7 B2B eCommerce trends: A Millennial Savvy Platform
It goes without saying that B2B eCommerce transactions are booming over time. A report from Forrester in 2017 estimated business-to-business (B2B) eCommerce transactions would reach $1.2 trillion by 2021.
In 2015, the research found that close to half of B2B buyers are millennials, nearly double the number from 2012. Despite being slow to adopt eCommerce, B2B millennials are increasingly looking to digital means to boost sales.
As the typical B2B buyer changes, sales process should adapt too. Let’s talk about the B2B trends for a better adaptation.
New Customer Acquisition
B2B retailers, like B2C retailers, use a variety of acquisition channels.
Word of mouth and referrals are particularly important to the B2B segment, however, most millennials are finding prospects through recommendation.
Surprisingly, social media also plays an important role – highlighting the shift in B2B buyer behaviour and its move toward a more B2C behaviour path.
With more B2B purchasers going on the web to research and purchase items, vendors must be the place their clients are. Getting these new clients turns into a point of convergence of B2B web-based offering and the reason for a web-based business website.
Upgrading eCommerce Software
To suit another online strategy, B2B dealers are hoping to upgrade their eCommerce software for these online-savvy millennials.
Before, B2B purchasers frequently utilized an outsider module to their ERP to empower internet offering. Presently, B2B vendors are swinging to consumer-based technology.
To provide a better experience, business-to-business sellers need updated B2B eCommerce software centred around their specific customer requirements like price levels and term accounts.
They’re also looking for their online sites to allow customers to manage their own account to perform tasks like applying for a credit account, making payments, and reviewing order history.
B2B sellers are dedicating more of their technology budget to eCommerce-related investments.
Product Display Focus
It wasn’t too long ago that most B2B buyers still researched and bought from B2B companies via paper catalogues, fax machines, and landline phones. However, online selling has largely changed that.
B2B purchasers are swinging to more intelligent online tools to share and distribute their product display. This makes it less demanding for them to extend their connections and work straightforwardly with more retailers and providers.
Improving User Experience
Just like B2C, Amazon has set the standard for the online B2B user experience. Many B2B buyers rate their experience against Amazon as a benchmark.
However, B2B e-business professionals say that their user experience is worse than Amazon’s. Many believe that what’s holding them back from a better “Amazon-like” user experience is their current B2B eCommerce technology.
B2B dealers will look to SaaS-based B2B based eCommerce software like MyShop to convey an omnichannel encounter over each client touchpoint.
B2B buyers have specific needs and sellers must meet them.
I disagree, we need to adapt to a more individual user experience based technology rather than B2B and B2C based technology.
While the B2B online business part is developing, dealers have a generally little market to pick their technology from.
B2B requirements are difficult to meet and not every platform gets the job done.
B2B merchants can buy substantial, expensive eCommerce Softwares that require costly customizations and an entire group to run the site. Others will swing to numerous sellers to take care of business.
Some B2B sellers are choosing third-party applications to work alongside their eCommerce platforms in order to manage order fulfilment, inventory synchronization, or financial transactions.
However, when going down this path, an integration provider is needed to tie those multiple systems together to efficiently manage your business.
Always Stay Ahead
The development of B2B web-based business is clear, and patterns like these show how B2B Millennials are advancing their online strategies.
Getting your eCommerce B2B strategy right requires an absolutely crazy amount of time, dedicated planning and investment.
You should understand your customers, pick your platform and process strategically, and prepare your organisation/team for these real changes. The individuals who don’t do this hazard being left behind by competitors.
Mobile Commerce and it’s Acceptance
Beyond getting your B2B business online, it needs to be mobile-friendly first.
This might be the last B2B millennial savvy eCommerce trend on our list, but it is arguably the most important. The research found that brands who are quick to adopt mobile see increased revenue through the channel in comparison to those who wait to catch up.
This allows those buyers to log in and see their specific pricing and checkout using a vaulted credit card – all in a matter of minutes. This is how you embrace B2B mobile commerce.
My Personal Perception
All millennial savvy B2B retailers expect to grow their online channel year onwards.
Payment Options and site UX remain the two most critical elements for change on a B2B site, and reputation in the market stays vital both in the mindfulness and the consideration stage.