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The 5 Whys of B2B eCommerce in 2019

B2B eCommerce is having its moment. It’s never been easier to make B2B purchases online, yet it still feels like a large number of manufacturers and suppliers are using a combination of PDF catalogs, outdated websites, and contact forms to reach their customers. 

There’s ample opportunity for B2B vendors to separate themselves from competitors via a superior B2B eCommerce experience. Additionally, the ideal B2B eCommerce solution should automate many of their internal sales operations, yielding cost savings and greater efficiency for their sales teams. 

Below we’ve laid out 5 reasons why companies need to adopt B2B eCommerce:

1. B2B eCommerce sales account for 12% of total B2B sales in the USA

With a CAGR of 10% per year over the next 5 years it’s safe to assume that a large amount of business will be conducted through digital channels.

2. B2B buyers want the same purchasing experience as the one they experience in their personal lives

There is an increasing customer demand for real-time feedback by features like product configurators and price calculators. Ask yourself, would you rather purchase a product/service offering by traditional methods (call/email) or by digital methods (Amazon, Thumbtack, etc)?

3. Consolidate interactions into fewer channels

On average, a B2B customer will regularly use six different interaction channels throughout the decision journey, and almost 65 percent will come away from it frustrated by inconsistent experiences. An effective B2B eCommerce solution will enable you to decrease the amount of these channels.

4. Customers don’t want to talk to your sales reps

Some 86 percent of respondents said they prefer using self-service tools for reordering, rather than talking to a sales representative. The lack of speed in interactions with suppliers is the number one pain point for B2B buyers.

5. B2B Marketplaces are coming for your sales pipeline

B2B vendors have a new type of distributor to contend with: B2B marketplaces. Companies like ScienceExchange, Indigo, Scientist.com, MFG.com and more are obtaining large amounts of funding from venture capitalists.  Fortune 500 companies are using B2B marketplaces to address demand-side needs. B2B vendors need to strive to provide a substantially better digital experience than these B2B marketplaces in order to keep current and prospective customers.  Otherwise, customers may move most/all of their purchasing to marketplaces.

You don’t have to spend a fortune on B2B eCommerce. termrelay can help your company implement a bespoke B2B eCommerce solution specific to your business more cost-effectively than any other company. Contact us today to learn more.

 

Sources: Forrester ResearchMcKinsey

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