B2B (business-to-business) e-commerce is reaching new heights. The global market was valued at five times that of the B2C (business-to-customer) in 2020, and it’s projected to account for a large chunk of all B2B transactions in the next few years. There are a lot of benefits that come with migrating to the Internet: scalability, increased sales, reduced costs, better customer focus, and access to data analytics, among others. With buying and selling taking up a larger space online, it’s high time that your B2B business takes its spot and reaps the advantages.
Advantages Of B2B E-commerce
With the right web development and sales and marketing strategies, such as adding the best website pop-up from Powr.io to increase conversions, having an e-commerce website can help bring your business to new heights, those previously unimaginable on the ground. Here are some of the benefits you can enjoy by transitioning online.
Going online opens you up to new markets and opportunities, making it easy for your business to grow and scale. You can open new sales channels and tap into new customer bases to meet market demand. Plus, integrating with current technology lets you significantly improve your business’s marketing, merchandising, and management capabilities.
Better Customer Focus
B2B is all about nurturing relationships with your clients. People used to think that this was only possible with one-on-one interactions between sales representatives and customers. However, with e-commerce websites allowing for faster and more efficient customer service, while still maintaining the human aspect to it, it’s easier to ensure that your clients are taken care of.
A B2B e-commerce website allows you to reach a ton of new people without having to make cold calls or send out thousands of e-mails a day. With optimized pages, you can strengthen your brand visibility through search engines, giving you the opportunity to connect with potential leads and turn them into loyal customers.
The average bounce rate for e-commerce sits at about 45%, while the average conversion rate for e-commerce is from 1.5% to 6%. That still promises a lot of potential and can make a world of a difference when you exceed those numbers.
Improved Account Management
With tools such as enterprise resource planning (ERP) and customer relationship management (CRM), you can drastically improve how you manage your business’s accounts. No more piles of paperwork and mismanaged files to dig through just to find an accurate phone number or report on the latest statistics. With B2B e-commerce, you can find the data you need with just a couple of clicks.
Thanks to the technology that comes with transitioning online, your business can enjoy enhanced B2B processes. Everything’s faster, more convenient, and easier to manage—from both sides; that of your team and your customer. E-commerce also makes it simpler for people to buy what they need from your business, which means that you can reach your sales goals much faster.
A B2B e-commerce website saves you a lot of overhead that would’ve otherwise gone to expensive maintenance fees associated with more traditional physical businesses. You can re-invest this extra cash into your sales and marketing executions or business development efforts to make your company even more poised for success.
Access to Data Analytics
B2B e-commerce sites give you access to data analytics that can provide valuable insight into your customers. With these, you can know who’s buying, how they’re coming to know your products, what they’re buying, etc. You can even install customer experience tools so that you get feedback directly from your clients!
You’re Missing Out Staying Offline
Individual customers aren’t the only ones becoming more and more reliant on online shopping. Businesses are also looking online to find wholesale suppliers, manufacturers, and distributors to address their large-scale needs. Staying offline robs you of the opportunity to reach these markets and scale your company.
All that said, going online is just the first step. You must apply e-commerce best practices, such as installing free plug-ins from Powr.io to increase the efficiency of your site to be truly successful.