The business-to-business (B2B) e-commerce industry has been growing enormously over the past couple of years. More B2B organizations are drifting toward selling their products online, enabling their partners and distributors to make faster purchases with easier access to their products and orders.
The B2B e-commerce market is becoming more prolific every passing day, and other key trends and data from this massive market are yet to be tapped. The 2018 E-commerce Report is one such array of statistics that every B2B organization should be familiar with.
We are going to discuss all of this along with the 2018 B2B E-commerce Report in this article.
- The overall B2B e-commerce market is roughly $900 billion, and on track to reach $1.1 trillion by 2021.
- Less than 50% of B2B companies have an e-commerce website today, but 70% of those will have one within 2 years.
- 80% of B2B companies will increase spending on B2B e-commerce in 2018.
- “Online is the new offline” perfectly sums up the 2018 B2B E-commerce Report. So where do you think various industries are lacking? What is it that requires immediate attention?
- 39% of retailers rely on business-to-business (B2B) sales for more than half of their total revenue. Yet, more than one-fifth of businesses are leaving significant sales. Why?
- Massive potential
A report from Forrester Research in 2017 estimated business-to-business (B2B) e-commerce transactions would reach $1.2 trillion by 2021. Despite being slow to adopt e-commerce, B2B brands are increasingly looking toward digital means to boost sales.
With service providers like Salesforce B2B Commerce Cloud, digitalization of B2B brands will happen in just a matter of time. Salesforce B2B Commerce Cloud delivers robust B2B commerce technology built natively on Salesforce.
- The buyer is changing
As the “typical” B2B buyer changes, a business’s sales process should too. That leaves merchants to decipher the modern B2B buyer’s needs without much available guidance.
That’s where Salesforce B2B Commerce Cloud comes in. Trust us—we understand your buyer better than anybody else in the business.
- This is the right time
How are merchants adjusting their business models to accommodate e-commerce? How are they aligning with the new expectations for B2B sales? BigCommerce conducted a survey of more than 500 international merchants—each relying on other businesses for at least part of their revenue—to find out. The numbers are breathtaking.
- 39% rely on B2B sales for more than half of their revenue.
E-commerce is no longer nebulous for B2B, but a driving force. Merchants need to take advantage of this growth opportunity or risk being left behind.
- Embracing a hybrid model
B2B buyers are the same people making purchases as consumers. It’s the truth –– and often overlooked. In the business-to-consumer (B2C) environment, buying online is not only acceptedbut also preferred by many.
- 16 % of all retail purchases in 2017 were from e-commerce.
Salesforce B2B Commerce Cloud will not only help you in adopting the Hybrid Model, but it will also make sure that your entire system has become hybrid.
- Web-buying transparency
This is the most overlooked area and it will make a significant impact on the success orfailure of your B2B business model.E-commerce demands a level of transparency that many sellers found disconcerting. Revealing B2B pricing online came second as the biggest concern for executive stakeholders prior to enabling e-commerce capabilities (33% of respondents).
How to Succeed in B2B E-commerce
- Reputation over everything else
This might sound a little cliché, but vendor reputation is the most important factor in determining the success or failure of an E-commerce business.
B2B buyers tend to prioritize a business’s reputation above all else. In fact, 53% of survey respondents identified reputation as one of their business’s key selling points.
- Price and payment options
Just like any other buyer, B2B buyers also make comparisons between the prices of different vendors. Make sure you are not overpricing the products and keep a check on how others are selling the same product. This will require continual analysis of data, but it will win you a lot of customers.
At the same time, you must provide the buyer with the maximum number of payment options.
Some of these include:
- Cash on delivery
- Mobile wallets
- Debit and credit card
- Net banking
- Payment on account
We tried to cover the 2018 B2B E-commerce Report rationally, from the number of possibilities to the areas of improvement. It is time you think about how your B2B organization can quadruple its growth with an intact e-commerce portal.
CloudCraze (Salesforce B2B Commerce Cloud) is one of the most powerful B2B commerce platforms and we, at Docmation, can help you set it up. We are registered CloudCraze (Salesforce B2B Commerce Cloud) and Salesforce Silver Consulting Partners and we can certainly help Salesforce B2B Commerce Cloud strategize your B2B Commerce Roadmap. You can start right or optimize your current setup for maximum ROI and increased sales.