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B2B Ecommerce Challenges & Solutions

B2B e-commerce, or business-to-business e-commerce, refers to online transactions between businesses. The increasing growth of B2B e-commerce is undeniable. While B2B e-commerce has numerous benefits such as faster ordering, improved accuracy, and increased efficiency, it also comes with its own set of challenges. Here are some of the main challenges of B2B e-commerce and tips on how to address them.

 

  • Complex Sales Cycles: B2B e-commerce and B2C e-commerce may share many similarities, but there are also significant differences between the two. The buying process in B2B is typically more complex than in B2C. In a B2B transaction, multiple decision-makers are often involved, and the purchase may require approval from higher-ups within the company along with long decision-making processes & a complex sales cycle. As a result, the e-commerce platform must provide information and features that cater to each stakeholder in the buying process, making it more challenging to design and implement.
    Businesses can overcome this challenge by creating a personalized and informative buying experience for each stakeholder in the buying process. This can be achieved by providing relevant product information, clear communication channels, and access to product demos and trials.

 

  • Integration with Legacy Systems: Many businesses still use legacy systems that don’t integrate easily with newer e-commerce platforms. So, one of the significant challenges for B2B e-commerce businesses is integrating technology across various platforms. With so many different software programs available to manage inventory, process payments, and track orders, integrating them into one cohesive system can be daunting. This lack of integration can lead to inefficiencies and inaccuracies, which can hinder the adoption of B2B e-commerce.
    Businesses can overcome this challenge by adopting an e-commerce platform that integrates seamlessly with legacy systems. The platform should also provide APIs and connectors that facilitate data exchange between different systems.

 

  • Customization Requirements: B2B customers often require customized products and services. Meeting these customization requirements through an e-commerce platform can be challenging, as it requires extensive configuration capabilities, a flexible platform architecture, and real-time collaboration capabilities.
    This challenge can be addressed by offering configurable products and services through an e-commerce platform. The platform should also provide real-time collaboration capabilities that allow customers to work with sales representatives to configure and order customized products.

 

  • Complex Pricing and Discounting: B2B pricing structures can be complex and often involve volume discounts, contractual agreements, and special pricing arrangements. Moreover, since transactions often involve large sums of money and long-term partnerships, buyers need assurance that they are making the right decision when choosing a seller or product. Managing these pricing structures and trust level can be challenging in an e-commerce environment and requires a sophisticated pricing engine to ensure accuracy and compliance.
    Businesses can overcome this challenge by adopting a sophisticated pricing engine that can manage complex pricing structures. The engine should be able to apply discounts, handle volume-based pricing, and support contractual agreements.

 

  • Shipping and Logistics: B2B e-commerce often involves large and bulky products that require specialized shipping and logistics. Ensuring that the products are delivered on time, at the right location, and in the right condition can be a significant challenge for B2B e-commerce platforms. This challenge can be addressed by partnering with third-party logistics providers that specialize in B2B shipping and logistics. The e-commerce platform should also provide real-time shipping rates and tracking information to customers.

 

  • Data Security: B2B transactions often involve sensitive data such as financial information and customer data. Ensuring that the e-commerce platform is secure and that data is protected from cyber threats is critical in B2B e-commerce. Businesses can overcome this challenge by adopting a secure e-commerce platform that complies with industry standards such as PCI DSS and GDPR. The platform should also provide multi-factor authentication, encryption, and regular security updates to protect sensitive data.

 

    Overcoming the challenges of B2B e-commerce requires a multifaceted approach that involves addressing the specific needs of each challenge. Despite these challenges, however, continued advancements in technology will help overcome them as online platforms continue to evolve allowing more streamlined operations throughout every facet from order processing through delivery. Overall, businesses can overcome the challenges of B2B e-commerce by adopting a comprehensive approach that addresses the specific needs of each challenge.

How and why B2B eCommerce is accelerating faster than B2C

Welcome to the world of E-commerce, where business transactions are just a few clicks away due to its convenience, accessibility, and potential for increased revenue. While most people associate e-commerce with B2C companies like Amazon and eBay, Alibaba an interesting trend is emerging. Over the years, B2B eCommerce has been growing at an unprecedented rate and now stands ahead of B2C in terms of market share. In this blog post, we’ll explore the reasons behind this shift and how it’s set to revolutionize the way businesses operate worldwide.

B2B e-commerce is growing faster than B2C

 

In recent years, the B2B eCommerce sector has been growing at an unprecedented pace. In 2022 the global B2B e-commerce market size was valued at USD 7,907.07 billion and is projected to grow at a Compound Annual Growth Rate (CAGR) of 20.2% from 2023 to 2030. What’s driving this growth? One significant factor is the shift towards digitization in business operations. Businesses are increasingly embracing digital technologies to streamline their operations and improve their customer experience. The increasing adoption of technology and digitization in businesses has led to a shift towards online transactions. With the rise of smartphones and other mobile devices, it has become easier for businesses to purchase goods and services online.

 

As a result, B2B e-commerce platforms are becoming more sophisticated, offering features like real-time inventory tracking, personalized pricing, and more. Unlike B2C companies where consumers purchase goods and services for personal use, B2B deals with transactions between businesses themselves or organizations that require products on a larger scale than individuals. The sheer demand for such large-scale purchases lends itself to digital channels as they offer greater convenience and efficiency.

 

Furthermore, there are numerous benefits associated with B2B eCommerce compared to traditional methods of procurement. It can lead to cost savings by streamlining supply chains and reducing intermediaries’ involvement while also enabling quicker turnaround times, faster processing times, increased transparency, and improved customer experience. Through B2B e-commerce platforms, businesses can find suppliers quickly from anywhere in the world while reducing their operational costs. B2B e-commerce allows businesses to reach a global audience and grow their customer base beyond geographical boundaries. With B2B e-commerce, businesses can expand their operations into new markets without having to invest in physical stores or locations.

 

Additionally, B2B buyers are looking for personalized experiences similar to those they encounter in B2C e-commerce. They want intuitive user interfaces, personalized product recommendations, and fast, responsive customer service which is achievable with B2B e-commerce platforms. With the rise of AI and machine learning technologies, B2B e-commerce is offering more sophisticated product recommendations, predictive analytics, and automation capabilities. Buyers can quickly search for products, place orders online, receive quotes, and track shipments in real-time at any time of day through various devices such as computers, tablets, or smartphones. This eliminates the need for traditional methods such as phone calls or fax orders, which are more time-consuming.

 

For sellers, B2B e-commerce enables automated inventory management systems that help maintain accurate product information across different sales channels while reducing errors associated with manual updates. As a result, sellers can significantly reduce overhead costs associated with order processing. Moreover, data analytics from B2B transactions helps companies identify trends in buyer behavior enabling them to make informed decisions on product offerings based on market demand.

 

In short, the rise of technology has transformed how businesses operate worldwide – thus leading to a surge in demand for online platforms capable of handling bulk transactions more efficiently than ever before. Thus, the future of B2B e-commerce looks bright, as businesses continue to embrace digital transformation and look for new ways to improve their operations and customer experience.

 

The future of B2B e-commerce

 

As we move into the future, B2B e-commerce is only going to continue accelerating and surpassing B2C. With advancements in technology, such as AI and automation, businesses will be able to streamline their processes even further and provide an even better experience for their customers.

Furthermore, with many companies operating remotely during COVID-19 pandemic lockdowns worldwide; it became essential for them to adapt by going digital quickly. This pushed even those hesitant about e-commerce into experimenting with digital solutions – leading to a boom in B2B e-commerce growth! This means that B2B e-commerce is becoming more crucial than ever before.

B2B e-commerce has come a long way from its early days of simply placing orders online. It now offers a wide range of benefits to both buyers and sellers alike. As it continues to evolve and improve over time, we can expect it to become an increasingly integral part of business operations across industries.

Digitization: B2B is more complicated then B2C

The way that businesses and their customers communicate with one another is significantly being impacted by digitization. Despite realizing the promise of digitalization for their business models, B2B enterprises are still far from completely exploiting it. Companies have to adapt, strategize, and transform if they want to continue doing business.

 

Giving business clients access to an online store is no longer the only aspect of B2B commerce.  Whether it’s B2B or B2C, business digital transformation also encompasses strategy, culture, organization, business models, and go-to-market approaches. Thus, companies must also think about ways to automate and digitize operations, which are still frequently manual. The altered behavior and heightened demands of B2B buyers during the acquisition process are added to this. B2B retailers now anticipate a similar shopping experience to that of B2C customers. Research from Gartner predicts 80% of B2B sales will move to a hybrid sales model by 2025. Additionally, according to a survey conducted by McKinsey, 70 percent of B2B decision makers say they are open to making new, fully self-serve or remote purchases in excess of $50,000, and 27 percent would spend more than $500,000.

Helping Businesses get Digital

After the huge hit of Covid19, for businesses to succeed in the medium to long term and to differentiate themselves from the competition, they must have a digitization plan for e-commerce. It is insufficient to just upload and publish catalog online. Without overdoing things, businesses need to incorporate B2B commerce into their overall digital strategy. The key element is to remember in this digital process is to  think big when developing processes, but start with smaller when creating components.

 

A large percentage of B2B enterprises now provide digital procurement choices to their corporate customers. However, these are frequently based on strict, obsolete technologies that cannot keep up with today’s online presence requirements. Bringing data from various sources, manufacturers, and partners together on a trading platform is one of the biggest barriers for B2B vendors. In order to design technology, data and process systems so that they can readily adapt to new market demands and grow with the development of new business areas and communication practices, scalable and flexible software solutions are required.

 

Personalized content and a customized approach, which have long been existing in the B2C market, are still not given enough consideration in the B2B market. It is frequently forgotten that B2B clients also desire a personal contact. B2B buyers frequently change their typical shopping habits from their private end-customer behavior and seek out solutions that are specifically adapted to their needs. Existing customer data has a lot of potential to customized customer experience and an excellent user-experience in the business environment if it is integrated and used wisely.

 

Digital commerce involving businesses can be much more complicated and chaotic than digital trade between consumers since it calls for digital ecosystems that can quickly adjust to changing needs. Solutions enabling autonomous and highly scalable commerce enable quick and smooth migration from legacy systems. Because frontend and backend are separate, new features and products may be added without disrupting existing customers’ experiences, and system development can be provided with little to no downtime.

 

Businesses that adopt digital transformation will be able to take advantage of numerous benefits. With the proper implementation and good use of digital tools they can develop not only new revenue streams, but also reposition themselves, and strengthen their brands, they can establish themselves as market leaders. Compared to B2C, the digital transformation in B2B represents a much more radical change. It’s also clear that, despite being a relatively new process, B2B digital transformation is already having an effect. Even so, many B2B industries are behind and are therefore at a high risk of being disrupted.

Why Business Apps are indispensable in 2021

 

Ensuring that corporate processes run smoothly is still one of the great challenges and is taking on a new dimension due to the social and economic challenges posed by COVID-19. Triggered by the “New Normal”, companies around the world are busy innovating in order to minimize/limit disruptions to their businesses and supply chains.

 

As worldwide digital transformation accelerates, cloud adoption, remote working, the automation of processes, IoT integration, and the networking of systems through digitization are causing a radical change and massive structural changes within companies. As part of this digital transformation, business applications are also increasingly being used and are now an integral part of everyday work in many areas of the company. These smart applications have become an important competitive factor thus companies are increasingly making customized applications available to employees, customers, and partners.

 

Driven by real-time capability and the seamless documentation of processes, business-to-business (B2B) applications are now a hot commodity in the workplace. In fact, the demand for B2B apps is expected to drive the market to $140 billion by 2023. This growth is justified by the prevalence of mobile devices and the way employees manage their personal lives on smartphones. According to Statista, a total of 218 billion mobile apps were downloaded in 2020, up from 204 billion app downloads in 2019. Around 3.4 million apps are available for download in Google Play while nearly 2.09 million apps are available on the Apple App Store. But not everything that shines is gold, in order to take advantage of these apps, they must be developed in an agile manner.

 

There is no point in designing a B2B mobile application if it does not precisely meet a business need and there’s hardly an operational process that cannot be optimized using an app. The areas of application are almost endless and cross-sectoral – whether automatic control of a machine, management of the supply chain, or mobile simplification of business processes. Large IT corporations such as IBM and SAP have long recognized the trend and have launched hundreds of business apps of all kinds on the market. Many company processes can be flexibly supported with these smart apps. An increasing number of companies are progressively dependent on the use of technical solutions such as smart devices in order to meet the expectations of their customers in terms of mobility. Not only they can automate tasks but also stay organized and streamline their business processes. The ultimate goal is to achieve an increase in the efficiency of processes through the optimization and automation of existing processes because companies that get the operating model right can see dramatic improvements. Working with apps offers significant potential for improvement, especially where manual and non-IT-controlled processes are encountered.

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Companies are increasingly relying on digitization and making their workplace “smart”. Areas with highly standardized processes and clearly defined procedures are particularly suitable for mobile solution replacement. Many tasks can be processed and managed via the app directly from the employee’s mobile device, with all communication being handled directly in the app. Bad accessibility of employees, the complexity of the assignment of tasks and the enormous administrative effort can also be significantly optimized. As a result, human errors are avoided and 100% transaction security is guaranteed.

 

Additionally, more and more companies are relying on cloud solutions for their digitization projects, because the operation of systems and applications from the cloud offers a multitude of advantages. Mobile apps are environment-friendly as they reduce the paperwork required in business operations. When the information is shared across your cloud-based network as digital documents, the business process becomes easier to handle and operate. Cloud also enables rapid availability and flexible use of applications as required. A particularly important reason for cloud solutions is the quick and easy implementation of digitization projects. Thus, complex internal IT resources can be minimized, since both the operation of the application (including updates, releases) and the complete provision of infrastructure and computing power can be outsourced. The scalability also enables a rapid increase or reduction in users and rental models can avoid complex budget processes.

 

 

 

Sources:

 

Strategy Analytics: Mobile Business Applications Market Will Hit $140 Billion By 2023

B2B E-Commerce Entry Barriers and Challenges  

B2B E-Commerce Entry Barriers and Challenges

 

E-commerce has the potential to improve efficiency and productivity in many areas and industries and, therefore, has received significant attention since last decade. With the growth of Internet users around the world, new opportunities for global e-commerce are growing in parallel.

 

For B2B companies, a web shop can and should be much more than just an additional sales channel as digital channels, and ecommerce in particular, are critical for their successful B2B operations.  Amazon, Alibaba, Mercateo, Global Sources and Walmart are few major players in the global B2B eCommerce market. Amazon rebranded its B2B eCommerce operations from AmazonSupply to Amazon Business in 2015 and achieved sales of over US$1 billion in just a year. According to Forrester Research, Think with Google, 90% of B2B buyers use a mobile device at least once during their decision process, and 59% of buyers conduct all pre-purchase research online. According to Orbelo publications, nearly 1.92 billion of individuals, worldwide, shopped online means 1 out of every 4 people you see around you is an online shopper.

 

Not surprisingly the global B2B eCommerce market valuing US $12.2 trillion in 2019 is over 6 times that of the B2C market. This number shows us the importance and growth of B2B e-commerce market. So, in order to expand existing business, reduce entry requirements, process costs in customer management and improve the quality of customer experience, a good e-commerce project must be prepared with propositions of new way of doing business which takes strategic and organizational and technical aspects into account with help of new service models.

 

Lack of technology knowledge to ensure the quality and size of the IT workforce is one of the biggest challenges for many companies’, as they consider hiring a new team for their ecommerce department. In a report commissioned by SAP, Forrester has reported that a company needs 12 full time employees to maintain webshop and not all companies can afford an ecommerce team of 10+ employees in addition of their actual staff. But as a successful e-commerce is a team work, from IT department to product management and from sales and marketing to customer service, companies must have a clear goal and make relevant decisions that can measure investments and ROI.

 

Trust, confidence and data privacy represents as another challenge for electronic commerce. The question of trust is even more prominent in the virtual world than it is in the real world. Plus, hackers are becoming more and more creative each day and inventing new ways to exploit e-commerce business and its customers for their financial gains. Cyber crimes can have bad impact on e-commerce retailers leading to significant business implications and bad PR and loss of customer trust. To stay on top of these constant threats, E-commerce retailers need to know what they are up against, and how they can prevent their business from becoming a victim of one of these attacks by taking proactive measures to protect their e-commerce from malicious hackers and safeguard their customer’s personal information.

 

E-retailers can face challenges related to their growth if the right partner and technology isn’t chosen in the beginning of the e-commerce project. Therefore, the experience of project partners who specialize in B2B web shops should not be underestimated. In order to have achieve a profitable and long-term growth, companies must choose the right CRM system, shopping cart solution, inventory management, shipping partner, analytics and email software, marketing campaigns software/partner agency and much more. So, a Web shop projects doesn’t only require a clean product and customer data management to avoid follow-up costs but also the systems used for merchandise management and customer relationship management integrated with the web shop software. The aim should be to implement central, consistent data management as the basis for maximally automated processes and error-free real-time information about products, stocks, prices and delivery dates.

 

The future is certainly positive for B2B e-commerce. With a bright future and growing competition, it is important that B2B companies invest in a sophisticated e-commerce platform to stay in the competition and secure a first-mover advantage.

 

Sources:

 

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