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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.

Why is Change Management mandatory for Digital Transformation?

14 February 2022
by: Aisha Javed
in: BlogPost
Tags: #changemanagement, #digitalcommerce, #digitalinfrastructure, #digitilization, #OrganizationalDevelopment, #technology, #technologycompany, #technologyinnovation, DigitalTransformation
note: no comments

The topic of digitization is omnipresent – and is discussed daily in the media. Digital technologies and their unlimited availability via the Internet are fundamentally changing companies. These technological transformations are altering the world of work as never before. The combination of machines and humans is leading to unimaginable innovations. Forcing companies around the globe to reinvent/revolutionize their business models, redraw the boundaries between industries, and create new interfaces for the customer with the help of digital technologies.

These digital advancements are the main motive for companies to adapt and deal with the changes in their work environment. Although digitization is now almost in part of everyday life – it brings changes that trigger fears among many employees. Dealing with such changes in companies can be a hurdle without well-defined change management.

“Change Management is the general term used to describe the approaches that businesses take when making both short and long-term organizational change, both of which are often necessary for businesses that want to survive and be successful”. Sustainable change management must keep an eye on social and economical challenges. It must not only take into account the digital transformation but also acknowledge the society and demographic changes as well as productivity and social demands.

Change Management helps your Business

Think globally, act locally. Worldwide companies are increasingly doing business in an international context. Therefore, change management must also be able to control, learn and act across cultures and nationalities.

Change is inevitable and is nature’s law. Management often finds it challenging to make employees adapt to the change quickly and often underestimate their employees which results in the downfall of even the biggest business empires. The key question from the company’s point of view should be: How can we ensure, in a continual state of change, that the employees actually have a sustainable mix of skills, to get the best from them, to achieve strategic goals?

Following are some easy ways for you to help your employees adapt to change in the workplace:

The company’s culture influences the pace of innovation within the organization because digital transformation requires both executives and employees who are willing to take risks and seize opportunities. Therefore, the focus must be put on the corporate culture before opting for any corporate changes or every transformation. Employees must be well prepared to accompany the change and support the new digital strategy for the long term.

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With digitization, the challenges faced by employees are also changing rapidly. All members of the organization are equally involved in realizing a shared vision. This means that companies are responsible for ensuring that their workforce meets the requirements of tomorrow and develops relevant skills. A training model for employee development in the digital transformation must be elaborated, with which skills are built up in a sustainable and targeted manner. Additionally, everyone at different levels of the company and in different project teams works together to build trust, promote transparency and involve all employees.

Change is inevitable, it’s not a single project with a beginning and end. As technology is constantly evolving; current processes have to be constantly adapted. Digital businesses never change the company’s core values or offerings. Instead, it is about developing a networked work culture and acquiring digital tools that support the company’s strategic goals. Thus, it is also important for employees to keep learning and developing.

In the current digital transformation landscape, the capability to address and adapt to change within an organization is becoming an essential element of survival for worldwide businesses. If your company is preparing to undertake digital changes or struggling to manage them, Feel free to reach out to our consultants that offer a wide range of business and technical know-how as well as the necessary instinct to solve the individual challenges of your organization. We can’t wait to help you find success.

Digital Commerce: Redefining Business Models for the Future

28 June 2021
by: Aisha Javed
in: BlogPost
Tags: #AMAZON, #ConversationalCommerce, #CROSSCHANNEL, #CustomerExperience, #digitalcommerce, #marketplace, #multichannel, #wtc, #WunThompsonCOM, Ecommerce, Retail
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Online shopping (of goods or services) has become a common practice among many people around the world due to factors such as range, ease, speed, and convenience. In fact, about 2.14 billion people worldwide are expected to buy goods and services online, up from 1.46 billion global digital buyers in 2014. A new report “The Future Shopper Report 2020” from Wunderman Thompson Commerce (WTC), details 48% of more than 14,000 online shoppers surveyed start their purchase journeys on search engines. Shoppers are especially turning to marketplaces to compare prices and eventually buy products of their convenience from one place, as more than 6 in 10 (63%) consumers in key e-commerce markets start their online shopping searches on Amazon.

When we think of a marketplace, the major e-commerce platforms such as Amazon, Walmart, eBay, Alibaba immediately come to mind. Each of them has its own unique requirements, product categories, affiliate programs, listing fees, and audiences. In this digital world, it’s more complex than ever to choose the right channels to drive discovery, exploration, and post-purchase engagement. Businesses have the challenge to survive in a world in which their customers have access to more information, across more channels, and have more control in their relationships with brands than ever before. A strategy to expand one’s own business model into the online world in order to maintain and expand the customer base comes along with challenges that cannot be neglected.

Offering the product range online is almost a must for retailers today – whether in the B2B or B2C sector. A digital shop is becoming more and more of a requirement. Customers expect simple and efficient processes and free fast delivery of goods and services. Since the implementation of an e-commerce platform usually requires a high investment, along with complex requirements for hardware and software some companies shy away from the step into digitization. But the last few months in particular have shown how important it is to adapt flexibly to circumstances. Business must understand the secret to maintaining a thriving business is recognizing when it needs a fundamental change.

Customer expectations have been steadily rising over the past two decades in line with the growth of online retailing. Because it is to be expected that demand from e-commerce will increase in coming years, many, especially smaller providers, are instead taking a different route and offering their products on online marketplaces as they are one of the fastest ways to scale globally. They can benefit from the advantages such as an existing shop system and a broad customer base of buyers. Moreover, specialized online retailers and digital marketplaces are emerging in more and more industries and are discovering the procurement business.

Here below are some interesting industry insights from the WTC Future Shopper report focusing on the digital buying behaviors, with the aim of helping organizations and ensure that they are ready for the consumer and the channels of the future:

65% of consumers expect to use digital shopping channels more in the future
34% of shoppers would prefer their online purchases to be digital and instantly downloadable
19% of online shoppers favor social media for inspiration
71% of online shoppers said they wish retailers and brands offered better environmental practices, such as less packaging
5 is the number of times consumers order from Amazon each month, on average
54% identify “free delivery” as an important reason for going direct to branded sites
28% of products bought online are now digital products
52% of online shoppers get their inspiration from Amazon
63% of online consumers start their online searches for products with Amazon
75% of digital consumers with more brands and retailers offered the same level of services as Amazon
52% wish brands would be more innovative in how they use digital technology to improve their experience

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When companies opt for a multichannel strategy, they are faced with new challenges. While they know their customers with a single sales channel and know how to address them, generate sales, and process the purchase, with multiple channels they need a central solution. One of the biggest challenges for SMEs is to actually implement the necessary processes. The main pain points are on the one hand the infrastructure and on the other hand the logistics. Here, service providers for e-commerce logistics fulfillment can be an opportunity to master the expansion course and the expansion of the target group without major hurdles. In addition to storage, they also take care of the shipping, invoicing, service, as well as collection and complaint processing and, are therefore an important building block for the growth of retailers and for internationalization. After all, the key to a positive customer experience lies in professional support and excellent service.

Sources:

Wunderman Thompson Commerce : FUTURE SHOPPER REPORT 2020

Tag Archives: #digitalcommerce

Tag Archives:
#digitalcommerce