Why B2B Ecommerce Matters
According to recent research from Shopify, the B2B ecommerce market is worth an astounding $7.66 trillion a year, making it more than three times the size of the B2C market. This is despite the widespread misconception that B2B marketing should be focused primarily on lead generation, rather than ecommerce.
You could, therefore, be missing a trick if your B2B business isn’t making the most of your ecommerce opportunities.
B2B Ecommerce creates a highly-efficient method to target smaller businesses that would otherwise be seen as unprofitable via a more traditional account managed approach. Allowing micro businesses to transact without the need for allocated relationship managers and sales teams.
The role of mobile and micro-moments is providing the B2B buyer with a greater connection to technology and the digital experience. B2B buyers now expect the functionality B2C businesses provide, including a seamless online sales experience and the ability to ‘self-serve’.
To create the right transactional website for your B2B business, ensure that your customers can get the information they need quickly and easily. According to a recent survey conducted by Forrester Consulting, well over three-quarters (78%) of B2B buyers want information on fulfilment options, such as delivery times. 70% want to know about product availability, and 72% want self-service access to accounts and orders.
The ability to order online puts your customer in the driving seat and encourages them to engage with your brand or business whenever they need you.
To support sales acceleration and make the most of your ecommerce strategy, make sure that your customers can easily see and purchase from your product range. This means clear, high-quality product imagery on-site, richly-optimised product descriptions, and clear information on what they can expect from the purchase process.
By implementing effective tracking and measurement, you can also keep a close eye on the products that are selling best, as well as seasonal trends. This means that your business can meet demand and provide customers with what they need, when they need it.
Detailed customer data from measurement frameworks will also help your business to tailor your offering to your customers, providing the opportunity upsell and cross-sell, or give targeted content that encourages them towards conversion.
Finally, the website can also be the starting point for an evolution of payment models. Between 2014 and 2017, there was a massive 800% surge in visitors to sites offering subscription-based payment models. A well-structured B2B ecommerce site can open the door to new payment methods such as a subscription, where a user commits to a certainly payment schedule and the product is distributed automatically based on their needs. This creates a constant stream of revenue, ties the buyer into one supplier and removes the need for an order process.
Creating a successful ecommerce website isn’t something that can happen overnight. It needs to be strategically planned, with the correct development resource identified and a well-planned marketing campaign in place. The first step is to identify exactly what it is that your customers need.
Customer surveying, workshops and focus groups are a great way to understand what your audiences are looking for, and make sure your ecommerce strategies are centred around that.
Here at Silverbean, we work closely with B2B businesses to understand the needs of their customers, collaborating with you with building, implementing and measuring digital marketing strategies that accelerate your sales and enhance your brand. Speak to us today to discuss how we can support your business.