B2B Digital Commerce Growth – Transforming Modern-day B2B Businesses

The eCommerce industry is growing at an exponential rate with B2B Digital Commerce gaining the top spot for successful enterprise businesses. With the growing demand, eCommerce vendors are now developing B2B features and functionalities to cater to the global market as well. According to a Gartner report,?“By 2024, 15% of B2B organizations will use digital commerce platforms to support both their customers and sales reps in all sales activities.”

B2B Digital Commerce Transformation – The Need

With the growing adoption of B2B over the years, digitalization now seems the next go-to for organizations.?According to?Forrester, B2B eCommerce will reach $1.8 trillion and account for 17% of all B2B sales in the US by 2023, out of which almost half of the B2B researchers would be millennials –?a generation that is well-versed with all the digital outlets. With the passing time, B2B customers are getting more tech savvy and independent while choosing their desired products – they prefer online chatbots and helpdesks to traditional interaction and are more technically informed in their process. Hence, to cater or even make it up to their memo, B2B organizations need to involve themselves in digitalizing their processes, operations and experiences.

Why Should B2B Merchants Go Digital?

The demand for B2B eCommerce is growing rapidly. Presently,?83% of B2B buyers prefer ordering through digital commerce solutions. However, where?30% of buyers wish to purchase most of the products online, only 19% are doing so – in this major B2B organizations are losing a huge chunk of revenue that might have been on their plate.?These buyers are technically equipped and their B2B visitors’ activities are not limited only to the purchasing cycle, but rather spread out into exploring multiple areas of interest that might include service-related interactions, sales calls/enquiries, chats, etc. To retain these exploring customers, B2B organizations need to be digitally sound and employ the correct solutions.

Currently,?62% of the B2B buyers?choose to access the product details and information online, before even contacting for purchase! With over?90% of the B2B purchases starting from a search,?it is evident that the coming generation of buyers have already transitioned to the B2B digital arena and have expectations that need to be met – intuitive and relevant search and navigation, faster checkout processes, quicker delivery, enhanced tracking, historical orders, etc.

Benefits and Opportunities for B2B Digital Commerce

With the rapid and progressive digitalization of B2B eCommerce, numerous new opportunities and advantages come in handy. These help the organization steer better in the B2B digital commerce tide – providing better avenues for improved sales, enhanced customer experience and a streamlined business process overall. Digitalization for B2B eCommerce offers a huge window to organizations to tap into the correct market and add unimaginable sales leads to their business flows.

New Sales Channel

With the adoption of digitalization for B2B eCommerce, organizations obtain a new sales channel via which they can expand and grow their business. The majority of the current and future B2B buyers are all dependent on digital devices to fulfill their buying decisions – viewing products on social media, streaming product catalogs on their TVs and mobile devices, shopping online, etc.

Discoverability and Reach through B2B Digital Commerce

Talking about a larger market, digitalization for B2B eCommerce offers a new spectrum of potential customers that organizations can add to their sales channel. With the power of digitalization, B2B companies can target their efforts in making their products more available to the customers via various online avenues.

Improved Marketing

One of the major advantages of B2B eCommerce digitalization is the ability to collect, study and learn from customer data. B2B eCommerce sites allow the merchants to collect data from every visit and transaction, which they can later use to redefine their sales strategies. Better and coherent data can help merchants improve their customer experiences, understand buyer persona and demography clearly, improve the supply chain management and enable B2B organizations to provide relevant marketing and content collaterals for their customers.

Improved customer experience (CX)

With a properly set up B2B storefront, merchants can offer unparalleled shopping and buying experiences to their buyers and help speed up the purchasing process. B2B eCommerce platforms allow the merchants to enhance their customer experience and improve their conversion by providing personalized and relevant content and product options.

Continue Reading: B2B Digital Commerce Growth – Transforming Modern-day B2B Businesses