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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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Top Strategies to Improve and Increase Data Quality

Top Strategies to Improve and Increase Data Quality

 

Organizations face enormous amount of pressure when it comes to face the issue related to data quality. Businesses can only make the right data-driven decisions if the data they use is correct. Without sufficient data quality, data is practically useless and sometimes even dangerous.

 

Regardless of whether your data is structured or unstructured or your data is on-premises or in the cloud, it needs to be on top to deliver business value by ensuring that all key initiatives and processes are fueled with relevant, timely and trustworthy data. Because bad data quality not only costs time and money, in the worst case, it even leads to significant revenue losses.

 

But despite its importance of having data quality, the reality in many of today’s organizations, data quality has been voted among the top three problems for BI software users every year since the first issue of The BI Survey back in 2002.

 

What is data quality?

Defining data quality depends on the needs of each organizations. It can differ from one business to another. As a poor quality of data, especially of customer data, quickly leads to serious problems, therefore for some organizations, it can be ensuring that customer contact data is up to date so that deliveries are received in a timely manner. For other organizations, it could be filling prospects profiles that can be helpful with marketing segmentation effort. Serval factors are being used to determine the quality of data, such as accuracy, completeness, relevancy, validity, timeliness and consistency.

 

Here below are few examples to clean up and improve the consistency and reliability of your data:

 

  • Understand the purpose of your data

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IT department should work with other departments of company to align and acknowledge the problems and negative impact that company can face because of missing or erroneous data. Even though a lot of data today are generated, companies must make a strategy about what data is been collected and for which purpose the gathered data can be used because the collected data should ultimately exist for a business or mission purpose.  For this purpose, they must work to identify incomplete, faulty or multiple existing customer data, because very often, in different departments, different inventory data exists for the same customers. So, paying attention to an error free data can lead to increase data quality.

 

  • Get a Data Control Supervisor from a Qualified Department

Data Control supervisors play a crucial role in the success of a data quality mission. They come from a specialist department and know how to oversee the development and use of data systems. They can discover efficient ways to organize, store and analyze data with attention to security and confidentiality. He is also responsible for creating and enforcing policies for effective data management, formulating management techniques for quality data collection to ensure adequacy, accuracy and legitimacy of data, devising and implementing efficient and secure procedures for data management and analysis with attention to all technical aspects. His goal is to ensure that information flows timely and securely to and from the organization as well as within.

 

  • Implement a priority list of undesirable data

Today many companies are using different equipment (IOT) that records vast volumes of sensor data. Unfortunately, not all the gathered data in company is valuable. Therefore, Data Control supervisor must perform quality checks in order to reject undesirable data. To do this, he must be able to respond to following questions: How and by whom was the data generated? Which users are accessing it? For what purposes are they used by which applications? Which costs cause faulty data?

 

  • Prevent duplicate data

Duplicate data refers to when the same information is somehow input as two separate entries by different people or teams

In the presence of duplicate data, it is very hard to pull out exact results or CRM and Marketing campaigns and can create serious issues when you’re creating automations, looking up buying patterns, or putting together a target audience. So, Data Control supervisors must make sure that company is using a data management software that regularly checks the data for duplicates and cleans it to ensure that their data is clean, has quality, and is reliable to work with.

 

  • Perform regular checks on your data to uncover anomalies

If you want to understand and ensure your data quality, you have to perform regular checks to see if there’s no “bad-data”. Reviewing your data will help you to understand if the gathered data aim for organisations objectivity. As getting 100% data accuracy is not the final objective, Data Control supervisors must be able to pull-up the insights from the data to it’s main goal. Improving data quality is an ongoing process and it takes time to get it right.

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