This article will cover everything you need to know about B2B eCommerce and how to extend your online reach.
Business-to-business (B2B) eCommerce is growing at unprecedented rates, and experts project it will be the most significant area of eCommerce growth, even over B2C, from 2020-2025.
There are several reasons for the pressing need for B2B organizations to grow their online businesses, including:
- Seventy-three percent of B2B buyers are Millennials, and they prefer to buy online, according to Merit.
- Advances in shipping and mobile technology make it easy for buyers to make purchases with a click of a button.
- There is robust access to convenient, cloud-based eCommerce platforms.
- More and more people are buying online, and global e-retail sales should grow to up to $4.8 trillion by 2021.
In short, if retail businesses are to keep up, growing their B2B eCommerce presence is a must.
Benefits of B2B eCommerce
What better place to start an eCommerce guide than with the advantages of eCommerce? Here is a quick rundown of how B2B eCommerce will benefit your business.
Did you know that mobile traffic is doubling every five years, especially among younger professionals moving into managerial roles?
With more B2B buyers depending on eCommerce and mobile commerce buying options, it only makes sense for retailers to make their buying platforms mobile compatible.
24/7 availability to your buyers
Excellent user experience
Since so many decision-makers prefer to make purchases online and via a mobile device, eCommerce is the way to go. eCommerce functionality provides a custom marketplace and leads customers through the sales funnel with intuitive features.
Increased marketing opportunities
When organizations bring their businesses online, it opens the doors to enhanced marketing opportunities. Opportunities included increased visibility in the organic search results through SEO, paid advertising, and content marketing, to name a few.
Reduction in errors
Humans make mistakes, but automated platforms keep business processes running seamlessly and smoothly. This reduction in error results in happy customers and cost savings.
Better customer service and communication
With an excellent B2B eCommerce platform and other wholesale cloud solutions, customers have instant access to answers.
B2B eCommerce best practices
Now that you know some of the top benefits of B2B eCommerce, let’s discuss B2B eCommerce best practices for retailers. If you employ these strategies, your eCommerce business will shine.
Create outstanding buying experiences
What’s better than wholesale prices? That’s right! Discounts on wholesale rates. If you build extra savings and limited-time deals into your B2B eCommerce site, it motivates buyers to purchase quickly. This is a stellar strategy for moving your merchandise regularly.
Another idea to capture more orders is to offer incentives for bulk orders. If you have a reputation for providing good deals, B2B buyers will keep their eyes peeled for your promotions.
Make wholesale ordering, delivery, and billing seamless
One of the best things about eCommerce cloud solutions is they help you streamline your wholesale ordering, delivery, inventory, and billing processes.
Automating your order management, inventory, and product distribution saves you time, energy, and helps you reduce error rates significantly.
If you are still keeping track of your inventory on a spreadsheet, or creating line sheets manually, now is the time to invest in B2B eCommerce and digital tradeshow platforms.
Provide excellent customer service
As you look into B2B eCommerce functionality, look for a platform that helps you streamline your customer service practices.
Look for a platform that makes it easy to elicit customer feedback, engage with buyers that need additional help, and foster customer loyalty through excellent customer service.
Make order recommendations
Buyers don’t always have an exact idea of what products they want. It’s up to you to match them with the perfect products and lead them through the sales funnel.
A surefire way to make more sales is to provide excellent order recommendations based on whatever products your buyers are viewing. A B2B eCommerce platform automates the process of what equates to selling add-ons at a tradeshow in retail sales.
How to attract new wholesale buyers online
It’s no secret that the retail industry trends toward in-person events. However, with the advent of B2B eCommerce and wholesale technology, and recent efforts to limit in-person contact, it makes sense to move retail wholesale online.
The question on the top of every retailer’s mind is, “what is the best way to attract new wholesale buyers online?”
Let’s cover some ways you can use B2B eCommerce and wholesale platform for this purpose.
Create compelling, eye-catching virtual showrooms and campaigns
If one thing is true about retail buyers, it’s that they are enchanted with visuals and gorgeous aesthetics. Use your eCommerce platform to your advantage to impress your buyers.
You can do this by creating beautiful line sheets, investing in 360-degree product photography, and designing your virtual showrooms that speak to your buyers.
When it comes to creating beautiful digital marketing campaigns, use color, contrast, type, and other design elements along with compelling copy and clear calls-to-action.
Offer exclusive new-buyer discounts
We already talked about the importance of offering promotions to your buyers. If you’re looking to attract new buyers, give them a new-buyer offer they can’t refuse.
Another idea is to give prospects a new-buyer gift. You can also plan on giving more significant gifts for bulk orders.
Use the one-time discount or gift as a way to entice new customers to buy your products. If they love your products, they will keep coming back for more.
Build a referral program
Incentivize your already loyal customers to refer other buyers by offering rewards or discounts every time they bring you a new buyer.
Check out the NuORDER wholesale platform today!
B2B eCommerce is booming right now and is projected to grow continually. Brands that don’t want to be left in the dust must work towards building their online stores and virtual wholesale showrooms. For more information about NuORDER, visit our site today.