B2B e-commerce is undergoing a sea change like never before. Once B2B companies lagged compared to B2C, they are now embracing digital transformation strategies faster than ever, and all of this in large part as a result of COVID-19.
In this article we will talk about B2B e-commerce and the impact it has had with the pandemic. In addition, we will offer you seven keys that will define the future of e-commerce shopping and the trends that are in fashion.
What is B2B e-commerce?
B2B e-commerce is online business transactions in which both parties involved are companies. In other words, a company that sells products or services to another company, that is, its customer, participates in a B2B transaction.
“According to Statista, in terms of gross merchandise volume, B2B e-commerce sales in Asia rank first in the world, followed by North America.”
B2B businesses come in different shapes, sizes, and levels of complexity. They can cover multiple business models and sectors, ranging from services such as accounting, legal, digital, to physical products such as machinery, equipment, consumer goods, among others.
How COVID-19 has revolutionized B2B e-commerce around the world
Businesses are increasingly conducting business online. With the arrival of the COVID-19 pandemic, that change has accelerated. Now, there are few options with the transition to remote work and a pandemic economy that makes traditional purchasing, marketing and supply chain management difficult.
The result is a changing landscape for B2B sales and purchases. Customers increasingly expect B2B e-commerce to have the same functionality as B2C company stores.
This could be, for example, a smooth and easy-to-use experience that can be customized to your needs. Along with the impacts of COVID-19, B2B platforms are rapidly shifting in that direction.
B2B e-commerce statistics you need to know
In 2020, the size of the global B2B ecommerce market was valued at $ 6.64 trillion and is expected to expand at an annual growth rate of 18.7% from 2021 to 2028.
B2B companies are increasingly looking to digital media to spur sales, a move driven by the changing demographics of B2B buyers.
To give you an idea, according to Statista, in 2021, B2B online sales in the United States are forecast to reach $ 1.2 trillion, up from $ 889 billion in 2017. As you can see, the outlook of B2B e-commerce is promising.
7 keys to define the future of B2B e-commerce
Buying behavior, technology, society, its external factors and even the ways in which purchases and sales are made, have been changing. Sellers and buyers have been experiencing this evolution largely accelerated by the pandemic.
“B2B ecommerce is slowly gaining ground because it can provide a more personalized and flexible offer for companies, adjusting to their demand.”
Therefore, the processes in how you carry out your business transactions must also change. The experience must now be more fluid, personalized, easy and flexible for both parties, in order to adapt to these times in which we live. Here are some keys to improve your B2B e-commerce.
- Provides the opportunity to buy from anywhere, through multiple channels.
- It offers help and guidance to the customer throughout the purchase process.
- Use artificial intelligence to offer more personalized attention to your customers.
- Be more flexible in terms of compliance with processes. You must take into account the changing landscape that we live in.
- Use technological tools to make your B2B e-commerce scalable, so that it can transform or adapt to any circumstance.
- Provide greater shielding and security to your e-commerce against any malicious attack by the network.
New B2B e-commerce trends that will shape the future of shopping
Thanks to e-commerce and digital technology, B2B companies have found a new way in how they conduct business and find their customers. Below we will mention 4 trends that are making their way in B2B e-commerce.
Subscription models
Subscription models offer customers a sense of security and greater control over their business dealings. This leads to more lasting and trusting relationships with companies. Another advantage is that it allows you to establish installment payment agreements.
Personalization
To have a more personalized, fast and agile treatment in B2B transactions, it is necessary that you take into account certain aspects when creating or redesigning your website.
- Design customer areas on your website, where everyone can access their own space.
- Make personalized product recommendations. This can be determined according to your purchase history.
- Create catalogs for each client. With this we promote a greater connection with the client.
- Create more dynamic content. Content marketing will be of great help to you in developing content strategies and plans for your clients.
Self-service
We like to be independent. Search for information on our own, choose and change our delivery preferences, modify the services or the plan we have without the need for intermediaries. These actions must be able to be carried out by the user himself on the B2B e-commerce site, so that he feels free to do it whenever he wishes.
Marketplace
More and more B2B companies are entering the marketplace. The demand of consumers, technology and companies that have devoted themselves to the creation of these platforms, have paved the way for the revolution that is currently being experienced in these digital commerce sites.
Procurement
Technology has given rise to create tools and solutions that help you to your purchasing processes efficiently and correctly, this is known as procurement. Those in which you can manage your suppliers, offer your products, register and even make your daily procurement tasks more agile.
Conclusion
The shopping experience on B2B e-commerce platforms is adapting more to the needs of companies; And this is thanks in large part to restrictions due to the COVID-19 pandemic.
Providers begin to apply strategies and provide additional services that are more typical of B2B commerce: more efficient customer service, personalization and integration with other online environments.
At Mercado Eletrônico we are specialists in B2B commerce and electronic commerce processes
We have 26 years in the market. Which place us as a leading company in B2B business models, improve your processes, generate cost reduction, carry out your pricing actions autonomously, save time and money.
Get to know us, we develop technological solutions for your more agile and sustainable purchasing processes. We have our own e-Marketplace platform where thousands of companies carry out daily transactions, more than 2 million suppliers throughout the world are at your disposal to conduct business and become your business allies. Get in touch with us and start enjoying the Reinvented Market.
