Accelerating the Digital B2B Commerce Experience – Industry News

– Written by Scott Rigby

E-commerce experiences for B2C transactions have long been coveted by enterprise buyers. It's more streamlined and saves buyers time by getting the products they need right away. In response, B2B e-commerce is evolving at a tremendous pace across most industries, with McKinsey reporting that 65% of B2B companies now offer e-commerce solutions. These platforms have emerged to stay competitive and offer sophisticated business transactions that reduce the cost of serving buyers.

It's tempting to focus on how to quickly migrate to these digital platforms. There's a lot to be said for rapid implementation, but for B2B e-commerce to be successful, you need to give yourself more time to choose the right solution.

Digital commerce experience is key

Millennials now control 60% of B2B tech Purchased by TrustRadius. The term “digital experience” is used across many industries, but what does it mean for B2B commerce? Many of today's buyers are digital-first Millennials, who rely on their digital tools and environment to protect their environment. and are interested in solving problems. This means more time spent making purchases in the digital space and less time talking about deals in meetings. A “digital experience” is essentially about providing an enhanced commerce experience that gives buyers and salespeople access to tools at their convenience and access to specialized information when they need it.

India B2B e-commerce market is expected to exhibit a compound annual growth rate (CAGR) of 25.43% from 2022 to 2028, with an estimated valuation of $11,903.66 Million by the end of 2028. The world of commerce is growing, but some industries will always have challenges. We need to advance our technology and stay relevant and innovative in the digital space. Additionally, companies need to integrate technology to grow without adding cost or complexity. This highlights the need for simplification and a frictionless self-service model. E-commerce can make a difference in driving growth through a cleaner digital experience.

Digital commerce still has room for improvement

Today's B2B organizations need to do more with less as customers expect remote sales, easy reorder processes, and a focus on e-commerce models. According to McKinsey industry research, companies tend to overwhelm customers with a limited number of products in commerce. Digital commerce within B2B is challenging due to the complexity that companies need to apply to the process. You may need to browse a large catalog of SKUs with varying priority levels and delivery requirements. Users need more engagement and reassurance, which ultimately increases the need for support.

The best way to drive growth in the world of commerce

There is a misconception among B2B organizations that they perceive their businesses to be too complex to fit within the digital commerce space. However, today's technology removes the complexity of setup and simplifies the task. Users are more efficient, able to find the products they need faster, and have peace of mind, freeing up their time to manage other processes. Some commerce players are already aware of this and are moving their work into the digital space.

Consumer-driven experiences are what drives the B2C journey and are now impacting buyers in the B2B space who crave that very same seamless experience. Focusing on these core elements will give you an edge in a crowded commerce market.

Build trust and evolve your partnership, you can build valuable relationships with vendors through regular, transparent communication. This means that factors such as product availability and price increases are less likely to bother buyers. By moving into a relationship with a trusted advisor, buyers can always choose the products and services that are right for their needs.

Drive seamlessly interconnected experiencesSince so much of our lives are spent in digital spaces, the world of e-commerce needs to stand out, but not at the expense of all human interaction. Blending the digital and physical worlds across multiple channels is where companies continue to win repeat business and remains one of the most difficult challenges.

Omnichannel worldHowever, there are concerns that multiple channels can cause friction and result in a fragmented experience. Conversely, by crossing platforms and channels, these experiences can naturally lead to growth. It's very important for buyers to be able to visit production facilities and see products in person, as well as view them in interactive commerce apps. But no matter which method you choose, keeping these experiences consistent is a major hurdle to overcome in delivering a connected, omnichannel experience.

Choosing the right type of commerce platform will be essential to successfully jump this hurdle. How does it grow? This is a question many commercial companies are currently asking themselves. Developing ways to deliver experiences that answer your customers' challenges and pain points will help future-proof your business for years to come. When you focus on these next-step experiences and choose a successful, well-designed commerce platform site, the question quickly becomes, “How far can I grow?”

(Scott Rigby is Chief Technology Advisor and Principal Product Manager at Adobe.)

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