FINAL WORD
In a B2B e-commerce model , businesses sell products or services to other businesses online . The sales cycles normally take longer but they do have higher order values with more recurring purchases . The main reasons why B2B customers prefer e-commerce is the ease of buying online , convenience , access to an online catalogue with available inventory and delivery times .
The e-commerce domain is rapidly improving through Digital Transformation , making it more efficient for vendors , manufacturers , wholesalers and distributors . For example , e-commerce innovators have replaced traditional catalogues and order forms with e-commerce storefronts . However , trying to get them online could be a real challenge .
ONE OF THE BIGGEST CHALLENGES FOR NEWCOMERS IS UNDERSTANDING THE VARIOUS E-COMMERCE BUSINESS MODELS AND HOW THEY ARE SET UP .
Although digital advertising , content marketing and SEO are effective methods to drive traffic , increase revenues and ensure a good ROI , they are not nearly as effective without understanding B2B e-commerce needs .
Businesses have quickly realised that they need to choose the right model if they want to compete with established B2B e-commerce players in the market .
According to McKinsey , 83 % of B2B leaders believe that omnichannel selling is a more successful way to prospect and secure new business than traditional ' face-to-face only ' sales approaches . It says this is a notable sign of confidence , given the higher cost and hurdle of acquiring new customers .
Nick Durrant , CEO , Blueglass Digital
Customer behaviour has changed significantly since the introduction of global restrictions and lockdowns . B2B sales organisations have quickly embarked on a Digital Transformation journey to meet customer demands and to sell goods and services online .
Gartner says 80 % of B2B sales interactions between suppliers and buyers will occur in digital channels by 2025 . According to a study conducted by Grand View Research , the global B2B e-commerce market size is estimated to reach US $ 25 trillion by 2028 .
Furthermore , the study states that two thirds of buyers made clear they prefer a cross-channel mix , choosing in-person , remote and digital self-serve interactions in equal measure . It is estimated that B2B e-commerce revenues are six times those of B2C .
B2B e-commerce companies that want to succeed need a solid business plan , intuition , knowledge of their market and thorough understanding of their products and business models .
One of the biggest challenges for newcomers is understanding the various e-commerce www . intelligentcxo . com
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