In the e-commerce space, digitalization has brought a disruptive change that has turned the whole e-commerce world upside down. Since everything on this orb is techno-centric, the Business-to-Business market has accepted this new trend and is trying to adapt it to stay ahead.
Every business organization that is already using an e-commerce platform needs to keep up with new trends and innovations. Each year new-fangled trends are introduced in this sector to generate leads and convert them into sales.
The digital transformation in the dynamic of B2B e-Commerce has changed a lot in the past couple of years. B2B ecommerce is taking over the market place with a massive increase in the number of sales it makes per annum.
B2B itself is a growing snowballing trend in the ecommerce world. Most of the companies are taking a lot of interest in investing to enhance their business game.
In the B2B space, marketers get ample opportunities to grow and expand their business easily.
First of all it helps in accessing and targeting large audiences and expanding the consumer base to improve sale conversions. Online marketplaces are an optimal choice to make your positive digital presence. B2B marketers do not require the traditional marketing strategies which is amazing for getting more exposure and organic traffic.
Gen X and Millennials adore this significant innovation in the ecommerce space. Since most of the potential buyers are millennials it becomes imperative for businesses to switch to this new-fangled marketplace to do a thriving business.
Every year new B2B trends are introduced that optimally help in driving long-term sales strategies.
Doing business without using these trends will be extremely challenging for your brand and there are many possibilities that you’ll collapse.
To avoid such a scenario, as a B2B marketer you need to follow the latest B2B E-commerce trends.
So without any further ado let’s dig in deep and explore B2B trends of this year.
5 Popular B2B E-commerce Trends for 2020
In this B2B-oriented blog, we’ll walk you through some popular B2B trends of the year 2020 and how beneficial these can be for your B2B ecommerce business.
New Buyers Acquisition and Improved User-Experience
In the former days, B2B business was solely dependent on traditional business methods (placing orders on calls and sending sales representatives to showcase products). Adding more to this there were certain portals available which the only existing customers use to place orders online.
The preceding version of B2B ecommerce stores mainly focused only serving the existing customers.
However, to generate leads and turn them into sales conversion, B2B ecommerce merchants need to acquire new audiences to turn them into potential customers. Customers use online tools to research, explore new markets and make purchases easily.
Around 74% of B2B who’re mostly millennials and digital natives conduct proper research before closing the deal.
Being Available on Online Marketplaces
The retail B2C industry in the year 2018 was dominated by some big names of the market including, Amazon, Etsy, Alibaba, eBay generating more than 50% sales online globally.
When it comes to the B2B market, the online scales are accelerating as now only 6% of B2B buyers prefer traditional purchase methods.
In the ecosystem of B2B, merchants are taking advantage of this new market place since most of the buyers now prefer easy, fast-pace and cost-effective one-stop-shop options.
The most prominent benefit of B2B marketplaces is its capability to grab attention of new customers. This trend is not only advantageous in terms of increasing sales but it also helps you take your brand global markets.
B2B Mobile Commerce
A seamless mobile-experience is what every B2B customer wishes for.
According to data taken from BCG and Google in 2019, 50% of queries in the B2B market are made on smartphones. It was predicted by them that it will reach 70% by the end of this year 2020.
Taking your B2B online is another thing but it needs to be mobile-friendly at any cost. Since the technology is moving a very fast pace, it becomes significant to add this trend in your B2B marketing strategy list.
Some merchants might find this new channel pretty intimidating to keep up with. But believe us, this new channel will facilitate massively in improving sale conversion and generating revenues.
Brands like Atlanta Lightbulbs have already invested in this new channel and created a mobile application for their B2B customers.
This permits buyers to get instant notifications, checkout price and make purchases using their credit cards just in a couple of minutes.
That’s how a B2B merchant embraces the B2B mobile commerce trend.
Moreover, a mobile app helps in building a trusted and robust relationship with B2B buyers easily.
Personalized Customer Experience
Personalized customer experience is the key feature which B2B buyers consider when building relationships and making deals. When experiences are personalized, buyers are more likely to spend 48% more.
B2B buyers are no different from B2C customers. They demand for the same sort of customer experience that B2C marketers provide.
To extensively build a personalized experience you should take benefit of Artificial Intelligence, machine learning and most importantly customer data.
Creating a unique personalized experience will empower your B2B business and it will also encourage buyers to purchase from you.
Incorporating B2B Customer Loyalty Programs
Customer loyalty programs are more likely to be found in the B2C ecommerce market. It’s still an alien concept in B2B space. But just like B2B buyers want personalized experience they expect alot from B2B online vendors.
Loyalty programs are adopted in order to shoot up brand awareness, acquiring new buyers and abundant opportunity upsell.
You can offer loyalty programs to B2B buyers in three ways,
- Transaction-based discounts – In the landscape of B2B, in this loyalty program immediate discounts are offered to customers on signing-up for the loyalty program. This is an optimal way to encourage and motivate customers to sign up for the program.
- Referral rewards – Whenever customers refer your business to a new customer, they earn a reward this is called Referral Rewards. Customers often get discounts or rewards when they make their first purchase.
- Reward programs – Tiered reward programs or threshold reward programs are often incorporated in B2B business. Buyers earn points every time they make a purchase. The more points they earn the more rewards they get.
These programs work well for those businesses who have customers who make purchases frequently.
B2B business is booming across the globe. Initially it seems pretty strenuous to do a thriving business in this new medium but since the technology is progressing it has become much easier to do a profitable business in the B2B market.
The B2B trends we have discussed in this article will help assist you in driving long-term sales strategies and moreover empowers your business impeccably.
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