E-commerce has experienced explosive growth over the past few years, particularly for B2B companies. Integrating e-commerce to your business is no longer a nice-to-have, it’s a must have.
For the first time, B2B has outpaced B2C e-commerce growth. According to a report by Statista, global B2B e-commerce sales amounted to $12.2 trillion in 2019, and it is projected to reach $20.9 trillion by 2027, representing a compound annual growth rate (CAGR) of 10.5%.
But creating an e-commerce site is not easy. Digital Commerce 360 reports that 42% of distributors say creating a more sophisticated website to better meet customers' needs is their biggest challenge for the coming year.
In order to succeed, we recommend tackling these trends for the best e-commerce success:
- Leave behind legacy systems. This will help you integrate with the latest tools and easier create a more B2C-like experience.
- Invest in e-commerce platform technology. But be picky. Not all platforms are the same and some offer a more one-size-fits-all option that may not fit your needs. We like BigCommerce because it offers robust security, speed to innovate and lower cost of ownership. They also offer special features that support the complexities of B2B companies.
- Personalize the online shopping experience. This is an important trend that will help improve your revenue, as customers spend 48% more when their experience is personalized. Our team uses headless CMS solutions because it makes building and delivering personalized experiences easier.
- Prioritize product discovery and information. B2B companies tend to have a lot of products and it’s important to make it easy for the customer to find those products. A product information management (PIM) software can help collect, manage, enrich and distribute product information across channels. Another option is to use back-office technology to help automate manual processes (like an ERP). Or use a chatbot to direct shoppers to the right product pages.
- Sell across third-party online marketplaces. Marketplaces are essential and growing in the B2B space. 15% of US buyers made their purchases through Amazon Business. One of the advantages is the ability to attract new customers in a new space.
- Explore social media platforms. More and more B2B companies are starting to sell on social media because most of their buyers are already using the channels. According to Gartner, about 46% of B2B buyers use social media to learn about available solutions.
- Fulfill orders even faster. Customers are expecting faster fulfillments. B2B companies can streamline the fulfillment process by using order management software which can help manage orders across different sales platforms, centralize information and reduce supply chain complexity.
B2B e-commerce is a thriving and evolving industry, offering significant opportunities for businesses. By embracing digital transformation, leveraging personalization, and adopting emerging technologies, companies can position themselves for success in the dynamic B2B e-commerce landscape.
Cognits is a certified BigCommerce partner and is ready to help you set up your e-commerce experience. Ready to get started? Contact Us.
Cognits is a design and development company that specializes in user centric digital products which improve your value chain. Our mission is to empower your company by using design and development best practices to improve your existing processes in an agile, efficient, and affordable way. We strive by making your company succeed in the digital world.
Digital Commerce 360