B2B eCommerce is short for business-to-business, electronic commerce, where it is selling products or services between businesses via an online sales portal. In general, it is used to improve efficiency for companies.
Why is this important? Numerous industry reports suggest that B2B eCommerce sales will top 1 trillion by 2020. This is because a growing number of retailers now expect the process of buying from a supplier to be as easy as making a business to consumer purchase. This trend, along with the rise of B2B marketspaces such as Amazon business has acted as a catalyst for the adoption of B2B wholesale eCommerce technology among manufacturers and distributors. This has made it easier than ever to facilitate B2B market transactions.
1. eCommerce is cost effective
There are few costs to setting up and getting online. Apart from the initial investment in software and the associated technology for this, getting online is more cost effective than you think. It’s another marketing platform, where the cost is not what is important here, it’s about how much money you will save and moreover, how much you could potentially be making with this hugely effective channel.
2. Print catalogues are obsolete
With technological advances, it’s no doubt that digital is becoming the preference for all things word related, and wholesale catalogues fall into that category. This is because with the use of smart phones and tablets, information is more easily accessible to the consumer – it’s literally at their fingertips. This move to digital actually makes it easier to show off your products. Moving online allows you to update your virtual catalogue with just a few clicks and the bonus is that you don’t have to deal with stacks of catalogues and obsolete print.
3. Retailer adoption
Once you are online, it’s time to get retailers on board. The best strategy to adopt will be determined by your client base. Smaller businesses will likely find it more productive to rely on direct phone outreach and in-person meetings, whereas larger businesses may tend towards email campaigns and direct mail.
4. Data driven
Analytics and data are important from the perspectives of both client acquisition and retention. A real understanding of certain key metrics and key performance indicators, such as the number of visitors, engagement, and ROI on marketing investment compared to other methods, will enable you to improve your online portal usability and conversion rates over time.
This area is a good example of where IT, sales and marketing departments need to overlap for the data to be converted into actionable insights. There are huge opportunities for segmented targeting, demographic profiling and more. You can also incorporate feedback mechanisms, such as surveys, directly into the buying process. There is a wealth of information at your fingertips that is too precious to ignore!
B2B eCommerce for wholesalers is shaping the world we do business in. It is important to know these facets that are driving this platform. If you aren’t already online you are missing out on a huge opportunity that is here to stay. So, get online a grow your B2B eCommerce wholesaling business now.