There is no doubt that e-Commerce is crucial to create a successful B2C business - but does the same apply to your B2B business? The answer is yes. Even though the strategy may differ significantly depending on whether you target a B2C or B2B market, it is always essential to have an excellent customer experience in mind – no matter if you are selling to consumers or businesses. And you can ensure the good customer journey by adding a webshop solution to your B2B-business.
The future of B2B is e-Commerce
According to Forbes Magazine, B2B e-Commerce will experience a record high growth over the next five years. One of the driving forces behind this development is that more and more people from generation Y and Z are involved in the B2B purchasing decision. Generation Y and Z refer to people born from 1978 to 1989 and 1990 to 2001 and they are primarily digital natives. When it comes to B2C, they are already familiar with how online shopping can be both personal and easy.
B2B companies can learn from B2C companies when it comes to attracting and retaining online customers, but this is of course easier said than done. B2B companies face some challenges that make e-Commerce more complicated and cause more people to doubt whether it is worth the investment. For example, B2B companies will find that they have to invest in extensive marketing campaigns because they do not sell their products directly to the consumer. Therefore, they cannot directly influence the consumer's choice. The sales process in a B2B company is also characterized by being more complex. Although challenges exist, implementing a webshop solution is still a highly relevant measure to achieve success with your B2B business.
An investment in e-Commerce is valuable for your business, because...
- It can help you make sure that existing customers return to your webshop
- You can easily attract and serve new customers
- Revenue from existing customers can be increased through up-selling, cross-selling and additional sales
- You can optimize your sales processes and make them more efficient
- The costs associated with traditional marketing campaigns can be reduced
1. It can help you make sure that existing customers return to your webshop
It is mainly about good customer experience. By offering your customers an online platform where they can easily and quickly buy your products - you help them save time. Customers will appreciate this convenience, and it will increase the likelihood of them returning to your webshop instead of your competitor's.
2. You can easily attract and serve new customers
With an online presence you can attract and service new customers. This could mean that you will enter market segments that you have not actively focused on before. And instead of trying to reach entire segments, you can target potential buyers more directly.
3. Revenue from existing customers can be increased through up-selling, cross-selling and additional sales
You can access data about your customers that can provide an insight into their buying patterns and burn rates on previously purchased products. With this knowledge, you can give your customers personalized recommendations on products they may not even know they needed. When you offer your customers products or solutions, they did not know existed but are in need of, you become more relevant to them. In this process, you also increase the customer's lifetime value.
4. You can optimize your sales processes and make them more efficient
The opportunity to optimize and make your sales processes more efficient is another benefit of investing in B2B e-Commerce. By automating repetitive tasks, you can reduce the risk of human error in ordering and shipping. Expanding your sales channel with e-Commerce does not mean replacing your sales team or customer service department. It simply means that they can focus more on what is most important - the customer.
5. The costs associated with traditional marketing campaigns can be reduced
The addition of e-Commerce allows you to market your B2B business digitally through, for example, SEO and Google Ads. It helps you target your marketing even more, and at the same time, reduces costs associated with traditional marketing campaigns such as printing and distributing paper catalogs and buying analog ads.