In these modern times, B2B marketing in the eCommerce sector is proving to be challenging for companies. Hence, organizations need to step up their efforts to attract and acquire new customers. They need to strategize on how to retain older customers as well.
What’s interesting is that the B2B brands eCommerce sector has a tremendous potential to grow if they manage to adopt a digital strategy.
Changing Trends in the B2B Ecommerce Sector
As a result of the pandemic, consumer behavior has changed significantly. People working in B2B ecommerce brands will second the above statement. Below are a few interesting statistics for the same sector:
As per a Mckinsey report, if buyers are given an option, more than two-thirds of them would opt for remote human interaction. Hence, digital self-service is gaining ground.
As per a Gartner report, close to forty percent of B2B eCommerce buyers would not prefer interaction with a sales representative.
Another Gartner report suggests that eighty percent of the B2B brands eCommerce leaders are in favour of remote sales as much as possible. They feel that the remote model has been as effective as various traditional models.
How to Succeed as a B2B Brand in eCommerce
With the above statistics, we can see that it is a time for rapid growth for the brands. B2B eCommerce brands that adapt to modern business models might be able to push their profits considerably.
Below are a few ways by which they can ensure success.
Choosing the business model that suits your organization: There are several business models that an organization can choose from. What works for one company might not work for another company. Hence, the company must carefully choose its business model to fall in line with the company’s mission. Below are a few options:
Supplier-oriented: It is a model that can be adopted by online stores that operate in a fashion similar to B2C models. If you are a company that deals in small items like machine parts and laptops that have high demand, this model may be suited to your business.
Intermediary-oriented: It is the largest part of the eCommerce segment. It comprises around half of the market. Players like Alibaba and Amazon dominate this segment. Using this business model is suitable for firms that don’t have the resources or are not interested in building their platforms. If you are fine with sacrificing control of your organization, you can go for such a business model.
Customer/Buyer-oriented: The model is fit for organizations that have a huge buying power. Such platforms allow the buyer to choose the best option among several suppliers.
No matter which model you choose, it is critical to keep your customers in mind before arriving at a final decision. B2B brands eCommerce need to take every step after thinking from the customer’s perspective.
Know your target audience: An essential component of succeeding in the B2B eCommerce sector is knowing your target audience and their needs. You must take time and perform a careful analysis of the market demands. Before you launch products in the market, it is critical to understand what your end consumer thinks. You need to understand the decision-makers and the decision influencers in the organization you are targeting. It will ease the process of making a sales pitch or a strategy to convert them successfully.
Perform website optimization so that your customers search you easily: As per a recent Forrester report, almost three-fourth of B2B buyers research before making their purchase on the internet. Thus, your prospective customers must be able to locate you whenever they are searching for a product online. Search Engine Optimization is a powerful tool in today’s world. It can help your website get considerable traffic. To improve the chances that your buyer finds you, you will have to optimize your website.
Keep thinking about the customer even after their first purchase: Several B2B brands of eCommerce tend to forget about a customer once they sign an initial deal. They pay little attention to the requirements of the customers just because the deal has been signed. Successful B2B brand eCommerce firms ensure that they take care of their customers even after their purchase to increase customer retention. Brand loyalty also increases hand-in-hand.
Sales representatives can be integrated with B2B eCommerce: Though it might be easier to replace sales representatives, successful B2B brands have involved them in the eCommerce structure to utilize their experience and knowledge of the customers.
Focus on the use of data and integrating it with current methods: One of the most difficult steps for eCommerce leaders is to maximize existing data and integrate it with the current traditional methods and technical integration. It is important to formulate a strategy that maximizes the use of the data to increase sales further.
Unifying customer digital identity: Consumers today expect to be in complete control of their shopping experience. They want the ability to move seamlessly from digital channels to stores and back again. Companies can begin by creating a unified system that allows consumers to enter their information once and use it over and over again. The concept of going omnichannel can help.
B2B eCommerce is an emerging space where many brands are seeking to establish their foothold. Savvy B2B companies are seeing this as an opportunity to address critical weaknesses in their current business model. These are not bullet points but actual insights that helped many businesses succeed in ecommerce.