B2B commerce is an essential part of growing an effective business, allowing you to access new marketing and expansion opportunities.
As you build your business, B2B commerce can provide you with the chance to enrich your product or service offerings and drive high-value sales channels. Often, successful B2B strategies can even support additional B2C initiatives.
To help you build your business, here’s why B2B commerce is essential for businesses in 2022.
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What is B2B commerce, and why is it so important?
B2B commerce, or business-to-business commerce, allows your business to carry out transactions with other businesses. Instead of targeting consumers, you can work directly with other companies and organisations.
Incorporating a strong B2B channel and strategy is essential to business growth and effectiveness, and B2B sales can make up a large portion of your overall revenue.
By selling to other businesses, you can often secure larger orders, more repeat clients, and valuable professional relationships that support future business development opportunities.
What about B2B eCommerce?
In an increasingly digital marketplace, eCommerce is an important part of any sales strategy, allowing you to sell goods online using clear, intuitive processes and funnels.
With B2B eCommerce, you can target business customers online, reducing the need for in-person interactions and supporting the globalisation of your business operations.
B2B eCommerce allows you to navigate large-scale commercial transactions with ease, using online tools and software to market and deliver goods and services. Good processes provide positive customer experiences that encourage repeat business.Furthermore, implementing a B2B loyalty program can help businesses boost customer retention rates, increase revenue, and ultimately improve the overall customer experience by delivering incentives and rewards to loyal customers.
B2B eCommerce platform
When operating online, there are many tools and platforms you can use to optimise business functions and improve sales efficiency.
B2B eCommerce software can help you track orders and transactions clearly and ensure timely payments and deliveries.
Many B2B eCommerce platforms include features that allow you to perform analyses of transaction histories so that you can identify trends and marketing performance.
An easy-to-use B2B eCommerce platform can play an integral role in supporting future business growth and additional B2B sales opportunities.
Differences when working B2B
When selling goods or services to another business, many things are the same as they would be with a B2C (business to consumer) sale. You still need to provide effective programs, timely delivery, and positive customer experiences.
However, B2B does pose its own unique challenges that you need to keep in mind in order to ensure the greatest chance of success.
When working B2B, you may be required to fulfill large bulk orders at high prices. This may mean that you need to adjust pricing structures to offer bulk discounts or reassess your inventory control procedures to ensure you have the required stock.
B2B sales can also involve more complex professional relationships. In some cases, a B2B sale is just a sale. In others, you may be entering into a long-term business relationship or partnership, which will have implications for your business’s future in marketing, inventory, and growth.
If you’re keen to improve your approach to B2B commerce, Liferay can help! Find out more about our service offerings.
