5 B2B Ecommerce Trends You May Be Ignoring
In business, everything should be about the bottom line. If you can’t make your B2B ecommerce platform appeal to both new and existing buyers, where does that leave your brand? Struggling to compete, that’s where. Ignoring trends is the fastest way to fall behind your competitors. Can you afford to play second fiddle just as the B2B market is set to grow by 25 per cent?
There are those who say: ‘If you don’t have a competitive advantage, don’t compete.’ In the case of ecommerce, competition drives everything. You have to compete, not just to thrive but to survive. The 5 B2B ecommerce trends you may be ignoring are the key to increased sales, improved user experiences and greater efficiency.
B2B buyers no longer want to pay at the end of the month by cheque. Most online B2B purchases are paid for by credit card. However, there has been a significant rise in the use of mobile wallets. Think Apple Pay and Amazon Pay, which can account for up to a quarter of all payments. If your B2B website doesn’t accept this type of payment, it needs to.
B2B has historically relied on word of mouth. It is still a significant driver of new business, along with referrals. However, social media is playing an increasing role in boosting online visibility. That is because buyers’ behaviour has changed. Ensure your ecommerce solution can integrate with social media channels.
More than 50 per cent of B2B purchase decisions are based solely on price. Other factors include ease of ordering, credit limits, purchase orders and discounts. The smart way to stay competitive is to automate pricing updates. By integrating your platform with suppliers you can save time and ensure your prices always reflect real-time data and your mark-up rates.
Another thing worth noting is that B2B buyers don’t want to have to contact you for a price – they want to be able to see it online. Transparent pricing can be a potent sales tool. Make sure your ecommerce platform is capable of showing different catalogues and prices to different types of customers.
B2B buyers want to know more about the products they are buying. They also need to see them displayed online attractively and from multiple angles. This requirement reflects the shift away from printed catalogues and to more of a B2C buying experience. Make sure your B2B catalogue is visually appealing and mobile friendly. A huge per centage of B2B buyers research products online before making a purchasing decision.
Selling across multiple channels makes sense if you want to grow your business. It allows you to tap into lucrative marketplaces and discover new revenue streams. However, almost half of B2B ecommerce businesses have not recognised systems integration as a necessary tool. It is essential if you want to centrally manage order fulfilment, inventory synchronisation and online payments. Of those who have identified integration as a need, many have yet to implement it.
Want to know more? We are the UK’s leading developer of B2B ecommerce solutions. For information about our cloud-based B2B ecommerce platform, Gemsuite, visit our website or book a free demonstration.