Global B2B eCommerce Forecast to Reach Double-Digit Trillions USD by 2024
Latest research shows that in 2020 two thirds of commercial buyers are choosing to buy online. This trend, combined with increased available tech in the field of B2B online sales, is said to be the primary growth drivers.
Not only are B2B consumers choosing to buy online, they’re also expecting more from their digital buying experience than currently provided. Moving away from traditional purchase routes such as phone calls and order forms, B2B consumers want an omnichannel experience in the form of websites, marketplaces and apps.
Recent surveys quoted by market research leaders, yStats, show that despite steady B2B eCommerce growth, the ecommerce mechanisms available to consumers are not meeting expectations. Current online sales portals are largely found to be clunky, slow and unintuitive. Buyers want quicker and easier checkouts, better repeat ordering functions and faster, trackable deliveries.
Match Customer Expectation
It’s clear that ecommerce is quickly becoming less of a novelty and more of a mainstay for the B2B sector. In order to maintain market share, wholesalers, distributors and manufacturers must now make the move to provide their customers with an online sales function.
The development of B2B ecommerce can be achieved with relative ease using an ‘off the shelf’ platform. However, businesses considering this route need to be aware that a homogenous ecommerce product will come with limited functionality.
To match consumer expectation in 2020, B2B sellers need to go further than simply provide an online sales portal and provide their customers with the same online experience as found with B2C sales.
It is certainly possible to replicate the B2C end-user experience for the B2B consumer, but, choosing the right software provider is vital to achieving this as the technical mechanics needed are complex.
Research the Choices
B2B sales is not as straight forward as B2C. So B2B businesses will need to consider their own specific requirements when looking for an online sales product.
An ability to tailor pricing, impose minimum order values and promote offers according to individual customers, or a certain group of customers, will go some way to provide the functions needed to meet B2B customer expectations.
Many B2B businesses also need to customise their online product catalogue so that exclusive ranges are only visible to a specific customer.
In addition, the availability of reporting functions should be considered as some less expensive products might not provide the level of insight needed to facilitate business strategy decisions.
This type of nuanced functionality is available when B2B businesses find a software provider able to build a bespoke online sales portal capable of satisfying unique demands.
We Can Help
Aspin Management Systems works with some of the UK’s leading and most recognisable B2B brands, covering a wide range of product sectors.
Our bespoke B2B eCommerce Portal helps wholesalers, distributors and manufacturers meet and exceed customer expectations.
We can help you too.
Get in touch and let us show you what we can do.
Notes: This article is based on the contents of the report ‘Global B2B E-Commerce Market 2020’ published on 24 January 2020 by yStats.com. yStats are considered to be one of the most highly regarded international secondary market research companies.