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B2B ECOMMERCE: THE NEXT BIG OPPORTUNITY IN 2024 AND BEYOND
Business-to-business (B2B) eCommerce is becoming increasingly important in the modern business world. In this arena, businesses interact and conduct transactions with each other through eCommerce platforms.
When it comes to this field’s growth potential, Bobby Morrison, Shopify’s Chief Revenue Officer, confidently asserts that B2B eCommerce will be the next significant opportunity for businesses of all scales in 2024 and the years that follow.
Read more: What’s new Shopify Editions Winter ’24?
What is B2B eCommerce?
Business-to-business (B2B) eCommerce is a form of commercial transactions between businesses through eCommerce platforms. In this model, businesses don’t focus on selling directly to end consumers (as in B2C commerce); instead, they prioritize creating value for fellow business partners.
B2B eCommerce transactions may involve the exchange of goods and services, the sharing of information, and collaboration on big projects. Such interactions commonly occur between businesses operating within the same industry or along the same supply chain.
In the realm of B2B eCommerce, these transactions often have prominent scales, and high values, and are typically carried out through reliable online transaction management systems, databases, and platforms.
B2B vs B2C eCommerce: What are the differences?
Types of B2B eCommerce
In B2B eCommerce, businesses often use several common models to interact and conduct transactions. Here are four main models:
- B2B2C (Business-to-Business-to-Consumer): This model combines the essence of both B2B and B2C. In B2B2C, two businesses collaborate to provide products and services specifically to end customers (2C).
- Distributor: They will distribute the manufacturer’s products to the market. They act as intermediaries in the manufacturer’s supply chain, spanning from the production stage to the selling stage.
- Wholesale: Wholesalers represent individuals or companies that purchase products in large quantities from manufacturers and sell them in bulk to retailers.
- Manufacturer: They specialize in producing products. They may sell directly to end customers or through wholesale agents and distributors.
B2B eCommerce Platforms
B2B eCommerce is rapidly developing, and various online platforms are emerging to help brands implement this business model efficiently. Here are three popular platforms that B2B brands commonly use to build eCommerce websites. Each brand will choose the most suitable depending on the scale, objectives, and budget.
Adobe Commerce (Magento)
Pros:
- Offer great customization for complex needs
- High scalability
- No limits on sales volume
- A diverse range of extensions
Cons:
- High requirements for knowledge and technical skills
- Lengthy implementation time
- High initial costs
Salesforce B2B Commerce
Pros:
- Salesforce B2B solution with outstanding features and continuous improvements
- High scalability and flexible customization
- Seamless integration with various other Salesforce systems
Cons:
- High requirements for knowledge and technical skills
- Lengthy implementation time
- High initial costs
Shopify Plus
Pros:
- Diverse exclusive solutions for Shopify Plus merchants
- The B2B on Shopify with outstanding features and continuous improvements
- Superior customization and scalability compared to many other SaaS platforms
Cons:
- High requirements for knowledge and technical skills
- Platform lock-in risk
Read more: Top 5 B2B eCommerce platform
B2B eCommerce Brands
Brooklinen
Booklinen is a trusted online marketplace specializing in premium bed linens. Established in 2014 with a focus on end consumers, the brand later diversified into the B2B sector as demand for larger-quantity orders grew.
Leveraging the B2B on Shopify solution, Booklinen created a visually appealing and user-friendly B2B eCommerce website, addressing the intricate needs of B2B sales operations. Furthermore, the brand can offer customers a personalized online shopping experience based on their buying behaviour, aiming to boost interaction and conversion rates.
Kulani Kinis
Launched in 2015, Kulani Kinis aims to offer budget-friendly swimwear without compromising on superior quality and style. With a strong desire to expand wholesale operations like retail, Kulani Kinis has built an intuitive, user-friendly B2B eCommerce website similar to its retail site.
The B2B website enables wholesale customers to easily place orders from its extensive portfolio of over 800 products.
A notable feature is the custom collection page with a slider displaying the quantity available for all swimwear sizes. This allows customers to add multiple sizes and large quantities of products to their cart seamlessly, enabling them to enhance their shopping experience without leaving the collection page.
eJuices
eJuices is a well-known brand in producing and supplying high-quality electronic liquids. The brand focuses on using safe and high-quality ingredients, ensuring that each eJuice bottle delivers excellent flavour and meets the highest safety and health standards in the vaping industry.
In addition to implementing a B2C model, eJuices is recognized as a genuine B2B eCommerce business. The brand has efficiently addressed inventory challenges, optimising its business operations while providing significant value to retail partners and enhancing collaborative relationships.
Build Your first b2b e-commerce website today!
Comprehending and effectively applying B2B eCommerce in your business strategy will undoubtedly open up promising new opportunities. B2B eCommerce is the key to unlocking continuous possibilities in the rapidly changing world. It isn’t just a passing trend; it presents a significant opportunity for every business’s growth and development.
If your company is considering establishing an eCommerce website and refining strategies to serve B2B customers, contact SECOMM or call the hotline (+84)28 7108 9908 today. Together, we can shape your business’s effective and sustainable future.
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TOP 5 ECOMMERCE PLATFORMS FOR B2B ECOMMERCE
The global B2B eCommerce market is expected to reach $18.771.4 trillion by 2027.
According to McKinsey & Company, B2B enterprises are expanding their touchpoints in eCommerce, with 80% making online channels perform better than offline channels.
Therefore, B2B eCommerce is a rapidly growing market, with projected sales expected to reach 12.2 trillion USD by 2023. To succeed in this market, businesses always need a robust eCommerce platform.
What to Consider When Building a B2B eCommerce Website?
It is crucial for businesses to clearly define the specificities and considerations of B2B eCommerce before deciding on which eCommerce platform to implement.
Specifically, Business-to-Business (B2B) eCommerce involves commercial transactions between businesses. As a result, B2B eCommerce has distinct characteristics compared to Business-to-Consumer (B2C) eCommerce, namely:
- Target customers are businesses and organizations with the need for bulk purchasing and wholesale prices.
- Transactions are more complex, often requiring negotiations and contract agreements.
- High competitive, as numerous businesses offer similar products and services.
To succeed in B2B eCommerce, businesses need to take note of the following considerations:
Bulk and Wholesale Ordering
Bulk and wholesale ordering are crucial factors in the revenue of B2B businesses. The quantity and pricing can vary for each business depending on the customer group and the purchased product categories.
To efficiently handle these orders in B2B eCommerce, businesses need to use order management systems and establish clear, detailed, and appropriate order processing workflows.
Quick Ordering and Reordering
The feature of quick ordering is often provided by B2B eCommerce platforms, allowing customers to create and place orders with just a few clicks. Quick ordering can be implemented through various methods, such as:
- Automating the ordering process: Using automation solutions enables customers to place orders without manually entering information.
- Integration with ERP systems: Integrating with ERP systems allows customers to place orders directly from the ERP system.
- Integration with mobile apps: Integrating with mobile apps allows customers to place orders from their mobile devices.
Unlike individual customers, B2B customers often repeat purchases of specific product categories in seasonal quantities. Therefore, B2B businesses should also incorporate a feature to remember previous orders for quick reordering.
Quote Management
Quote management in B2B eCommerce is a crucial process that helps businesses provide accurate and timely pricing information to customers, ultimately increasing sales and improving profits.
Specifically, in quote management, negotiating prices with multiple quote versions or from different suppliers is an important part of many B2B eCommerce models, allowing businesses to negotiate prices for large or complex transactions.
Agent Management
Managing information about agents, such as agent details, agent approval processes, agent hierarchies, credit limits, stock management for each agent, and managing discounts/commissions for agents, is essential.
Additionally, for B2B models involving multiple manufacturers and distributors, there may be a need for additional management of relationships between these entities and agents.
Therefore, depending on the current offline business model and the B2B eCommerce business model that the business aims to establish the most effective agent management process should be detailed.
Top 5 eCommerce Platforms for B2B Businesses
Below are the top 5 eCommerce platforms for B2B businesses, capable of addressing the specificities of B2B eCommerce.
SAP Commerce Cloud
SAP Commerce Cloud is a powerful eCommerce platform suitable for B2B eCommerce businesses.
Here are some ways in which SAP Commerce Cloud can cater to B2B eCommerce:
- Complex Product Management: Allows the management of a range of complex products and services, including custom products and product categorizations. This is particularly useful for B2B businesses with a wide range of products and variations.
- Integration with Other SAP Applications: SAP Commerce Cloud can integrate with other SAP applications, such as SAP Sales Cloud and SAP Service Cloud, creating a comprehensive business system.
- Data Analytics: Provides data analytics tools to help B2B businesses track business performance, understand customer behaviour, and make data-driven decisions.
Therefore, SAP Commerce Cloud can align with B2B eCommerce by offering features and customization capabilities to meet the specific requirements of businesses in the B2B industry.
Salesforce B2B Commerce
Salesforce B2B Commerce is an eCommerce platform designed for large enterprises, including B2B businesses.
Here are some specific features and functionalities of Salesforce B2B Commerce that are suitable for B2B eCommerce:
- Authorized Purchase Workflow: Allows B2B businesses to have full control over purchasing transactions, enabling the modification of certain details from previous orders before reordering.
- Inventory Management: Streamlines the order fulfilment process and provides a clear and consistent view of inventory for both the eCommerce website and offline channels.
- Order Management: Provides robust features for order management, including the ability to automate processes, track order progress, and integrate with shipping services.
In summary, the B2B functionalities of Salesforce B2B Commerce help B2B businesses enhance sales and customer service effectiveness.
OroCommerce
OroCommerce is an open-source eCommerce platform designed for B2B enterprises. This platform provides powerful and flexible features, catering to the needs of B2B businesses of all sizes.
OroCommerce offers several features and functionalities specifically suitable for B2B eCommerce, including:
- B2B Customization: Provides features and functionalities for customizing the online store to align with the needs of B2B businesses, such as the ability to create price lists, request quotes, and place batch orders.
- Integration with ERP and CRM Systems: OroCommerce can be integrated with ERP and CRM systems to create a seamless sales and backend process.
- User Experience: Delivers a user experience designed specifically for B2B businesses, including the ability to create customer accounts, manage orders, and track purchase history.
Overall, OroCommerce is a robust eCommerce platform worth considering for B2B enterprises.
Shopify Plus
Shopify Plus is a cloud-based SaaS eCommerce platform designed for large enterprises, especially B2B businesses.
Shopify Plus provides powerful features and functionalities to meet the needs of B2B enterprises, including:
- Integration with ERP and CRM Systems: Shopify Plus can be integrated with popular ERP and CRM systems, allowing businesses to connect with existing business systems.
- Price Negotiation Feature: Provides price negotiation features, allowing businesses to negotiate prices with customers.
- Multilingual Feature: Shopify Plus can be used to create multilingual stores, enabling businesses to reach customers in multiple countries.
- Scalability: Websites built with Shopify Plus can be scaled to meet the growing needs of the business.
Some notable features of Shopify Plus that businesses can leverage include Shopify Flow, Shopify Launchpad, Shopify Payments, Shopify POS, etc.
Therefore, Shopify Plus is also an excellent choice for B2B businesses looking for a robust, flexible, and scalable eCommerce platform.
Xem thêm: 15 Lý do để chuyển đổi sang nền tảng Shopify Plus
Adobe Commerce (Magento)
Adobe Commerce (Magento) is a powerful and flexible eCommerce platform suitable for various types of businesses, including B2B enterprises.
Adobe Commerce offers many features and functionalities that are well-suited for B2B eCommerce, including:
- Product Catalog Management: Provides features for managing the product catalogue, including the ability to create complex product catalogues, manage pricing and promotions, and track inventory.
- Order Management: Offers features for order management, including the ability to automate processes, track order progress, and integrate with shipping services.
- Customer Management: Provides features for managing customers, including the ability to create customer profiles, track purchase history, and send marketing emails.
- Customization Capability: As an open-source platform, it allows businesses to customize to meet specific needs.
Moreover, Adobe Commerce can quickly deploy B2B-specific features thanks to its diverse ecosystem. It is also the most customizable platform among the five mentioned.
Additionally, Adobe Commerce has a large and active user community, providing support and resources for B2B businesses.
Read more: Shopify Plus vs Adobe Commerce: Key Differences 2023
Above are 5 popular platforms preferred by B2B businesses to build eCommerce websites, serving online business goals for brands.
However, choosing the most suitable platform for each business will depend on various factors, including business strategy, budget, deployment timeline, and the long-term direction set by business managers.
Looking for a suitable eCommerce Website Development Solution?
With deep expertise and the development of complex eCommerce systems for clients such as Changi Airport Group (Singapore), Trentham Estate (Australia), and The Warehouse (Vietnam), SECOMM understands the challenges in choosing a platform and deploying eCommerce that businesses are facing.
- Comprehensive Understanding: Providing comprehensive eCommerce solutions from consulting, development, and operation to the growth of eCommerce systems.
- Deep Expertise: Over 9 years of experience in deploying complex eCommerce systems for clients from various countries.
- Customized Solutions: Proposing eCommerce solutions, including technological architecture and a suitable team for each business.
- Flexible Progress: Project timelines and schedules are adjusted according to the specific needs of the business.
Contact SECOMM now or call directly at the hotline number (028 7108 9908) for free advice on the eCommerce website building roadmap!
2 6,950 0 1 05/01/2024
REASONS WHY B2B ECOMMERCE SHOULD BECOME A MUST-DO TREND!
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!
2 6,651 0 1 28/12/2021