Ecommerce is changing globally and there has been a major shift in the way online shopping for products and services is being done around the globe. Along with changes in technology and higher preference for mobile commerce applications, entrepreneurs and enterprises are gravitating towards B2B model of business.
A factsheet of B2B trends and studies gives a clear insight in the way this model is soon going to reshape online commerce. Some of the facts are,
- B2B e-Commerce market will be worth $1.1Trillion compared to the B2C market at $480B by 2019, Forrester.
- Average order value of B2B is more than 3X of average order value of other e-commerce, i.e.; $491 for B2B respondents versus $147 for consumer-oriented e-commerce executives.
- Gartner predicts that by 2018, 40% of business to business online commerce sites will use price optimization algorithms and configure, price, quote (CPQ) tools to calculate and deliver product pricing dynamically.
- 50% B2B buyers prefer improved personalization as deciding factor for choosing suppliers they would partner with.
- B2B is truly global and average B2B organizations operate in 7 languages.
- Multiple languages and multiple currencies shape the expectations of B2B buyers.
- 75% buyers are influenced by social media and require B2B eCommerce solutions to have a presence on various social channels.
- 80% of B2B e-commerce companies report customer expectations have changed due to B2C practices.
- 76% of customers focus on website design that makes it easy for them to find what they want.
- 76% of B2B buyers and 48% of B2B sellers listed enhanced search as a top technology priority.
(Source: http://www.forbes.com/sites/louiscolumbus/2016/09/12/predicting-the-future-of-b2b-e-commerce/#69b8fde55bd3, http://ecommerceandb2b.com/b2b-e-commerce-trends-statistics/)
Business to Business online commerce speeding up twice as fast as B2C
Although, B2B ecommerce is a less explored business model and still in its early stages worldwide, it is showing clear signs of a steady growth in very near future. Spending on B2B ecommerce solutions has shown a remarkable growth in recent years and it has outpaced B2C at 2X pace.
B2B model is offering retailers, manufacturers, wholesalers, service providers and entrepreneurs an opportunity to explore multiple sales channel using the digital route.
B2B eCommerce solutions that offer support for multiple geographies, using multi-channel for sales offer a better chance at success and incrementally boost the revenue of this time tested and stable business model.
Choosing your B2B technology partners
Choosing the right technology partners can make or mar your business. With the boom of B2C ecommerce, it is rather easy to find a solution provider for this model. However, selecting your B2B technology partners can be tricky as this model is more complex than the other and needs custom requirements depending on the type, size, location, targeted geographies and other factors.
Ask the following questions when you are evaluating your B2B eCommerce solutions providers:
- Do they have experience of catering to B2B clients from diverse industries?
- Are they providing a scalable solution for your business?
- Can they customize their ecommerce platform to suit fit your requirements?
- Do they offer features that help you take your business global?
- Do they allow you the flexibility to manage and run your business from anywhere?
- Is their technology future ready and offers to explore mobile commerce easily?
- Are you getting a comprehensive solution that caters to your end to end requirements?
- Do they offer easy integration with tools you are already using?
- Do they offer a quick turnaround time for your project?
- Are they offering Pricing that isn’t astronomical?
Go for the B2B software solutions partner that gives you a “YES” for all the above queries. The team of experts at StoreHippo, the leading mobile ready ecommerce platform, has carefully considered these requirements and worked to develop a well rounded B2B solution that provides comprehensive solutions for all the requirements of a B2B online business.
Finding the right partners to develop and take your business online needs careful considerations and investment in the right direction that help you get higher ROI in the long run.Use the trends and queries above to choose the best technology partner for your business or mail us at firstname.lastname@example.org to know More about StoreHippo B2B offerings.
Keep watching this space as we will be posting more insights about business to Business online commerce solutions.