B2B stands for Business to Business. While (Business-to-business) B2B ecommerce means the electronic transaction between two or more businesses over the internet. The main features of a profitable B2B e commerce business include:
At the end of 2017, Business to Business ecommerce was calculated to be worth a global total $7.661 trillion. That is more than three times the B2C ecommerce market. In 2018, that number hit $10.6 trillion: over five times that of B2C.
There is a huge shift towards the B2B e-commerce market. Most of the B2B buyers do a lot of research online before reaching out to a supplier. There is a huge rise of self-service among B2B customers. They want to access their orders and accounts online. Most of the people want the orders and deliveries to be made online. The B2B ecommerce industry has a lot of business models. In the past few years, the distributors grew exponentially, manufactures exhibited rapidly, so many retailers were acquired and a lot of whole sellers were gained.
The global B2B ecommerce had a market value of $10.6 trillion in 2018. The growth has only increased now. A huge majority of manufacturers who haven’t stated an e-commerce site plan to start on pretty soon. B2B e-commerce has become very significant to the global economy. According to the most recent predictions, by 2020, the B2B e-commerce revenue will be around 6.7 trillion US dollars.
To completely understand what business to business e commerce is, suppose a complex network of cross-company transactions and supply chains that stand before the range of goods in a supermarket. Every purchase is supported by B2B sales. B2B (business to business) works on sales of the services, products, or information to other businesses, and stands in contrast to B2C (Business to Consumer) and B2G (business to government) models. These principles of the ecommerce marketing include the same concepts, but B2B depends importantly on the important business relationships to get long-term involved consumers. The success factors of the B2B leaders include the impressive account management team, perfect optimization of the process, and the valuable elements from the innovations of the technology.
The Internet lets the organizations to focus on their prospects. The online presence helps the companies to get a lot more customers via advertising on the internet. According to the researches, more than 90% of the searches of the products on B2B level start with search engines. The internet is a major part of the trade channels for the B2B e-commerce. The companies have to spend a lot of money and time on the digital marketing. They have to work with the Search Engine Optimization too for increasing their rankings in the search engines. They have to make sure that they are easily discoverable. The website should be user friendly and it should provide all the information a user is looking for.
Can the solution accommodate these business models?
– Moving from physical sales to a subscription model
– Altering focus from enterprise to SMB customers
– Offering Complex, highly configurable products
Find out if it will:
– Ensure a seamless customer – Omni-channel – experience across touchpoints
– Provide all users with a single view of the customer information
– Generate automatic and accurate invoices
– Allow customers to start a transaction online, but finish with an AE or sales rep – while seamlessly passing the needed information between each
– Allow collaboration with partners and resellers
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Ecommerce stores are trending in the current digital world. If you plan to be successful and expand, you need to always come up with really good marketing strategies. You should always be ready to compete with your competitors and for that, smart ecommerce business strategies will definitely help.
Creating ecommerce business strategies:
1. Partner up with other companies: One of the great marketing strategies is partnering up with other companies. You can look for their relevant ecommerce business strategies and partner up with them. This is a very affordable and convenient marketing strategy for growing your ecommerce store. One of the ways you could do that is by offering the customers a discount when they buy products by your partner or using a referral via a promo code or a voucher.
2. Improve relationships and sell to old customers: You should work on improving your relationship with the previous customers. You can do that through various techniques including Customer Relationship Management. You can also hire a CRM manager to get the job done for you. If the customers are happy and satisfied with you, they are more likely to buy more products or hire your services again. This method is a lot more affordable as compared to methods for finding new customers. You can also offer a variety of discounts for old customers. You need to come up with techniques so that they remain loyal to you. This is a great strategy to increase the sales of your e-commerce store.
3. Focus on different target audience: It is not a good idea if you just keep focusing on a single dedicated target audience. You should expand your target audiences and look for different groups of people so that you can get new customers. Do not just focus on your main target audience. For example: If your target audience was just adults before, you can get a new added target audience like teens as well.
4. Offer discounts and complementary services: You should always offer some kind of discount on the products or some complementary service as well. That will attract a lot of customers. People are more likely to buy your products if they see a sale going on. Even if you offer a discount on some of the items, people will visit your ecommerce store and they will get to see other items too which are available on full price. Giving something complementary to some of your loyal customers will also improve your relationship with them and they are more likely to shop more from your ecommerce store.
5. Work on marketing the bestselling products of your store: You should take the time and efforts to look for your most bestselling products. Once you have figured that out, work on promoting them and come up with really smart strategies to market them. Take the time and effort to focus on promoting, selling, and marketing your popular products. These products are already the bestselling, so the amount of money you spend on marketing them will not go to waste.
6. You should think outside of the box: You don’t have to keep working on the traditional marketing strategies, in fact, you need to think outside the box to find new and better strategies that will help you gain more customers for your online ecommerce store. You should consider handing out franchises of your business. You can also think of expanding your business. You can hire different data analysts and business analysts to improve your business and ROI. Advertise your business by collaborating with famous bloggers as well which will help your business get more recognition.
7. Shopping Cart Analysis:A big benefit of selling online is the measurability of these activities, including the ability to literally evaluate the process that occurs from the time a prospective customer enters the site to the time they press "enter" to place their order. Businesses that use shopping cart analysis effectively to analyze areas where shoppers may be opting out of the buying process can make important, and sometimes very simple, changes to their sites to measurably increase the number of people making it through the sales funnel.
8. Using Social Media: Social media is a relatively new tool that is rapidly exploding, offering opportunities for ecommerce companies to reach out to a variety of individuals and to establish connections with groups that have shared interested. But social media is about more than just buying--it can also provide a way for businesses to strengthen their service initiatives. Christopher Bucholtz points to a survey conducted in May 2010 by Forum One in which 22 percent said the most important goal for them in their online activities was customer service. Fifteen percent said the most important goal was fostering peer-to-peer customer service.
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