REASONS WHY B2B ECOMMERCE SHOULD BECOME A MUST-DO TREND!
Table of Contents
The recent Covid-19 pandemic has influenced a shift in the purchasing behaviour of consumers, including businesses in the manufacturing and wholesale markets of B2B. It has prompted businesses to gradually transition from traditional business models to Business-to-Business (B2B) ecommerce.
B2B ecommerce involves online business transactions between two enterprises. According to “The Ultimate B2B Ecommerce Guide: Tradition is out. Digital is in,” published by DHL Express, it demonstrates the significant potential of the B2B ecommerce market, projecting a growth of over 70% by 2027, equivalent to 20.9 trillion USD.
Why should businesses implement B2B ecommerce now?
Better Customer Support
B2B ecommerce supports faster order placement for customers with:
A structured product catalogue interface, making product searches easier. Adding/removing products from the cart and automatically calculating the total cost makes order control more convenient. Features like keyword search, quick product filtering, fast cart access, and speedy checkout facilitate the online shopping process for customers.
Traditionally, B2B customers faced barriers in the invoicing process and traditional payment methods. Nowadays, payments in B2B ecommerce occur more quickly. Businesses can easily set up electronic invoices for data management. Customers have various payment options: Cash, Bank Transfer, Internet Banking, E-wallets, Installments, or Regular Payments. The payment process takes place on the phone or computer with an internet connection.
B2B ecommerce helps businesses reach more potential customers with:
Ecommerce websites support online shopping consultation with features like Live Chat (direct communication with customers) and Chatbox (answering frequently asked questions without the need for a consultant).
Simplified registration process, only requiring online form registration (information collection and customer shopping needs) and the creation of electronic contracts for transaction signing.
In B2B ecommerce, detailed information on product prices and pricing policy changes is always updated on the website.
Internal System Improvement
In the sales system
Order processing speed is faster thanks to:
- Order data, such as order status, responsible personnel, payment methods, etc., are stored in the system, resulting in faster error resolution.
- Minimization of errors from manual processes (using word processors, Excel spreadsheets, etc.).
Sales processes are automated through:
- The Auto Email feature helps automatically send order confirmations, invoices, shipping, and credit documents.
- Businesses can automatically pay for regularly placed orders to save time.
- Customer support in B2B ecommerce is as vital as Email Marketing, helping businesses gather customer reviews, introduce new products, and announce promotions.
In the operations system:
Production costs are reduced by producing according to customer orders instead of mass production. Additionally, it saves costs for premises, paperwork, printing, etc.
Improved post-sales services:
- Order preparation: Utilizing automation technology for faster product packaging.
- Inventory management process: Using inventory management software to check products, attach labels/barcodes, classify, and set up product storage categories to operate the warehouse more efficiently, resulting in faster deliveries.
- Building a distribution system: Identifying suitable locations to rent/build warehouses to save transportation time and manage inventory.
Building a return/exchange policy:
- Applicable cases: Checking system data on the time, status, and validity of goods.
- Methods of exchange/return: Customers can return goods by mail, courier services, or in person.
- Refund methods: Online payments via domestic ATMs, Visa/Mastercard, E-wallets.
Regarding the personnel system:
Ecommerce B2B websites operate 24/7 with almost no staff, optimizing personnel costs. Additionally, the B2B ecommerce system supports businesses in assigning tasks and managing the progress of employees.
Exploiting and Analyzing Customer Data
What data is exploited?
- Marketing: Sales channels, communication, campaigns, etc.
- Content: Text, and images that drive customer shopping behavior.
- Customers: Demographics, hobbies, consumer behaviour, etc.
- Sales: Sales volume, order information, etc.
- Operations: Payment processes, delivery processes, etc.
What can be done with this data?
Reporting:
- Marketing reports based on cart status searched keywords, etc.
- Sales reports on orders, taxes, invoices, shipping, refunds, payments, etc.
- Customer reports are based on the value of orders, order quantity, favourite products, customer segments, etc.
- Product reports on product views, best-selling products, inventory levels, customer reviews, etc.
Support business analysis and forecasting based on the collected data. Determine how factors are influenced by various elements.
Implement personalized experiences: Personalized emails, and product recommendations.
Improve revenue based on the received reports and analysis:
- Improve the interface, and structure of the website to align with customer shopping behavior, such as banner position, CTA buttons, recommended products, etc.
- Marketing campaigns: Focus on high-converting sales channels, Email Marketing for customers about unpaid items in the cart, etc.
Plan long-term business development strategies. Introduce improvements to new products and associated services (payment, shipping, etc.).
In summary, B2B ecommerce contributes to improving business models, boosting sales, and expanding the sales network for enterprises. However, implementing B2B ecommerce is still new to many B2B business owners, and they may not know where to start and how to improve the ecommerce system!
As an expert in providing comprehensive ecommerce solutions, SECOMM supports B2B enterprises with:
- Ecommerce Consultation: Advising on technology solutions and resources to develop a suitable ecommerce business strategy.
- Ecommerce Development: Providing professional B2B ecommerce system development services using Magento or as per requirements.
- Ecommerce Care: Offering maintenance and system upgrade services, such as hosting and system maintenance, and App system care.
- Ecommerce Growth: Providing ecommerce growth services such as Omnichannel, Ecommerce Marketing, and SEO.
Contact SECOMM now for FREE CONSULTATION SUPPORT!
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