The Business to Business E-Commerce, commonly referred to as B2B E-Commerce displayed significant growth in the past few years. According to market research, 89 percent of B2B buyers surf the internet to gain insights about new businesses. In addition, researching online enables companies to obtain information on new companies that they potentially approach in the online market. The rise of technology prompted a lot more firms to start using online platforms to connect with other businesses. Companies now use tablets, PCs, and mobile phones to use online search engines, conduct market research, and maintain business relationships.
Seamless Customer Experiences
Over time, the online B2B industry witnessed a change in the demographics of the businesses that exist in it. Previously around 27 percent of the B2B buyers were millennials, but now it significantly rose by more than 20 percent. Out of these millennials, over half of the buyers make use of phones to conduct research or, for purchasing purposes. Therefore, it is crucial for retailers to maintain a robust digital presence and maintain a mobile-friendly website to create convenience for businesses. In addition, companies must provide a seamless experience across all organizational platforms to ensure high satisfaction and retention rates.
When a company’s clients are other businesses, it becomes imperative for companies to provide them with premium service. Also, buyers expect more personalized services, and they expect customized products and prices according to their preferences. More than 40 percent of the retailers online incorporate frequency of purchase, duration of the relationship, and the quantity purchased as critical indicators to charge their business clients.
Incorporation of Artificial Intelligence
Another significant trend that brought a considerable change in the market is the introduction of Artificial Intelligence. Artificial Intelligence has now been incorporated into the business strategy of many A-List firms and to survive in the highly advanced and competitive environment; it is vital for businesses to adapt to such technologies. Also, technology makes it simpler for companies to tackle various online threats and provide more security in communication and transactions.
Social Media Marketing
Social Media Marketing accounted for at least $15.4 billion of digital marketing spend in the year 2018. The rise of Search Engine Optimization strategies provided a boost to online retailers who rely on search marketing, and now companies in the UK spend around $42 billion annually to capitalize on the market successfully. The application of online tools such as analytics, statistics, and social media management platforms has made it convenient for businesses to capitalize on the segment effectively and efficiently. More than 50 million firms use at least one form of social media platform to communicate with their buyers.
According to a recent market survey, less than 5 percent of buyers conduct a purchase on their first visit. Therefore, it is imperative for companies to incorporate strategies that will be vital in retargeting buyers. Advancements in the field of technology and retail should be taken into consideration when targeting other businesses as they demand a premium experience, businesses should also continuously monitor market trends and evolve according to the change in the buying patterns of their purchasers.
Written By: Rajiv Prasad
CIO – Xpandretail