B2B Ecommerce trends to transform your business

The B2B industry has continued to change, and ecommerce has moved from a nice to have to a must have. The significant growth in ecommerce has increased the requirement for B2B businesses to move their attention online.

One report states that 42% of distributors agree that a more advanced website to better meet customers' requirements is their priority in the coming years.

To assist you in staying current, we have collated the most current B2B ecommerce trends which we believe will have the most noteworthy influence on your organisation.

Here are B2B ecommerce statistics you should take note of

In 2021, marketplaces and log-in portals increased 17.8% to $1.63 trillion, and data suggests that by 2025, the North American ecommerce market will exceed $4,6.

It is quite evident that ecommerce has ceased to be a trendy channel that B2B companies are considering. A McKinsey report states that approximately 65% of B2B companies are fully transacting online in 2022. For the first time, B2Bs may offer ecommerce instead in favour of offline sales.

The reason for this is because ecommerce can drive revenue. In the same McKinsey study, 18% of B2Bs’ revenue is generated by ecommerce. This is more than email, telephone, and video conferencing.

This corresponds with buyer side information shared from Wonderman Thomson which revealed that in 2021, 49% of buying in China, US and the UK occurred online.

To succeed in B2B ecommerce, a basic website or below average customer experience is no longer acceptable.

Having said this, 52% of online buyers are still reporting unhappiness with their online purchasing experience. What is even more damaging is that 90% of online buyers will turn to a competitor if their supplier’s online channel will not meet their needs.

To deliver the purchasing experience that buyers expect, B2Bs must prioritise their digital transformation in 2022.

Here are the top B2B Ecommerce Trends to consider for 2022

Companies adopting ecommerce have a challenging task ahead of them this year. Here are seven ecommerce trends you need to get right to succeed.

1.?????Move away from your legacy systems.

2.?????Make an investment in an ecommerce platform

3.?????Online shopping experience personalisation

4.?????Product discovery and information prioritisation

5.?????Sell your products across third-party online marketplaces

6.?????Consider social media platforms

7.?????Fulfil orders efficiently

1.?????Move away from your legacy systems

In 2022, 36.6% of distributors will find it extremely challenging to upgrade their legacy systems. If you are seeking deliver an improved B2C-like experience for new and existing customers, you will need to make sure that the correct systems are in place.

Many companies make the error of upgrading systems on an as-needed basis. Down the line, this makes it increasingly challenging to integrate tools and it puts you right back at the beginning.

It is suggested that you develop a digital transformation approach that is influenced by business goals and not solely by technology requirements.

2.?????Make an investment in an ecommerce platform

As you plan your digital transformation, a perfect place to begin is with your B2B ecommerce platform as it can serve as the epicentre of your digital landscape. Investing in an ecommerce platform is the highest priority for 35% of B2B companies in the United States.

Bear in mind that not all ecommerce platforms are similar. Most platforms still operate as a one-size-fits-all solution which does not offer the flexibility to select the most appropriate solution for your requirements.

At the other extreme, you will find platforms that do not fully support B2B ecommerce functionality and offer a couple of features or workarounds.

SaaS ecommerce platforms like BigCommerce offer all the benefits that come with SaaS such as functions that support the complexities of B2B, good security, lower cost of ownership and speed to innovate.

One other important consideration is the ability to easily integrate other business systems.

3.?????Online shopping experience personalisation

Based on research conducted, 50% of B2B buyers stipulated that improved personalisation as a primary feature when looking for online suppliers with whom they wished to build a relationship. It was also revealed that consumers will spend 48% more if their experience is personalised.

A company called TYGRIS, together with their digital agency, employed the use of a headless solution to provide a personalised experience to their customers.

Tygris used BigCommerce's API and a Dropbox Business API to create the middleware portal of MyTYGRIS.com. This enabled their customers to connect via an API and to place their orders or check stock levels and data which is pushed or pulled from BigCommerce platform with MyTYGRIS.com acting as a validation between all systems.

That is one of the reasons why many B2Bs are choosing headless commerce — it enables the development and delivery of personalized shopping experiences more efficiently.

Other than headless commerce, there are many personalisation options that leverage artificial intelligence and machine learning to create customer segments and to enable marketers to act via triggered emails, real-time messaging, recommendations, and automatic optimisation.

4.?????Product discovery and information prioritisation

Finding products is one of the main pain points for online buyers. Even once they find a product, they experience issues when looking for up-to-date information.

There are several ways that B2Bs can resolve this problem. One way is the use of a product information management tool. It is useful as it collects, manages, enriches, and distributes product information across channels, from the ecommerce storefront to your marketplaces, social sales channels, and advertising networks.

One other approach is the utilisation of back-office technology, which assists in automating manual processes. Many B2Bs make use of spreadsheets for inventory or product information. By integrating the correct back-office system, such as an Enterprise Resource Planning system, you can house all catalogue information in one location that is connected with your website so that updates and amendments appear in real time.

A good option is the use of a chatbot that directs shoppers to product pages or encourages them to initiate a conversation with your sales team if they have never purchased a product from you in the past.

5.?????Sell your products across third-party online B2B marketplaces

An important part of the B2B buyer journey are marketplaces. Many online buyers find inspiration and begin their search for products in marketplaces.

Fifteen percent of US buyers and 20% of UK buyers make purchases through Amazon Business — and that is one of many third-party marketplaces.

A big advantage of third-party marketplaces is their capability of attracting new customers. This means more sales and it is an opportunity to evaluate new products and reach global markets.

6.?????Consider social media platforms

Even though social media commerce has been dominated by B2C businesses, B2Bs are exploring how to get into the social media game because in lots of cases, their buyers are already utilising these channels.

Gartner reports that approximately 46% of B2B buyers are using social media to learn about solutions, 40% utilise it to compare solutions, and 35% utilise it for need-to-know information before completing a purchase.

Gartner also found out that 54% of B2Bs have utilised social commerce to create an online store.

If selling and providing checkout on social media sounds intimidating, you still have the option of experimenting on social media for your B2B marketing.

Select the platforms that are most relevant to your audience and begin by creating an array of posts, such as how your product works on video or customer’s quotes about their experiences with your business. This will assist you in determining which content resonates the best with your audience.

7.?????Fulfil orders efficiently

As more companies cross the digital threshold, the requirement for quick and efficient fulfilment processes has become more urgent. Millennials are driving demand with 73% involved in B2B buying processes today.

As customer expectations are growing, this is another way B2Bs can appeal to buyers. B2Bs can streamline fulfilment processes by utilising order management software. This software assists B2Bs in centralising information, managing orders across different sales platforms, and reducing supply chain complexity.

B2Bs also have the option of utilising third-party fulfilment to get things going. Third-party fulfilment is a great option if your business is scaling quickly, your current fulfilment costs are rising, or you are spending a lot of time on managing inventory.

How do you determine if a trend makes sense for you

It is not worth jumping on every trend at the same time, so which trend do you prioritise first? While some trends will provide a lot of value, others may be out of touch with your audience or too costly to implement and maintain a reasonable return on investment.

Understanding which trends will be a good fit often comes down to knowing your customers, vertical, and competitors forwards and backwards. There are a number of things you can do to evaluate industry trends and make the right decision for your organisation.

Staying current with industry reports and data

Most industries experience changes at some point and keeping up to date via reports and data can help you understand where things are moving.

The data in these reports come from trustworthy research which is better than following the popular word-on-the-street. In addition, when you are regularly aware of what is happening in your industry, you will get a sense of what trends are worth the effort and which can wait.

Assess customers behaviour

A big advantage of B2B ecommerce is access to first-party customer information. Kees Olthof, a senior manager of consumer experience at Gildan, emphasised the importance of data and how to utilise it to gather information about customer behaviour.

“When shifting your business online, use this opportunity to become more data driven. It is something you can achieve easily online. Quantitative information is the “what” that you can access from your web analytics. Qualitative data is the “why,” learnt from surveys and feedback. Work on moving your culture to be open minded and validate assumptions,” says Olthof.

Ask B2B customers for feedback

Contact customers directly to understand issues and how they can be resolved. Obtaining feedback from customers provides insight into trends, assists in creating specific future plans — and a customer may even suggest an idea you did not think of before.

Find out what your competitors are doing

Have a look at your competitors. Have they jumped onto a specific trend? If they did, how has it worked for them? You do not have to do everything the competition is doing but knowing what they are up helps to measure how successful a trend could be for your organisation.

And in closing

2020 and 2021 was about getting online for B2B businesses. 2022 and further is about optimising the online experience to keep up with changing buyer expectation.

B2Bs should focus on the emerging trends we have identified, which includes leaving legacy systems behind, making an investment in ecommerce technology, personalisation of the shopping experience and looking at new sales channels.

Although it may seem necessary to prioritise them all, the key to your success will be gathering information about customers and creating your digital transformation strategy. Once in place, you can utilise it as your journey to success.

If you have any questions or would like a discussion on how your organisation can benefit from digital ecommerce, contact Karen Von Wielligh at Emergent Africa at [email protected]