One of the top e-commerce trends for 2020 was the acceleration of online marketplaces, which was followed by the introduction of smart commerce and customer personalization.
Even though the B2B market’s adoption of e-commerce has been a little sluggish, the sector is quickly heading toward fully digital commerce. Only 6% of B2B purchasers choose to disregard online platforms for their purchases at this time, while the rise of B2B e-commerce sales is at an all-time high.
According to Forrester projections, B2B e-commerce sales in the US alone might total $1.8 trillion by the end of 2023. An early market survey also reveals that, during the next five years, online e-commerce platforms would account for more than 75% of B2B procurement spending.
Why is having a website so important for B2B trade?
Global B2C trade has been transformed by e-commerce. Through it, both the company and the client side have benefited. However, when it comes to business-to-business (B2B) transactions, the situation is a little bit different.
Here, the decision-makers in any given business directly control the purchasing and selling. This has a direct impact on the volume and frequency of transactions, making it a rather important domain.
To compete in the cutthroat B2B industry, having a solid online presence becomes essential. To draw and keep clients, sellers have two options: either they pay a reasonable portion to develop a website from scratch or they join a platform designed specifically for B2B e-commerce.
How do you pick the ideal B2B platform for your company?
Platforms for B2B e-commerce are most renowned for their ability to attract customers and increase sales. However, the B2B domain also heavily relies on customer experience, much as the B2C industry.
When working with contemporary businesses, B2B vendors find it challenging to increase sales. This is because, despite their importance, criteria like low prices and high-quality products fall short when compared to satisfying customers.
Online shoppers are avidly seeking the greatest experience, and meeting that standard without the proper e-commerce platform can be extremely difficult.
We have outlined some of the crucial elements to take into account when choosing a B2B e-commerce platform to streamline the selection process.
Due to the numerous restrictions and industry-specific requirements that differ depending on the seller and buyer sides, B2B transactions are inherently complex. B2B business owners should opt for an e-commerce platform that enables simple control over the customer experience.
The platform of choice must also include a system to enable or limit different groups of people according to their duties, such as buyers, e-commerce managers, purchasing agents, etc.
Contrary to B2C firms, B2B enterprises must manage lengthier buying cycles, financial restrictions, recurrent payments, and sales volumes. You must constantly select a platform as a business owner that enhances and supports your particular business necessity.
In addition, a strong B2B platform should make it easier for sellers to complete their activities and assist buyers with clearer navigation and quick problem-solving. Giving your consumers quick and easy access to shipping, order monitoring, and account administration increases their shopping experience and elevates it considerably.
The ability to grow and scale over time should be one of the most essential criteria when evaluating B2B business platforms. Businesses tend to develop quickly in today’s fast-paced environment.
To maximize profit, they must connect their procedures and services with current market trends. Tradekey.com is one of the top B2B platforms for developing connections.
Pricing and order administration
Every firm has a distinct set of needs, and they frequently push their own set of guidelines for the pricing system, the purchasing process, the creation of invoices, and the functioning of payments.
It is usually advisable to choose a platform that provides both a typical experience and a unique “get a quotation” and price negotiation method, taking into account the large sales volume. To simplify the purchasing process, several necessary elements like the minimum order requirement check, variable pricing, and shipping restrictions should also be programmable.
E-commerce responsiveness is expanding quickly. Customers now seek out websites that are properly responsive enough to fit all screens. The B2B sellers must concentrate on making their site material pixel flawless, beautiful, optimized, and simple to access as more B2B customers conduct research and place orders on mobile devices and tablets.
Your site content must also be able to render correctly on a variety of devices. Conveniently enabling your top consumers to place orders on the move increases conversion rates, promotes the brand and design coherence, and draws in more people to your company.