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When b2b customers buy online, they tend to adopt a different approach to b2c customers. There’s little emotion in their purchasing decisions, they are logical, practical and based around choosing a supplier they can trust – a supplier that ticks the most boxes in relation to product and cost, offers the most flexibility, and delivers the best service.
According to Forbes, global online sales in the business-to-business eCommerce market are forecast to reach $6.7 trillion by 2020. This is underpinned by a fast-changing landscape, and the heightened customer expectations that are driving digital transformation. It’s also backed by another recent survey that says 76% of retail executives across Europe and the US have already built a dedicated b2b eCommerce site, and the fact that, for nearly 40% of them, this site is their primary sales channel. So let’s look at how emerging technologies like artificial intelligence (AI) could help b2b eCommerce sellers gain competitive advantage.
Aspidistra Software is proud and delighted, to announce that their client, Industrial Ancillaries has won the B2B ecommerce Website of the Year award 2017.
According to a report recently released by Forrester, b2b eCommerce marketers are moving on from their traditional role of trying to out-smart online buyers, and delivering a stream of leads and support to sales teams. With the emergence of new technologies and digital tools, b2b marketers are shaping a digital-powered role as engineers of customer engagement, built around the managing relationships throughout the buyer life-cycle.
A recent survey amongst global b2b companies found that the desire for competitive advantage is driving seven out of every ten digital transformation projects around the world. What’s more, well over 30% of businesses polled in the research think that failure to deliver digital transformation projects will actually result in them losing competitive advantage. They see threats coming from all angles, with over a third of companies citing existing competitors, new market entrants and low-cost international alternatives as being of key concern.
In today’s digital business environment, b2b sellers need to ensure they consistently offer an online experience that meets customer expectations, supports increased sales and grows brand loyalty. But there are many myths around b2b ecommerce that continue to hold back some companies. Here are some of those myths – and why you can ignore them:
Although trade in the b2b sector has often traditionally relied on long-term contracts and close personal customer relationships, the proliferation of online services and b2b buyers’ own experiences as consumers mean that there is an increasing expectation of a seamless, personalised experience across all digital interactions.
I’ve known of Chloe Thomas (ecommerce author, expert, thought-leader) for some time now, so I was delighted when she invited me to speak in her eCommerce Masterplan Virtual Summit.
Today’s b2b customer experience expectations demand a personalised approach to delivering enhanced levels of engagement that in turn boost ecommerce performance. This puts significant pressure on sales and marketing teams to develop fresh and innovative solutions that improve the quality of customer interactions. As a result, many companies are utilising marketing automation tools to drive website traffic, improve sales and support greater customer loyalty. At the same time, these companies recognise the importance of the human touch in building and maintaining strong customer relationships.
For many manufacturers, developing a b2b ecommerce strategy is not an immediate priority. These companies say that ecommerce won’t benefit them because they’re only selling to wholesalers and distributors. But in reality, those manufacturers who have successfully launched a digital sales channel are seeing increased revenues, lower operating costs and higher margins. So how does b2b ecommerce deliver these advantages?