If you’re starting a new business, it’s important to know all you can about e-commerce, especially if you plan on doing business with other companies. There are several factors to consider to ensure that you stay within your budget, conduct secure and efficient transactions, and have a continuous supply of products to keep your customers satisfied. Here is some B2B Ecommerce information you need to know.
Think About the Focus of Your Business
One of the best ways to figure out which e-commerce solutions are best for you is to determine who your company serves.
If your business is supplier centric, you’ll need a business model in which you as the supplier set up a marketplace and sells tailored products to a variety of other companies. With this model, you can set your prices according to your client’s needs.
If you have a buyer-centric business, you likely make lots of purchasing and have a large capacity for buying goods. Your company can sell a variety of products, which is why you need a b2b portal that enables you to automate and directly manage orders, or you can also create online quotes from several sellers. Then, the sellers come to your business with price quotes and you find the most suitable seller for your clients.
If your company is intermediary centric, you provide a platform for both sellers and buyers to meet and communicate about their transactions. This allows both parties to keep a database with resources they can use for profit.
B2B vs B2C
You should also know about the pros and cons of B2B Ecommerce as opposed to B2C Ecommerce. The overall worth of the B2B market was projected to be $1.1 trillion in 2019. That same year, the B2C market had an estimated worth of $480 billion.
Surveys also assert that 50% of B2B buyers search for the tailored and improved personalization as a key factor when selecting a business partner. It is also important to note that B2B is a global business, which means you can do it from anywhere. On average, all B2B companies operate in seven languages. This makes it much easier to meet customer needs and shows that you’re focused on making clients feel included. Reports also state that 75% of buyers are heavily influenced by social media and they want B2B e-commerce organizations to have pages and interaction on several social media channels. When searching for business partners, over 75% of clients pay close attention to your website design. Clients are looking for websites that are easy to navigate so they can quickly find what they’re looking for.
B2C Is Becoming More Popular
Even though B2B is not as popular as B2C, B2B did become a worldwide practice when it was initially introduced. This indicates that B2B will grow steadily in the near future and has already shown significantly spikes in popularity. This offers several new opportunities for all types of sellers, whether you’re in the retail, manufacturing, wholesale, or service provider industries. You can also use this form of e-commerce if you’re starting your business from scratch in a unique industry.
The more information you gain about the B2B Ecommerce market, the more comfortable you’ll be with this form of selling. The more people know about your business and try your products and services, the more you can grow your business both in your region and around the world.