The need to make quick purchases has moved from the business-to-consumer (B2C) market to the business-to-business (B2B) market. People in the USA are becoming more interested in making purchases online, which is good news for e-commerce sites.
These aren’t quite brand-new. Online retailers in the USA have been around for a while. However, companies are increasingly entering the B2B market, in addition, to directly serving consumers.
E-commerce makes up 10% of all retail sales in the USA alone. These are expected to increase by about 15% a year. In addition to serving other firms’ needs, such platforms offer many advantages.
Benefits of B2B e-commerce
Using the top B2B e-commerce platforms or a wholesale marketplace has a plethora of advantages. Additionally, there is a significant bit of hesitancy. The implementation of an e-commerce system must also be carefully considered, just like anything else.
Let’s start by examining the benefits of B2B e-commerce platforms. Keep reading!
B2B e-commerce will likely expand in the future
The amount spent on B2B e-commerce has significantly increased. Investment in business-to-business platforms has increased to suit these needs. It has grown at a rate that is more than twice as fast as the market for B2C e-commerce.
According to a poll, 85% of B2B enterprises are aware that e-commerce represents a significant untapped source of revenue. Shopify Experts in the USA claim that “the B2B buyer of today has evolved.
They now go online instead of using conventional resources like sales representatives and vendors. Therefore, investing in digital commerce platforms makes sense.
It has impressive order values
High order values and conversion rates are demonstrated by digital e-commerce platforms. Orders placed on these sites are typically large. The B2B digital industry has expanded more than the B2C market, and this is one of the key causes.
Additionally, B2B buyers frequently place purchases more quickly. This type of transaction has an average order value of $491. The average order value in business-to-consumer transactions is $147.
You have an additional motive to set up an e-commerce platform the following year when you combine these purchasing habits with excellent conversion rates. Websites that cater to the needs of other businesses typically have conversion rates of 10%.
It satisfies the requirements of shifting buyer personas
The portfolio of business purchasers is drastically shifting. The B2B market is seeing an increase in millennial participation. Therefore, these customers show a predilection for internet buying.
Google noticed this shift in buying behavior in 2015. It was emphasized that millennials make up almost half of B2B buyers. Additional information is offered by the study’s findings by Heinz and SnapApp.
It demonstrates that millennial shoppers, as opposed to baby boomers or Generation X, typically make independent purchasing decisions.
They conduct on-the-spot research and put more faith in their friends than salespeople. Additionally, they anticipate the same individualized interactions via digital channels as Gen X customers do from a salesperson.
Your customer service is improved with a B2B e-commerce site
In a typical scene from the business world, a customer service representative (CSR) uses the ERP system to check the availability of a product, make an order, and provide other client services.
An ERP system, regrettably, does not provide a user-friendly interface. As an alternative, the CSRs can offer effective services using an intuitive interface with an e-commerce platform.
Not to mention, a satisfied CSR provides a superior customer experience, which is intended to surpass both the product and the price by 2020 to become the primary company differentiator.
Chance to connect with additional clients
An enormous market may be reached in the internet sector because a large number of people shop online. As a result, B2B e-commerce platforms, such as Tradekey, have gained vast clientele due to the availability of multiple dealers and suppliers on a single platform.
Statistics back up this assertion. When performing their study, 89% of B2B researchers turn to the internet. Additionally, Forrester reports that 30% of consumers make half or more of their purchases online.
In addition, 56% of B2B purchasers say they anticipate spending the same amount in three years. Therefore, it only makes sense to fulfill the standards for your industry online.
Enables you to maintain an edge over the opposition
Jumping into B2B internet commerce by 2020 puts you one step ahead of your competitors because it is still in its infancy. As your customers shop online, it is vital to be prepared with digital services.
It is becoming increasingly important to invest in B2B e-commerce platforms as they grow. If that’s a barrier keeping you from running these stores, I can assure you that it’s not rocket science.
This is because millennial B2B buyers make comparable purchasing decisions to those made by B2B customers.