B2B e-commerce (Business-to-business electronic commerce) is seeing exponential growth, with it expanding into many different markets, industries, devices, and through many channels. When one thinks of e-commerce, it is often B2C (Business-to-customer electronic commerce) that comes to mind, over B2B, and very few ever consider B2B e-commerce.
B2C is a business transacting with a customer directly, whereas B2B e-commerce is when a business sells to another business – which means the former must take the requirements and needs of business customers into mind (wholesaling, etc).
This page will hope to tell you what B2B e-commerce is, how it is used, and what some of the latest trends in B2B e-commerce are. The subject can be quite confusing, but with the help of this heavily simplified guide, absolutely anybody will be able to understand it. Here is what you should know about B2B e-commerce.
What Is B2B? A Deeper Look
The definition of B2B e-commerce is simply a transaction between two parties, both of whom are businesses. This is when a company sells products or services to another company – making the latter company a customer of the former. When this transpires, these two parties are involved in a B2B transaction.
Businesses come in many different shapes and sizes, forms, levels of seniority, and net worth. Because of this, it is hard to pinpoint a perfect example of what a B2B transaction might be. Any transaction between two businesses is automatically a B2B transaction.
Opening a B2B Service
Anyone can open a B2B service with proper research. You must first find a service that is in high demand with businesses – find a niche – then begin marketing and advertising your brand. According to this B2B Magento agency, to tap into the B2B market, you need the right site and exposure – as well as good partners. Opening a B2B service is something that absolutely anybody can do, providing that they are willing to invest money, time, and effort into it. There is an infinite number of potential B2B services that you could figurehead – spanning many industries and levels of business.
Because we, as consumers, are involved in many B2C transactions, sometimes daily, we may be surprised to find out that the global B2B e-commerce market is valued nearly six times the value of the B2C market. The numbers are predicted to grow as sellers begin moving online for convenience, speed, easier communication, and better purchasing opportunities.
Because of this exodus online, traditionally offline sellers will also be forced into setting up online, increasing global demand for B2B. With every year that passes, the B2B market increases in value, and as technology develops, so does the B2B market. The trends in B2B marketing are always changing, but here are a few of them:
Business customers, like all customers, have wants and needs – including the opportunity to personalize their service. B2B customers come with many stakeholders, which means they require a more complex personalization process. It seems the personalization process offered by B2B e-commerce is not going anywhere anytime soon.
As ordinary B2C consumers, we switch on a whim between offline stores and online stores – the internet and applications. There seemingly an infinite number of channels for us to buy products online. B2B buyers are, of course, no different to this, and because of this, omnichannel experiences are absolutely fundamental to the B2B experience. The sheer number of channels that is available is almost astronomical, and these channels are an integral part of B2B e-commerce – and it seems that as technology grows, more and more channels develop.
With so many B2C transactions relying on data analytics, it is no surprise that businesses are using them in B2B transactions. Data analytics have reshaped the digital world as we know it – and every sector and every reach of business can derive benefit from incorporating data analytics into their business and marketing strategy.
Data analytics is a trend that is unlikely to go anywhere anytime soon, and rather, one that is going to continue to grow at exponential rates and completely dominate both B2C and B2B e-commerce. Data analytics is a trend well worth watching out for if you haven’t been already.
In some industries, virtual reality is trending massively. This is because, in B2B business, businesses are able to allow their customers (other businesses) to try out the products before they buy them. VR is a trend making huge splashes in the B2B e-commerce world right now – and one to keep your eye on.
With the help of this page, you should now know a little more about B2B e-commerce. B2B e-commerce is the future of online business-to-business buying and selling. It can be an incredibly complex subject, but hopefully, should this page have done what it was intended to do, you should be able to understand it with a little more clarity.