by Sajitha Banu
26 Nov 2020
It’s been a remarkable year for the entrepreneurs, in times of outbreak in 2020. Therefore entrepreneurs are blooming up with incredible creativity and new perspectives to support retailers and sell inventory. However, this year is challenging for the B2B e-commerce industry, but it continues to see unpredictable growth and revenue exponentially.
The e-retail sales accounts for 14.1% out of total global retail sales and expected to reach 22% by 2023, moreover the importance of B2B ecommerce, online wholesale, and ecommerce will also keep increasing profits.In this blog, you will find 9 most powerful B2B e-commerce trends for 2021 that every online brand needs to focus on for growth.
As you know, traditional buyers have more possibilities to check the quality of products in brick & mortar stores. They have opportunities to have face-to-face interaction with store assistants, touch and feel the products and clear their doubts regarding quality or pricing. In the midst of safety precautions and advancements in the B2B ecommerce marketplace, customers buy everything in virtual interactions.
Moreover, the quality and pricing is the driving force for sales, 44% of buyers report they like shopping with clear pricing in e-commerce sites. The transparent pricing and quality can help brands to create better user experience and improve sales.
The online shopping statistics shows that out of every three buyers, one is fond of AI personalisation in ordering functionality, customised product catalogs and single tap online ordering system.
Brands that implement personalization tools including data-collection software, enterprise resource planning software, and a customizable B2B eCommerce platform are more likely to witness more selling processes. Research predicts that businesses with personalization engines can grow revenue by up to 15%.
Around 26% of B2B buyers claim that they prefer online marketplaces more, and Sapio’s research shows that only 6% of B2B buyers were not using online marketplaces now.
You can clearly witness the growth of online marketplaces, as it is predicted to reach 40% of the online global retail marketplace.However, the online marketplace will continue remaining popular beyond 2021 and brands should know there will be huge demand for niche online marketplace.
For example, Amazon partnered with healthcare industries to deliver medical sales online. Many small businesses and ecommerce providers have shifted to niche selling more than before.
According to McKinsey & Company, 48% of B2B buyers agree self-service is more essential than traditional sales interactions before this pandemic.
Now, the number has increased by 18%, and 66% of buyers claim that they choose self-service options due to the prevailing pandemic.
Therefore, brands make it easy for their buyers to purchase using ecommerce solutions for online ordering. By looking into the buyers interest, it’s adaptable for brands to provide seamless user experience and achieve great success.
The Agile methodology is a process of project management focusing more on communication and feedback to adapt for new advancements.Experts suggest that using Agile methodology can help retailers to hit success in business through 2021. Especially in times of COVID-19, this methodology can help members to adapt quickly and move forward with better decisions excluding uncertainties to deliver customer needs.
Many B2B companies have adapted to digital transformation, to provide best order fulfilment and delivery for customers.A recent study shows that 94% of B2B buyers expect the same B2C customer satisfaction while making personal purchases.However, Millennials expects the quick delivery process more in general, stats reports 56% of customers are expecting the same-day delivery.
As B2B wholesale brands are diving more into online sales and adapting e-commerce sales, it’s essential for businesses to provide seamless payment options for customers.Likewise, B2B buyers probably have more things to deal with, such as purchasing, managing cash flow, and budgets. It’s the goal of E-commerce brands to make sure that they provide easy payment options for its buyers.If you’re not sure about payment options, experts suggest to upgrade multiple payment options and see successful end results.
However, most of the B2B businesses offer multiple payment options via major credit cards. To take more advantage, it#34sigs advisable to include payment plans, provide purchase orders, and extend credit.The best idea to implement in recent times is to join with e-commerce payment solutions for better conversions including major credit cards, GooglePay, PayPal, Amazon Pay, money orders, Applepay and Paytm etc.
If your website offers good user experience that allows customers to easily navigate, then you have higher chances to convert visitors or buyers into potential customers.As a B2B e-commerce seller, it’s essential to communicate, and schedule meetings with customers to showcase your products virtually.Allowing customers to navigate line sheets easily, view products as they desired and place orders without any issues can improve customer experience to great extent.
Wholesale is considered as the highest revenue driver in 2020 and beyond across the globe over brands. In a wholesale industry report, people claim that they are investing in wholesale business channels more than any other.Moreover reports states, in the midst of COVID 19, there was insecurity prevailing in wholesale businesses and the fact is it will only keep evolving.Have a look at the popular e-commerce trends of 2019 as well.
Many industries faced difficult times in the midst of a pandemic year. Also many businesses leveraged its growth exponentially than ever before in times of crises.However, the B2B e-commerce industry is definitely growing unprecedentedly and boosting its revenue more.B2B e-commerce brands are facing more technology advancements, adapting to the agile methodology, and have shifted to online sales of products, and resources this year more than anytime.