In the past few years, B2B eCommerce has been experiencing tremendous growth. Along with that, the B2B industry is also expanding at a very rapid rate. In 2018-2019 it is observed that the United States hit $1 trillion when it comes to online B2B sales whereas it was just $969 billion in 2017. This number is also expected to climb and it is estimated that by 2023 it will reach 1.8 trillion.
In the B2B eCommerce business, there is a huge clarity and transparency among B2B suppliers, manufacturers, retailers, and others. That is the reason why more and more companies are now looking for a B2B eCommerce solution.
Benefits of considering B2B eCommerce
B2B eCommerce business comes up with several benefits. Some of the essential benefits of B2B eCommerce are:
- Reaching potential customers anytime and anywhere: In the market, it is observed that the selling of the online B2B has been around for the last two decades. The online B2B eCommerce websites are also capable of successful customer acquisition. Along with the rise in B2B eCommerce, there has been a huge growth in B2B buyers which can be easily targeted across the world at any point in time and from anywhere.
- Fast-track order fulfillment: In B2B eCommerce, the B2B sellers get the opportunity to fulfill the order at a much faster rate since the order processing and tracking inventory is based on a cloud-based e-commerce platform. The cloud-based eCommerce website also comes up with a built-in order management system. Another advantage of having an Order Management System (OMS) is that you can reduce the chances of error and can also improve inventory tracking.
- Enhance analytics for better insight: Software like ERP, CRM, PIM, etc. gives the eCommerce business a comprehensive perspective on every kind of business. With the help of such software, it becomes possible to get an instant insight into all types of bottlenecks that the business may encounter. Thus it helps the eCommerce business to get significant business decisions for managing several essential activities swiftly.
- Offers customer-centric support: B2B eCommerce business provides an opportunity to improve the revenue by providing a wonderful experience. Nowadays with the advent of the Internet and innovative technology, it is mostly observed customers use to reach products and services before purchasing them. Under such circumstance that
- Retain the customers: With B2B eCommerce business you can not only attract new customers but can also retain your old customers as well. It is highly essential to maintain optimum revenue from both your new as well as old customers and B2B eCommerce business helps you to retain your business growth and thereby assist you in reaching your sales goal. In a survey, it is found that only 15% of the B2B buyers use to speak with the salesperson at the time of repurchasing the same product or availing repeat services. That means if you can satisfy your customer he or she will come to you for your product or service.