For years, the eCommerce market was ruled by B2C and there’s no doubt in its ability to rise further. But now, there is another ruler coming up which has the potential to steal the kingdom of B2C, and that is, the B2B market.
Inspired by the success of B2C eCommerce, B2B eCommerce has already set its foot in the marketplace and is making its presence felt with its popularity. As per the report from Forrester Research in 2017, business-to-business (B2B) ecommerce transactions are expected to reach $1.8 trillion by 2023.
A majority of offline B2B vendors are now taking the plunge into the online market looking at the success of B2C and why not? as the world is getting digitalized day by day, online buying and selling are what people prefer the most today.
When the pain of placing orders, getting quotes has been erased by B2C eCommerce then why not the wholesalers, manufacturers, distributors and other types of B2B sellers can benefit the same in B2B? So, instead of engaging directly with sales, marketing, and customer service reps, B2B buyers increasingly prefer the option to self-serve online—researching, finding, buying, and managing their accounts through a single online multi-vendor marketplace solution.
B2B is undoubtedly a thing now but let’s look at some of the reasons why B2B is becoming the next big thing than their B2C counterparts.
1. Mobile Commerce
Be it buying or selling, a smartphone is all one needs today. Mobile shopping is already the biggest trend in B2C eCommerce, but, guess what? 91% of B2B buyers searches are from a mobile device, while, 1 out of 4 B2B buyers bought the product online through a mobile device. Since B2B buyers are no different than B2C buyers, giving them a robust experience in both web and mobile had become a priority and many of the B2B vendors are seeking the help of Magento B2B marketplace extension to get long-term customers.
2. The Changing Buyer’s Behaviour
B2B buyers are now finding the handheld experience much more comfortable than a sales rep can provide. The personalized experience that one gets through digital channels is bringing the change in the typical B2B buyer’s behaviour and with this change, businesses are also changing their sales process. B2B buyers are now looking up to digital resources such as B2B suppliers’ mobile apps, websites, videos, buyer reviews, blogs, and social media via their smartphones and are even putting into practice an online multi-vendor marketplace solution for an easy buying process.
3. New Opportunities
The internet is full of new opportunities. Rather than limiting oneself to a few customers, B2B sellers are welcoming the global opportunity that they can get by getting online. With multiple payment options, marketplaces like Amazon, individualized pricing system, tailored experiences, B2B retailers are nothing but tapping the doors to wide possibilities.
4. Improved Customer Experience
Be it a B2C buyer or B2B buyer, a buyer is a customer who expects that what he/she is paying for is worth, hence customer experience matters the most in both. Just because it is pure business to business, doesn’t mean it has to be serious, the customers of B2B are also expecting a customer experience just like B2C eCommerce which is why B2B has started improving the same with B2B multivendor marketplace software and other strategies.
5. Ease of Purchase
Unlike B2C, buying in B2B is not that easy. Before a buying decision is made there are several factors to be considered first like the credit limits, quoting, price list, purchase orders, quick order forms, purchasing approvals, financing, bulk pricing etc. Imagine doing all this manually, one hell of a workload isn’t it? Online selling has made it all easier and with the invention of extension like Magento B2B marketplace, B2B eCommerce is gradually winning the hearts of the buyers.
B2B retailers have also started adopting some of the best B2C practices like; adding high-quality product images, videos, and customized and personalized content, asking for reviews and ratings, providing flexible shipping options and order updates, offering personalization based on past purchases, providing real-time product and stock availability and seamless customer service via chat and phone support. All these tactics have really boosted the B2B marketplace and you never know might outshine B2C soon.
In a Nutshell
B2B vendors are not only simply shifting from offline to online marketplace blindly, but are putting their effort to make the buyer’s journey smooth as well by allowing them all the attractions B2C eCommerce is offering. One among which is Magento multi-vendor marketplace software which is revamping the way B2B marketplace operates. With the adoption of it, a lot of B2B vendors have gained more accurate sales forecasts, higher customer retention rate and an increase in the average order value which is a clear proof that the B2B marketplace is indeed the next big thing.