Making the case for why manufacturers and wholesale distributors should be rolling out B2B eCommerce
The B2B eCommerce landscape is evolving rapidly, as people involved in B2B buying have increasingly come to expect to ‘self-serve’ in their professional capacity like they can as consumers.
For many businesses operating in the B2B space, the move towards digital channels is a real driver for sustained growth and competitiveness.
Embracing digital channels enables businesses to unlock new growth opportunities, reaching and engaging with customers and prospects in new ways and adapting to ever-changing market dynamics.
Below we explore some of the key reasons why B2B businesses should be looking to offer their customers and prospects high quality online experiences going forward.
According to global management consultants McKinsey, one of the most significant benefits of moving online is providing customers with a true omnichannel experience.
This approach means combining in-person, remote collaboration, and 24/7 self-service options, and catering for diverse customer preferences.
For example, by providing the functionality to readily build quote requests, place orders, see order histories and pay invoices via an online portal, buyers can engage with businesses outside of the normal, busy working day, providing maximum convenience.
Empowering B2B clients to place orders (which integrate into your ERP) and build and place quote requests also reduces the workload on your customer service team.
By transitioning to online platforms, B2B businesses can significantly streamline operations and reduce costs. This digital shift automates key processes, minimising manual errors and enhancing efficiency.
Improved online product information and targeted recommendations lead to better purchasing decisions and lower return rates. This decrease in returns not only saves costs related to restocking and shipping but also boosts customer satisfaction, resulting in a more efficient and cost-effective business model.
Research by TrustRadius reveals that a significant 87% of B2B buyers prefer to self-serve for at least a portion of their purchasing journey.
Online platforms, such as Intus Trade, cater to this preference by empowering B2B businesses to offer self-service options.
B2B eCommerce platforms enrich the buying experience with account specific pricing and discounts, titiered pricing, bulk ordering, high quality product information, 24/7 access to order histories and convenient repeat ordering features.
This approach substantially elevates the overall customer experience, aligning with the evolving needs of B2B buyers.
Furthermore for effective B2B eCommerce, you’ll need a platform truly capable of handling more complex order journeys, for example, setting up purchasing workflows and approvals and setting spending limits.
Online channels can be used to enhance customer support capabilities. Chatbots, self-help resources and real-time communication tools ensure that customer queries can be addressed promptly, improving overall customer satisfaction.
According to McKinsey, the delivery of customer service online reduces call volumes and operating expenses by 25 to 30%.
Going online enables B2B businesses to develop new geographical regions, reach a wider audience and open up new markets.
With the B2B eCommerce sector expected to grow, on average, 18.7% each year, according to leading market research company Facts & Factors, B2B eCommerce is clearly gaining traction.
Digital platforms, like Intus Trade, offer scalability that traditional routes to market in the B2B sphere cannot.
Businesses can easily adjust their operations based on market demands without significant investment in physical infrastructure. This flexibility is essential for rapid growth and adaptation to market changes.
57% of digital leaders report that digital channels will provide more than half of all revenue in 2024 according to research carried out by Salesforce.
Online channels will attract new customers more efficiently and retain them through greater engagement, personalised experiences and improved service quality.
Online migration generates valuable data that can provide a deeper understanding of buyer behaviour and market engeagement.
This data allows businesses to make informed decisions, fine-tune marketing strategies, and adapt their offerings to better meet customer preferences.
In an increasingly digital world, having a strong online presence gives B2B businesses a competitive edge. It helps position them as forward-thinking and customer-centric, attributes highly valued in the modern marketplace.
It is also perfectly possibe to extend the value of an effective website and empower field sales staff to use aspects of the website when visiting customers - to provide up to date product information and for building up customer orders and quotes whilst in the meeting.
Migrating more buyers to online channels can open up new revenue streams. For instance,via an eCommerce site, businesses can offer products and services directly to customers, bypassing traditional distribution channels.
Some B2B operations (typically providing finished goods) are increasingly adopting the Direct-to-Consumer (D2C) model, which helps them present the full product range in one place to new customer segments and build loyalty with those customers.
We are a specialist B2B eCommerce agency, with significant ERP integration capability.
We are adept at designing, developing, and supporting high-performing, scalable, and secure B2B eCommerce sites with custom and bespoke functionality.
We work on leading B2B projects for large corporations such as Kingspan and BM Steel www.bmsteel.co.uk .