Top 5 benefits of B2B E-Commerce and its impact to the business

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In today's digital age, E-Commerce has become a vital aspect of conducting business for companies of all sizes. As per Wunderman Thompson report, The B2B future of shopper, 92% of global B2B buyers want a similar experience on B2B sites as they get on B2C sites. We all have witnessed that the pandemic has fuelled and accelerated the adoption of E-Commerce world-wide and business-to-business isn’t immune to this trend.  

According to Research and Markets, the global B2B E-Commerce market will reach US$47.77 trillion by 2030, growing by 11.8% annually over 2021 – 2030. This is more than 6 times the market size of global B2C E-Commerce, which is anticipated to reach US$7.65 trillion by 2028 and it is expected to grow at a CAGR of 9.7% over the forecasted period.

Those businesses that have invested in offering B2B E-Commerce channel to their business customers are reaping the benefits of this lucrative and growing channel. Let’s explore the top 5 benefits of B2B E-Commerce and its impact to the business.

1. Increase Productivity of Sales Reps  

B2B E-Commerce can increase productivity of sales reps in many ways. First, it eliminates the need for traditional sales processes for repetitive orders such as phone orders, and paperwork, which can be time-consuming, and expensive. By moving to an online platform, businesses can streamline their sales process, reduce the time it takes to process orders, and cut costs associated with paper-based transactions. Second, B2B E-Commerce can reduce errors and increase accuracy by automating order processing, inventory management, and invoicing, saving businesses both time and money. Lastly, B2B E-Commerce can help manage smaller orders from smaller clients who may not get full attention from busy sales reps managing large business clients. Now sales reps can spend more time in strategic activities which can bring additional revenue to the company and sales reps will most likely earn more as well. 

2. Improve Buyer Experience

B2B E-Commerce can improve buyer’s experience by making it easier for them to find and order products online. With the B2B E-Commerce channel, buyers can search for products using keywords, filters, and categories, and place orders at their convenience, 24/7. This not only saves time for the buyers, but it also reduces the need for customer support and reduces the likelihood of errors or misunderstandings. Buyers can access self-service B2B E-Commerce portal to check credit limits, order status, invoices and payments, and many other tasks without having to call in for help for every small thing. By providing buyers with a self-service B2B E-Commerce platform, businesses can also reduce costs associated with phone-based support and manual order entry.

3. Access to New Markets

B2B E-Commerce can provide businesses with access to new markets by expanding their reach beyond traditional sales channels. With an online platform, businesses can sell their products to customers across the country or even around the world. This can be particularly beneficial for small businesses that may not have the resources to establish a physical presence in different regions. In addition, businesses can integrate their B2B E-Commerce platform to marketplaces and expand their market coverage into new customer segments. By offering a B2B E-Commerce channel, businesses can reach new customers and gain more market share.

4. Increase Sales and Revenue

B2B E-Commerce can enhance sales and revenue for businesses in many ways. First, it provides businesses with an additional sales channel that can supplement traditional sales channels such as phone and email. Second, by providing customers with a self-service B2B E-Commerce platform, businesses can reduce the time it takes to process orders and increase the volume of sales they can handle. Furthermore, businesses can easily take reorders and cover smaller clients more efficiently with B2B E-Commerce, while reducing the repetitive tasks that sales reps have to perform. This can lead to increased revenue and profitability for the business.

5. Better Decision Making

B2B E-Commerce can provide businesses with greater insights into buyer’s behaviours and preferences. By collecting data on buyer’s orders, search queries, and other interactions with the B2B E-Commerce platform, businesses can gain insights into what products are popular, what buyers are searching for, and what types of promotions are most effective. This data can be used to improve product offerings, marketing campaigns, and overall buyer’s experience.

In conclusion, offering a B2B E-Commerce channel can provide businesses with many benefits, including increase productivity of sales reps, improve buyer’s experience, access to new markets, increase sales and revenue, and ability to make better decisions. As per a study by McKinsey & Co, two-thirds of business customers intentionally reach for digital engagement and B2B E-Commerce has surpassed in-person as the single most effective sales channel for businesses. By understanding the business impact and metrics of B2B E-Commerce, businesses can make informed decisions about how to optimise their B2B E-Commerce channels and drive success.

Source: Research and Markets - B2B | Research and Markets – B2C | Wunderman Thompson | McKinsey & Co – B2B E-Commerce