The eCommerce boom has shown just how lucrative online selling can be. Despite this, many people assume that eCommerce is only useful in the B2C market. While it’s true that internet transactions account for a significant number of consumer purchases, it isn’t only B2C companies that can benefit from online selling.
For B2B companies, eCommerce provides an additional revenue stream and a new way to interact with clients. As the way we access goods and services evolves, it’s vital that B2B firms embrace online selling. To learn more, take a look at some benefits of eCommerce for B2B companies:
High Conversion Rates
Many people are surprised to learn that online conversion rates are higher for B2B sales than for B2C transactions. B2C enterprises typically see an average conversion rate of around 9%, but this increases to approx. 13% for B2B companies. Essentially, this means that B2B firms can get a better return on their investment when they use digital marketing to engage potential clients.
When you sell online, you can drastically reduce your operating costs. In fact, many businesses choose to close physical premises due to the increased profitability online transactions offer. Whether you’re selling a chemical transfer pump, legal services, or IT hardware, eCommerce allows you to do so in a more cost-effective way. You won’t need a sit-down meeting or a lengthy video conference in order to facilitate a sale, for example, which means your staff aren’t spending as long converting each client. As a result, your costs can be substantially reduced while revenue can be maximized.
Enhanced Data Management
Data is critical to your commercial success, providing it’s handled in the right way. With eCommerce, you have the opportunity to simplify and streamline your operations, including the way you manage your data. When a client places an online order, for example, this can automatically update your inventory system and initiate the fulfillment process. Even multi-warehouse shipping can be automated when you use an eCommerce platform, which makes it easier for you to generate accurate data and increases operational efficiency.
Reach an Evolving Market
Although there are clear differences between the B2B and B2C markets, it’s important to remember that B2B buyers are consumers in their downtime too. Companies are noting that typical consumer behavior is now being replicated in the B2B market. This may be because today’s B2B buyers see eCommerce as the most effective and easiest way to place orders. With millennials now making up a significant proportion of the workforce, their familiarity with eCommerce means online transactions are only set to become more popular.
Incorporating eCommerce into Your B2B Business
If you don’t already have a functional, user-friendly eCommerce site in operation, it’s time to get one. Online sales will continue to increase in the future, both in the B2B and B2C markets, so it’s vital for companies to stay ahead of the trend. If you want to cut your costs, increase your revenue, and outperform your competitors as a B2B business, eCommerce should be a top priority.
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