B2B eCommerce Trends: What is the Future of B2B eCommerce?
eCommerce is a growing trend that’s here to stay. The earlier you adopt B2B eCommerce, the further ahead of your competition you’ll be. Learn more.
eCommerce is ever-evolving, and in the B2B world even moreso. Self-service portals and advanced eCommerce features are transforming the B2B marketplace. Whether your company is already benefiting from a B2B eCommerce strategy, you are looking to refine your eCommerce strategy, or you are just now considering adopting eCommerce, you may be curious about the future of B2B eCommerce.
Let’s discuss future eCommerce trend predictions and how to plan for them..
Why should you look ahead with your B2B eCommerce strategy?
It’s safe to say that eCommerce is a growing trend that’s here to stay. The earlier your company adopts it, the further ahead of your competition you’ll be.
But when it comes to the main goals for eCommerce, the differences often lie in the size of the company.
For larger companies, the main benefit cited is increased efficiency. Because logistical complexity increases with scale, bigger companies have greater cost savings available to them by streamlining sales and fulfillment processes.
On the other hand, smaller companies are increasing their eCommerce spending to better compete with leading organizations in their industry with equally modern, personalized customer experiences.
Future B2B eCommerce Trend Predictions
There are many reasons why B2B companies are planning additional eCommerce investments:
- Reduce the Cost of Doing Business/Selling by optimizing key processes, reducing the risk and occurrence of human errors, and driving business growth.
- Improve Customer Satisfaction with data-driven recommendations, product filters, and site-search capabilities.
- Take the Next Step in Digital Transformation, in which eCommerce is often the most impactful solution businesses can implement that haven’t yet.
- Increase Revenue from Online Channels with greater visibility, reach, and omnichannel selling.
- Offer Self-Service Solutions for reorder, returns, and order history.
- Support New Sales Strategies by ensuring your eCommerce solution is equipped to bring even your most ambitious vision to life.
- Provide Accurate Product Information to Various Marketplaces so that customers are able to trust your business and experience your products consistently no matter where they’re shopping.
- Add Additional Sales Channels that are new to your business or to the marketplace as a whole.
- Develop Customer-Specific Pricing that accounts for the quantities, variations, and specifications that each buyer needs.
To make the most of these trends and plan for the future of B2B eCommerce, many companies are adopting a complementary system that supports all these features.
How To Start Planning for the Future of B2B eCommerce
One specific, relatively new area of eCommerce that is attracting high levels of interest from an investment perspective is integrated product information management (PIM) systems. In fact, 54% of B2B companies plan on investing in a PIM system to manage product information, and 15% already have a PIM in place.
Implementing a PIM system can help B2B organizations plan for the future of B2B eCommerce by by equipping their teams with the tools to manage vast product data efficiently - a challenge that becomes nearly unmanageable for many organizations. The more products you sell and the more complex they are, the more difficult it becomes to efficiently keep all your product up-to-date across your different selling channels, like your website, catalogs, content and marketplaces. A PIM system helps standardize the product experience across platforms, ensures a high level of information accuracy, and dramatically reduces the time spent managing product data.
B2B businesses who invest in a PIM can also expedite the time to market with new products, manage related products more easily, improve management of international expansion and legislation, and get access to more sales channels.
Dynamicweb B2B eCommerce Solutions
Dynamicweb is a flexible and scalable eCommerce solution for expanding your business online and accelerating your digital transformation. Dynamicweb unifies the critical components of your online strategy so you can innovate faster without complexity holding you back.
Learn about more B2B eCommerce trends in our latest survey report in partnership with Sapio Research!