A Digital Leap: The Transformation of B2B E-Commerce in South Asia

What is B2B E-Commerce??

B2B, also known as Business to Business, is a transaction between businesses, like a wholesaler and a retailer or between a manufacturer and a wholesaler. It is termed B2B e-commerce when the transactions take place online. The B2B e-commerce segment is growing rapidly due to a number of reasons, mainly the expectations of the customers. The digitalization of the process leads to convenience for the sellers, including manufacturers, wholesalers, and distributors.?

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The digital change?

B2B sales and marketing is entering a new digital era. This trend drives corporate customers' demand for online connectivity to their suppliers' products and skills. Enterprises can use the internet to learn about products and services while also laying the basis for future business-to-business interactions.??

Corporates have started switching to online purchases for a long time now. As per Digital Commerce 360, 48% of companies conduct 50–74% of all corporate purchases online. Additionally, 23% of companies do 75% or more of online purchasing.???

Yet again, convenience is the driver of this change. Websites allow potential customers to know more about their items and services and connect with them. The organization can use e-procurement interfaces to search for commodities and services on goods and supplier exchange websites and then start the acquisition process. Specialized online directories that provide information about specific industries, companies, products, and services can help B2B transactions.?

Today, 60% of sales managers think that digitizing their sales organization is vital to their success. 90% of B2B buyers use the internet to search for keywords, and 70% view online videos to acquire information before making a purchase. Before a sales representative is contacted for the first time, 57% of the buying process is already completed.?

The Transformation of B2B E-Commerce in South Asia?

Simultaneously with the world, South Asia is also not untouched by this digital transformation of B2B E-Commerce.? The COVID-19 pandemic wreaked havoc on Southeast Asia's economy severely impacted the B2B revenues. To combat, this region positioned itself to take advantage of the online revolution, even with a considerably younger and tech-savvy workforce than other big economies. Companies in this area are trying to cope with the current economic pressures by using digital technology.?

The recent changes have expedited an imminent digital transformation in B2B sales, compelling businesses to abandon traditional sales methods in favor of online sales platforms.??

The IMF earlier predicted that the ASEAN-6's average GDP growth would be -3.4 percent. With many companies being compelled to expand outside their current accounts and markets, the digitalizing of sales is viable too.?

Key takeaways on the effects of digitization in B2B sales include:?

B2B Sales graph downward during COVID-19?

Export demand is severely harmed by the economic downturn of major trading partners such as the United States, China, Japan, and the European Union.?

Conventional marketing methods are no longer effective?

B2B companies didn't operate sales like they could a few months ago due to border limitations and lockout procedures.?

Digitalization of B2B sales possibilities?

B2B purchasers increasingly use internet platforms as a complement, conducting online information before deciding transactions, and 68% making purchases online.?

According to the Gartner Future of Sales 2025 outline, 80% of B2B sales interactions between suppliers and customers would occur through digital channels by 2025.??

Chief sales officers and other senior sales heads have noticed that purchaser inclination will never change and that the work of salespeople will shift as a result. B2B enterprises are planning to take advantage of this situation to create their web channels to collect fresh sales leads to promote their business.??

WOGOM is a digital platform in the B2B world that operates keeping a tab on the current and future trends in the B2B e-commerce. Keeping the ongoing transformation in mind, WOGOM platform offers a perfect blend of physical and digital – phygital. In the innovative era of B2B, the omnichannel platform is giving seamless and uniform experience to all users, irrespective of their usage device.?