E-commerce has been gaining a lot of momentum and has become extremely popular in the B2C space. However, in the B2B market, the penetration levels are still low. There is a lot of opportunity for B2B E-commerce players.
Be it a business that deals with expensive industrial products or inexpensive industrial spares to be sold in bulk, the purchase decisions typically involve many stakeholders who play a role/part in the entire buying process Let’s walk you through some of the best practices and online trends in the B2B e-commerce space.
- Dynamic Pricing
Businesses can use Configure Price Quote (CPQ) tools in B2B e-Commerce websites which use special algorithms to adjust product prices based on several factors, such as sales volumes and order history. This solution can help businesses configure prices specific to the needs of customers thereby providing them a personalized experience. Besides, the prices will be transparent, without any hidden fees/charges.
- Synchronized Order Management
Modern cloud-based B2B E-commerce solutions provide interface with order management systems, to synchronize the order processing across various channels and ensure great customer experiences.
Other features might include Just-in-Time(JIT) availability with customizable purchasing workflows, automatic replenishment, multi-warehouse shipping, and returns management.
- Big Data Analytics
B2B businesses are aware of the value of big data and getting their business benefitted by satisfying the customer needs based on their preferences. It also helps to project revenue, customer buying patterns, better ways to reach the market with a unique selling proposition, predictive analysis, and personalization.
Technology can also help in sentimental analysis, tracking every conversation online, keeping records of every positive and negative feedback, and the decisions can be made on individual category/products, pricing, etc.
- Artificial Intelligence
Technologies like Integration of AI chatbots and text-to-speech recognition assists customers to make purchase decisions saving them a lot of time.
The conversational commerce trends are also expanding to B2B markets, and it goes much deeper than chat-bots. E-Commerce strategists use AI as a part of B2B sales strategy because of its ability to predict sales, optimize prices, and calculate discounts based on similar customer profiles.
- Omni-channel Marketing
Companies tend to engage potential customers on different platforms and across several channels. Such eCommerce sales and marketing tacts help generate more revenue as compared to traditional multichannel marketing.
- Larger Economic Impact
Looking into the future, we might notice that B2B E-commerce revenue can outsmart B2C E-commerce revenue. A 2015 report by Frost & Sullivan says that the global B2B eCommerce market will reach $ 6.7 trillion by 2020. Only a couple of years left to see if this prediction comes true. But regardless, there is no doubt that B2B is going to have a significant economic impact than ever before.
As more B2B businesses grow it will be interesting to see as to how strategic partnerships are built, and how B2B eCommerce players approach marketing and sales differently.