Ready to Grow with the B2B eCommerce Evolution?

If you asked us last year, the B2B eCommerce evolution seemed to be in a more-or-less primordial stage. But, with more B2B marketplaces and platforms launching or growing, we see signs of real opportunities for B2Bs to open eCommerce channels. So, if you’re a B2B and you’re not online yet, there is no reason to hold back.

Earlier in the B2B eCommerce Evolution…

Decades of tried-and-true practices resulted in B2Bs having neither the inclination nor the need to adopt eCommerce channels.

And in 2016, analysts still counted B2B eCommerce as embryonic. Because B2Bs operated for so long on the phone, with emails and face-to-face contacts to complete sales, they lagged their B2C counterparts in adopting eCommerce strategies.

Research published last year suggested that B2B companies made less than 10% of their sales through eCommerce channels. In fact, only leaders in customer service reported that eCommerce was “critically important for sales.”

And executives told eMarketer.com that eCommerce transactions “tended not to be mainstream or very sophisticated, at least by today’s standards” and that most (B2B portals) “are just very old, very antiquated.”

Customers started to force B2B organizations to change. They expected a better digital presence with targeted content, predictive analytics and an emphasis on customer experience. Just like the B2Cs have.

More Options Breed Opportunity

The B2B eCommerce evolution saw companies including eBay, Amazon, Magento, NuOrder and others offer businesses eCommerce options.

The latest development came from eCommerce platform Magento. The company announced in early April that it will make available a solution with built-in B2B eCommerce features. Magento created the options when it recognized that 60% of its customers were already using the platform for some form of B2B eCommerce.
Magento’s B2B features include a window to let customers quickly re-order commonly purchased items. Such features will be available to Enterprise customers some time after late June. But, Magento will make the entire platform more customizable.

Get Going

The B2B eCommerce evolution spawned the rise of specialized marketplaces and tailored platforms. Businesses have more opportunities now than they did a few years ago to build an online B2B business.

Companies that want to open an online B2B channel must plan ahead. Aside from deciding how your B2B eCommerce channel fits in with your business model, consider some other questions. What kind of customers do you want to reach online? How will you measure B2B eCommerce success? Will you use a B2B marketplace or a tailored B2B eCommerce platform?

Finally, adding more channels increases the complexity of your supply chain, so go in with the right system in place to manage your inventory however you source, store, and sell your products.