Retail eCommerce consistently grabs the headlines in business and technology news, but the B2B market is also gaining momentum in the digital age and keeping industry analysts optimistic. Business-to-business (B2B) companies are putting the focus on customer-centric and digital selling, shifting way from processes that still use fax, air mail, or phone orders.
The success of eCommerce websites operating under the business-to-customer (B2C) model has prompted wholesalers and distributors to adopt new lessons that are serving them well, but the industry is still a long way from complete digital transformation. As publication Loyalty360 states, "B2B organizations are still under increasing pressure to adopt B2C commerce best practices."
High Volume, High Stakes
The B2B market currently deals with $780 billion worth of transactions digitally, but experts predict that it will reach 1 trillion dollars in five years.
The numbers may even end up reaching $6 trillion once emerging global markets are factored in, with China seen as the juggernaut of the industry.
The tantalizing potential of this industry means companies are ramping up their efforts to adopt effective B2B business solutions. A survey featured in Computer Weekly reveals that 83% of the B2B supplier they polled plan on upgrading their eCommerce technology in response to the changing buying habits of business buyers. Easy-to-use eCommerce platforms can make a difference between a one-time buyer and a loyal one, so B2B suppliers are looking for ways to, "[make] the entire purchasing experience as easy as ordering a book online or downloading music onto a smartphone."
The B2B market is a highly volatile one, with shifting prices that can be affected by oil prices, natural disasters, logistical gaps and more. Adding to the complexity is the fact that transactions are many magnitudes larger than in the retail business. Which is why a fully integrated, omnichannel business solution like Connected Business can be valuable in updating your portfolio's pricing and inventory numbers in real time.
Digital payments is also an ongoing issue with B2B companies, with Bloomberg Business noting that US companies are 20 to 30 years behind in moving from paper checks and invoices to a truly automated infrastructure.
Entities that can overcome these hurdles are poised to benefit from an increasingly connected business world. As the buying and selling culture in the B2B sector continues to evolve, agile companies that can ease their operations into the new status quo stands to gain a significant portion of the market share.
Connected Business can help you streamline and make your B2B workflow more effective through cutting-edge omnichannel solutions. Learn more about our products.