Through the amid of pandemic, every aspect of the business started to look for digital transformation. As a result, the eCommerce industry continues to evolve over the next few years.
In fact, the InsideIntelligence report shows that B2B sites sales will reach $1.77 trillion in 2022, a sharp 12% growth from the prior year, 2021.
Thus, B2B businesses have shifted their focus to online from the last few years. If you are online of them, looking to build your B2B eCommerce website, and want to get succeed. Read the entire blog post to get complete insight.
Being a leading eCommerce solution providing company in the USA, we will discuss eCommerce trends, challenges, and opportunities in this blog post. Let’s get started.
So, what are the major challenges in B2B eCommerce?
B2B businesses get help from a healthy relationship with clients. Maintaining relationships with the clients leverages you a competitive advantage. If you have a healthy relationship with your client, it’s likely to make more and more purchases from your store.
On top of that, to build a strong relationship with your clients, it is essential to provide a good customer experience. That actually means providing fast delivery, customised storefront, easy-to-use tools within the store, and transparency of information with clients.
In addition, you can also provide personalised customer-specific pricing, catalogue, product selection option, and organised store to your client within your B2B website or app.
In B2B business, many people are involved with their respective opportunities. That includes people who are researching the stuff, stakeholders’ involvement when making any decision of purchase, user influencers to know whether it is the right product to purchase or not, and financial representatives for final decision making.
So, to keep up with all the responsibilities, you need to make your store effective for all these individuals. But, how can you ease this decision-making process and increase the chances of your product getting purchased? It is simple. You just need to provide different tools that make the job of a different individual easier. That includes integration of CRM and ERP solution that allows managing data at one stop.
Don’t Miss: Ways To Get Elected In The B2B Buying Process
Providing a simple platform to your users is not that effective. Instead, you need to make your platform user-friendly, so buyers do not need to spend too much time just understanding the store.
You need to make your store user experience effective enough that buyers can easily find out products of their means. To do so, one of the options is you can even set up automatic purchase orders to restock.
When you are looking to convert your traditional business into an online business, start with the B2B eCommerce platform as it will serve as the center of your nervous system.
It is not necessary to have any defined eCommerce solution. Choosing an eCommerce solution depends on your needs. Hence, you get a facility to choose the best solution for your eCommerce as per your needs.
With modern eCommerce solution requirements, choosing MobiCommerce for your eCommerce business offers benefits to you. The benefits include features, security, a DIY layout editor, and customization.
Marketplaces are the stores that digitally connect buyers and sellers. For example, Amazon, eBay, Alibaba.com, Etsy are some of the top retail B2C marketplaces. As the sales of B2B eCommerce are growing, resulting in the growth of websites or marketplaces.
According to TechCrunch, B2B startups are going to be the next billion-dollar eCommerce startups. In the last year, 2021, B2B marketplaces sales grew by 130%, as per a report of Digital Commerce 360.
Therefore, B2B marketplaces will hold a strong position in the future. If you are looking to develop a B2B eCommerce software, then developing such marketplaces will benefit you.
In business, we all know acquiring a new customer is always expensive compared to an existing one. According to a study by Bain & Company, if you can increase your customer retention rate by 5%, you may get up to a 95% boost in your revenue. So, putting your efforts into retention customers is more viable than investing in new ones.
B2B business customer retention involves several things, such as limited customer pool, a longer period of the sales cycle, higher cost of acquisition, and results in higher sales value.
So, focus more on increasing your customer retention rate. For that, you can personalise pricing quotes, provide availability of different products, shorter delivery span, and offer a smooth user experience to your clients.
So far, we have discussed the challenges and trends of B2B eCommerce. Next, check the B2B opportunities.
Entering into the B2B eCommerce business offers you an immense market opportunity. For example, some of the best eCommerce platforms like Amazon Business or Alibaba acquire a huge market portion and generate revenue in millions of dollars. Alibaba has a total of 58.2% market share in China in B2B eCommerce. This number is massive. So, if you want to establish your B2B marketplace, take this opportunity by developing your custom B2B eCommerce app or web solution.
To get succeed in the B2B eCommerce business, you need to make your brand unique or provide a good customer experience to your clients. One of the examples to do so is, providing multiple online payment options to your clients. The traditional process of generating invoices involves complexity and might result in an error as well. Therefore, a customised payment and invoices system can surely benefit your business.
Looking to create an B2B eCommerce Website and Mobile Apps? Book a Call With Us
So, we hope you have got an understanding of B2B trends, challenges, and opportunities. B2B eCommerce industry will have huge growth. If you are looking to enter into the B2B eCommerce business, it is the right time for a custom eCommerce website and app development.
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