Four Tactics That Can Uplift Your B2B Ecommerce ROI
According to a Grandviewresearch report, the B2B E-commerce revenue growth is expected to cross the threshold of $20.91 trillion by 2027.
The resistance is quickly dissolving as 77% of the B2B buyers who are millennials prefer personalized experiences through online channels. Several factors- 12% digital search, finding new suppliers online, online order placement, or order repeat in a single click, which attribute to the digital change. It makes the B2B merchants adapt to the evolving customers’ expectations and enhance the E-commerce expansion efforts to succeed with heads-down generation.
The B2B players are taking action by combining the customers’ purchase behavior and competition research data. Jumping on the eCommerce bandwagon requires B2B brands to address organizational, leadership, and technical issues. However, the financial gains and improved revenue overdo the challenges faced while transitioning from offline to digital channels.
Take a look at ways that help you make a leap and take a lead with improved ROI.
- Old is gold but never gets old!
It’s well said – “When you buy the diamond, don’t forget the gold because it’s only gold that can hold the diamond.”
The existing customers are no less than gold to the eCommerce store. They generate more sales and revenue when treated tactically. The B2B Ecommerce store is the best place to deepen the effect.
Online merchandising is a powerful weapon in the B2B brands’ arsenal that they can leverage to deliver the best experience to the customer when they return to the store. It includes- displaying personalized product recommendations at the time of browsing, in the shopping cart, or during checkout, which helps in increasing the basket size.
Stealing the customer loyalty program tactic from B2C stores is the best opportunity to increase up-selling and cross-selling, which augments the revenue by a high margin. The transaction-based discounts, referral rewards, and reward programs stimulate the B2B buyers to purchase in the guise of earning extra benefits.
Additionally, customer retention is 100 times cheaper than customer acquisition. The little effort helps to generate incremental revenue from the existing customers, so perfect the art of luring them back to the store.
- New customers are diamond
74% of the B2B buyers purchase after researching online.
It signals building an online presence is imperative to make your products or services get searched by the intended buyers when they are looking for them digitally. B2B eCommerce store is a great place that enables customers to search, and find and place the order online. It lets your business expand into new markets with cross-border sales enablement.
FlexFire LEDs company did excellently with SEO-optimized B2B eCommerce store development. The store helped them gain clients like- Disney, Ford, Apple, and other leading players that they never thought of before. With detailed educational material about their products, including text, graphics, and video, they have proved themselves as the subject matter expert to Google, which, in turn, helped them earn new customers. The customer acquisition followed by the addition of millions of revenues to the company.
The new eCommerce venture help in entering into new markets, capturing maximum big fishes, and earning ROI galore.
- Making profits weigh higher than the cost
The B2B buyers are raising the demand for fast order fulfillment on par with Amazon-like B2C merchants. The growing expectations for expedited shipping options, online transactions, and convenience of getting things done at the flick of the switch is driving the B2B companies to meet this demand with B2B eCommerce stores.
Surprisingly, the e-commerce platform is not only fulfilling the B2B buyers’ demand but enabling the merchants to keep the profits and costs low. See how?
The B2B buyers are ready to pay more for speed and convenience like the B2C buyer counterparts. Besides, the buyers purchase the products at a full price with zero negotiation involved, which translates into an improved bottom line. The sales reps get a cut of 4 to 5% because of the self-service sales that reduce the operational cost.
- Act to positively impact efficiency
Traditional B2B companies are afraid that automation can replace humans. But they don’t understand- automation also complements the labor. Especially, the sales team and customer support team can highly benefit from automation and work more efficiently when it comes to serving customers.
For instance, there will be no error when order placement is done by the B2B customers using the self-service option on the B2B eCommerce store. Otherwise, the sales reps can make errors on the phone call, which proves to be costly. The sales reps can focus on value-added services and nurturing customer relationships.
Besides, the customer support team can act strategically on increasing and converting the leads and recommending new solutions rather than wasting time on repetitive inquiries like- ‘Where is my order,’ ‘Quantity,’ and other things. The advanced tools save time and provide rich insights into business growth that lets the company win.
The Last Word- Tap the Potential of Ecommerce Store!
Ecommerce development is an irresistible force in the B2B landscape. It’s reimagining the way B2B merchants do business. It’s not a simple shift from traditional to digital; instead, the eCommerce development is reinventing the B2B brands along with incremental revenues. Jumping on the B2B Ecommerce bandwagon deserves time and effort investment. The huge value-add and reasonable ROI makes the expensive Ecommerce development endeavor pays off in dividends.
What’s more? The opportunities are endless. It makes perfect sense to stay up to date with customers’ expectations, latest trends, and evolving technology to leapfrog the competition and boost revenues. Don’t hang fire. Get the B2B Ecommerce developed to be present where your customers are searching your business and update sales approach.