A day hardly goes by without a news headline related to massive changes in retail. Businesses are rapidly evolving to meet the growing list of customer expectations. And those that don’t are failing fast. How are these shifts affecting business-to-business retailers and buyers?
Here’s our take on five key things you should know about B2B commerce:
1: B2B is shifting online.
eCommerce is expected to account for nearly 15% of total retail sales by 2020. That means consumers, whether they’re buying laundry detergent or parts for their business, demand simple, personalized and secure online shopping. Be prepared to meet B2B buyers’ high expectations or face the reality that you may lose their business to someone who can.
2: Streamline your systems.
Many B2B retailers have adopted different technologies to manage each aspect of their supply chain. While these systems may have served a purpose at one point, disparate technology is crippling retailers’ ability to manage the end-to-end customer journey. Work with urgency to evaluate your tech stack, and eliminate disparate and duplicative solutions.
3: Invest in trusted technology designed for your business.
B2B businesses face unique eCommerce challenges that make meeting their Amazon-obsessed B2B buyers’ needs a little complicated. For example, B2B commerce requires the ability to process orders consisting of hundreds – and even thousands – of SKUs at once. High volume orders mean high dollar orders, magnifying the need for trusted security.
4: Get a one-stop shop.
There are countless solutions available today to help B2B businesses manage each step required to deliver products and services to their customers. For example, Salesforce B2B Commerce offers:
- A simple, two-click reorder process
- Custom storefront options
- Product catalogs that can be tailored by account
- Negotiated contract pricing by account
- Ability to process multiple payment types
- Complex shipping to multiple delivery dates and locations
- Total integration of CRM data for a complete customer view
5: The right thing for business is the right thing for the customer.
Having a one-stop-commerce-shop helps B2B businesses gain a massive competitive edge, not to mention major efficiencies compared to the days of using separate systems for separate functions. But more importantly, it’s the right thing to do for customers because you can deliver an unmatched experience — made specifically for your B2B buyers.
Have questions? Or not sure where to start? We’re here to help. Contact one of our experts to start the conversation.