Posted By:Infra Bazaar
WHAT IS B2B E-COMMERCE?
B2B E-Commerce is described as the online buying and selling transactions between businesses. The orders are digitally processed and supplied from manufacturers to wholesalers, distributors and sellers.
A 2018 survey found that 48% of companies perform 50–74% of all corporate purchases online. Imagine what a booming expansion in online shopping you will witness in the coming years!
During the last one year, industry has seen a remarkable growth in B2B. According to Forrester, 91% of B2B buyers have researched products using their smartphones. And by 2025, 80% of B2B ecommerce transactions are likely to occur online.
RISE OF B2B E-COMMERCE
The buzz of online marketplace is here to stay and it has already redefined how B2B relation between buyers and sellers is perceived. Millennials lead the new era of B2B and form the majority of the buyer group. Therefore, B2B ecommerce trends/demographics have changed drastically from traditional to digital.
2020 has really given a significant boost for ecommerce. With Covid induced lockdown, B2B buyers and sellers turned to the internet to adapt to the new normal. We have seen a demand for ecommerce services right from products, service, and food delivery to grocery. Today, online marketplace has become the most efficient and fastest way of trading for B2B traders.
Online business has several benefits such as the expansion of business, sustained growth, rise in the number of customers, and increased brand-awareness. Leveraging the power of digital, B2B traders should adapt strategies that will help them stand out or stay ahead of their competitors.
Let us understand the three essential factors for your B2B E-Commerce
Catering to the growing online customer base, businesses should build a focused /personalized approach. The merchandise should reach the buyer before the buyer reaches them. This strategy will not only help the business find new customers but retain its existing customers, too.
Businesses should lay a strong foundation for customer engagement that is channeled with buyer preferences. The use of artificial intelligence (AI) to deliver personalized results works as a wonderful marketing strategy. AI guides customers towards better decision making and will ultimately give your business a positive outcome. It helps to deliver more precise search results, reads customer needs and tailors the customer engagements and effectively drives sales.
Adaptation to digital transformation is the key to accelerating revenue growth for B2B. The business must enhance user experience to meet customer expectations in today’s digitized and forward pacing era. Businesses should offer user-friendly digital buying experiences to drive their sales.
Technology can help you deliver smart personalization on your digital platforms. You can have smart recommendations, search history, comparison features etc to ease the customer’s shopping experience. Also, make sure you delight your customers with fast deliveries, order tracking, quick resolutions, exclusive offers and most importantly – real time customer service.
B2B E-Commerce enjoys long-term business relationships between the companies. Thus offering personalized user experience will definitely help you get your lion share of sales. Remember, when your approach is customer centric, you will continue to evolve with your customer’s evolving needs / preferences.
INTELLECTUAL PROPERTY PROTECTION
Intellectual Property Rights stand on the three main pillars - copyrights, patents and trademarks. Intellectual Property is the most essential value bearing component of E-Commerce. When a business owns a tangible asset, they of course don’t want ‘n’ number of copies made and sold at a cheaper price and quality. Especially when the business operates/serves on a digital platform, there are instances where anyone can access and recreate a product.
That’s exactly why businesses should file an intellectual property protection to safeguard their property.
Data security and privacy should not be limited to the supplier’s content but also extended to the customer. Modern buyers are digitally sound. They demand protection of their personal information when they hit that sign up tab. So, ensure that your digital platform gives them that security and privacy.
The online marketing world is evolving at a faster and faster rate. The line between B2B marketing and B2C marketing is slowly blurring and what was once thought effective for only B2C is now showing effectiveness in the B2B space too. Therefore, to level-up your marketing for the B2B audience, you need to go with the ‘customer-first’ strategy and create brand awareness and trust to tap into the market.
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