37 trillion dollars. It may seem like an unfathomable number, but this is what the global business-to-business (B2B) e-commerce market is expected to be worth by 2027. Statista. This is an increase of almost 228% compared to 2018.
What or who will drive this massive growth? It's simple. I am a customer.
As direct-to-consumer (DTC) e-commerce has evolved, so have B2B customer expectations. B2B buyers no longer expect salespeople to call them the way they once did (though that doesn't mean they still value them). Instead, customers expect a DTC-like online experience where they can receive their purchases in a self-service and timely manner, just as they would when purchasing in-person.
With the right technology, B2Bs can not only meet rapidly evolving customer expectations, but also anticipate customer needs and grow into new spaces quickly and efficiently.
Quality customer experience is key
74% of B2B buyers in the US use online channels to transact and purchase products. According to BigCommerce researchMeanwhile, 75% of these buyers primarily purchase through supplier websites or apps. For B2B, having digital purchasing options is no longer just a convenience. This is a must-have for any company looking to succeed in the market.
When asked to rank the features they like most in e-commerce websites, B2B buyers primarily value the ability to compare products and prices, followed by the ability to customize orders and the ability to easily reorder. answered that they value the ability to save their purchase history.
“Hyper-personalization for customers will be a key B2B e-commerce trend in 2024,” said Lance Owide, senior director of B2B at BigCommerce. “B2B brands need to be prepared by investing in AI-driven CRM (customer relationship management) systems that can analyze customer data and provide insights for personalized marketing and sales strategies. Having an e-commerce platform that easily integrates with your tools is critical to your success.”
While it is possible to create this kind of integrated cross-system functionality in many e-commerce platforms, it is often very difficult, time-consuming, and expensive to implement.Find leading B2B e-commerce platforms Natively built-in functionality This can mean the difference between a customer-centric e-commerce website and a complete headache.
Create a clear path to conversion with as few obstacles as possible
Although B2B, conversion experience Although similar to what you'd find in a DTC checkout process, there are some key differentiators that make it different from DTC. For example, consider payment methods. B2B buyers want to pay online the way they always have, whether it's a purchase order (PO) invoice, an automated clearing house (ACH) payment, or even a company credit card. I am. Offering B2B-specific payment methods in addition to traditional standbys is the key to conversion.
In addition to payment methods, B2B customers also want delivery options tailored to their needs.according to big commerce, 40% of B2B buyers said inaccurate pricing or shipping information is the biggest pain point they experience when shopping online. Providing customers with accurate and up-to-date shipping information is key to conversion. This means syncing your website with things like warehouses and delivery services.
By working with an e-commerce platform that understands the importance of the checkout experience for B2B as well as DTC, businesses can improve conversion rates and make more sales. Businesses that switch to BigCommerce can see a 10-30% increase in site traffic conversion rates over three years. According to Forrester Research. In the long run, the numbers really add up.
Scale quickly and efficiently
Growth is at the heart of any business. That's why B2Bs need an e-commerce platform that can grow with them: expand into new markets, sell new products, or even start selling directly to consumers.
Many platforms offer their users the potential for growth, but this growth often comes at a price. It can be costly for developers. New features may come with unique issues. Also, some companies do not provide the kind of tools that a company needs to sell his DTC and B2B on the same platform.
Find an e-commerce platform built with with growth in mind It's critical for future-proofing your business.
When asked about his decision to move to BigCommerce, Brendan McCarthy, founder of BigCommerce, said: designerssays: “As our company grows, we think BigCommerce will really be our partner. This platform gives us a lot of flexibility. As our business evolves and perhaps different needs change. BigCommerce can adapt to us, as opposed to us having to look at replatforming because something has changed within the business.”
Migrate to an easy-to-use platform
E-commerce is not the future of B2B sales. It's happening now. If you're not using a platform that allows you to create the high-quality experiences your customers want, you're already falling behind.
To compete, B2Bs need to work with e-commerce platforms that allow them to easily and efficiently engage with prospective and existing customers, convert them into sales, and, if necessary, help their businesses grow.
In our e-book, I take actionHere are three BigCommerce customers who did just that. They realized the tremendous opportunity that e-commerce brings to their business and migrated to a platform that would help them grow. Download your copy today and see how your business can increase revenue by 26%. designersorders increased by 19.9 percent. tool saveror a 108 percent increase in transactions. theo chocolate.
Download your e-book now.
Reed Hartman, BigCommerce Content Marketing Manager
