, B2B eCommerce holds so much more of a prominent place in the industry.
For one, B2B eCommerce makes up the majority of growth in the industry because it is comprised of manufacturers and wholesalers. By the end of 2019, the B2B eCommerce market will be worth over $1 trillion. The B2C market will only be worth about half of that at $480 billion.
Today, Genius eCommerce will look at why B2B eCommerce is a growing trend in the industry.
There are a number of factors that are defining the future of B2B eCommerce. B2B buyers have come to expect a better customer experience across all channels. The capabilities of eCommerce technology have increased the Total Cost of Ownership, which has more companies considering a unified cloud platform. A greater need for price optimization and configure-price-quote flexibility across sales channels is also something that B2B excels at that B2C cannot transition to. Order management is integrated at the platform level for B2B that allows for more synchronized processing.
Above all of these, though, is buyer expectations. Many businesses go into eCommerce selling between businesses because many buyers understand the added benefits of eCommerce and the expectations that eCommerce can bring a seamless and quality online experience. The success of the B2B industry very much has to do with the boost of mobile eCommerce. In fact, 91 percent of B2B buyers complete searches using mobile devices and one in four buyers makes a purchase using a mobile device.
So what will happen in 2019 that will keep this trend growing? A lot of it is very similar to standard eCommerce practices.
For one, having a defined strategy is a must. Manufacturers can no longer rely simply on ordering through phone, fax or email. The trend for manufacturers is to self-service order online and those that are not using eCommerce to do this will start to feel the pressure because sales will be down.
In order to effectively sell online, manufacturers need a strategy in place that answers some questions. What part of the market are you trying to reach by selling eCommerce? Who are you targeting? Is it a new business or are you transitioning an existing business to the eCommerce space as well?
Additionally, content remains as important as ever in this space. Rich content — images, descriptions, videos, reviews — must be presented in the same way as distributors trying to draw in the customer. When it comes to content planning, consider your audience. Who needs it? Do your existing customers who have followed your business for a long time need it to still keep purchasing in the eCommerce space? Are you trying to attract new customers in an existing market? Are you trying to penetrate a new market with your transition to eCommerce?
Once you define a plan and focus on content that connects with your audience, the rest will start to fall into place with your strategy. The B2B eCommerce industry will continue to grow over the years and if you don’t want to get lost in the shuffle, you want to set your plan now and put it into action.
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