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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 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.

 

 

 

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

Digital Commerce: Redefining Business Models for the Future

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.

 

online shoppers search journey

 

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

Lesson From Crises: The COVID-19 Pandemic led Companies to adopt a Multi-Channel Business Approach

Lesson From Crises The COVID-19 Pandemic led Companies to adopt a Multi-Channel Business Approach

The corona year 2020 gave a huge boost to the online purchase, not only during the lockdown period but also post-lockdown as third more products were bought online compared to the previous year, according to the quarterly figures of the BeCommerce Market Monitor, a survey conducted by GfK on behalf of BeCommerce with the support of PostNL and the National Lottery. Ecommerce in Belgium was worth 10.26 billion euros in 2020. That’s a decrease of 10% compared to 2019 as the corona crisis has had a major impact on the service sector. Only 25% of all online spending went to services, on the other hand in the first 9 months of 2019 products were bought for 3.7 billion euros compared to 4.9 billion euros for the same period in 2021. “Corona has finally made Belgian entrepreneurs realize the benefits of e-commerce. Together with the consumer, they are finally paving the way to a more mature e-commerce market”, says Sofie Geeroms, Managing Director of BeCommerce.

Manufacturers and brands from a wide variety of industries have recognized the opportunities, are increasingly relying on direct sales (D2C / D2B), and are building their own e-commerce channels apart from retail. Another study, conducted by the UNCTAD (United Nations Conference on Trade and Development), based on the impact of COVID-19 on e-commerce businesses from early March to end of July 2020 in 23 countries shows how the third-party online marketplaces have performed better than e-commerce companies.

 

A multi-channel business model has been more resilient to the current crisis. In terms of sales trends, e-commerce companies have recorded declines in sales, while nearly 60% of third-party marketplaces have seen increases. Additionally, half of the surveyed third-party marketplaces onboarded new sellers on their websites. Close to 60% of the third-party marketplaces experienced a rise in the number of buyers. The number of online shoppers in Belgium increased by 2 % in 2020 thanks to the 200,000 people who bought something online for the very first time. On one hand corona crisis is massively accelerating numerous developments and trends that concern, manufacturers, brands, and retailers. On the other hand, customers are placing more value on personalized offers, good service, and availability.

 

So basically, when it comes to online business, it is not enough just to have a well-designed webshop with beautiful products. If you want consumers to choose your store over the competition, a smart, multi-channel retail strategy is vital. The term online and offline should no longer be thought of in two separate business models but should be developed and implemented as a uniform business strategy. Companies’ presence on various channels addresses different target groups, which means that new customer groups can be developed and greater market coverage is achieved. As the name suggests, using different sales channels, which not only generates additional sources of income but also spread your entrepreneurial risk in times of crisis. Companies that currently have to keep their local locations closed have the option, for example, of continuing to supply customers via online channels.

 

In order to adapt a multi-channel business model, a holistic strategy is required. Multichannel means the complex expansion of a sales concept that is implemented and applied on various levels – such as delivery process, order options, payment options, service, or design. Above all, the recognition value plays a major role here. When selling via several channels, a uniform design (corporate design) should be established. As a result, the customer recognizes at any time whether mobile, on the PC, or in the shop, the possibility of shopping on all channels. At the same time, it strengthens the customer’s brand awareness and can therefore be used very well on the marketing side.

 

A good sales strategy can be the door to success, but you need to open that door. Luckily, we are here to help!  Converting your business into a multi-channel business is not a complicated or expensive task.  At Xorlogics, we can help you make multi-channel retail easy and hassle-free. So, if your company is ready to take advantage of new opportunities offered by the strong growth of eCommerce, please don’t hesitate to reach out to one of our specialist IT consultants. We can’t wait to help you find success.

 

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3 key benefits of Public Cloud for E-commerce

Is Your Public Cloud Data Secure?

The pace of technological progress is rising, hardly a day goes by without we witness critical changes or transformation in all sectors. In the past, we had to physically rent a space to sell our goods, but Ecommerce emerged and offered companies the opportunity to sell items online without having to rent a store like before. Additionally, with the COVID-19 crisis, we’ve witnessed an expansion of e-commerce from luxury goods and services to everyday necessities.

 

Ecommerce in Belgium was worth € 10.26 billion in 2020. That’s a decrease of 10% compared to 2019. Of course, the decline has everything to do with the coronavirus outbreak. Belgians bought far fewer services online but ordered more products. The corona crisis has massively accelerated numerous developments and trends that concern manufacturers, brands and retailers. Customers place more value on personalized offers, good service, and availability.

 

These days, many more e-commerce companies, especially small and medium-sized businesses are also taking advantage of the benefits of cloud computing. Businesses are recognizing the advantages of investing in cloud computing technologies for their massive opportunities such as efficiency, reliability, scalability, improving availability, global rollout, agile development, and business continuity. Ecommerce leaders are accelerating their journey to the public cloud as the future of e-commerce lies init.

 

Companies that want to sell successfully online in the long term are required to use technological resources efficiently. A suitable e-commerce platform enables a comprehensive and flexible process independent of the cloud provider and commerce platform to manage all operations related to online sales of products or services. Companies can solve their core problems, such as lack of resources and excessive costs by getting an external partner with in-depth e-commerce expertise and application know-how in the early stages of an e-commerce project.

 

Manufacturers and brands from a wide range of industries are recognizing the opportunities related to increasing their direct sales (D2C) and are building their own e-commerce channels apart from retail. To achieve these results, companies are confronted with challenges in the implementation and development phase on the technical side. For small and medium-sized organizations, the most common hurdles are the lack of resources and the people to operate an e-commerce system – for processes, task arrangement, technology, and organization – and the often-high costs of an e-commerce operation that offers reliability, scalability, and high availability.

 

The problems in implementing and maintaining the technical infrastructure are countered by customer requirements, which are increasing enormously in e-commerce. More and more users are using their mobile devices to shop and expect high-resolution images, videos or virtual reality integration, which is what sophisticated product data management is all about and requires high scalability and agility in development. It’s the main reason why the cloud is becoming more and more relevant for technologies and applications related to e-commerce. The public cloud in particular offers three key advantages for e-commerce.

 
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Scalability during peak loads

Learning to manage peak traffic times is critical as you grow because even some of the biggest brands sometimes struggle to keep up with traffic. The infrastructure and platform must be able to cope during peak times like Black Friday or the week leading up to festive events otherwise there is a risk of negative effects on the user experience, the conversion rate, and customer loyalty. Public cloud solutions offer the possibility of autoscaling, which enables additional computing and storage power to be accessed within seconds and traffic fluctuations to be dealt with. This scalability ensures consistently good performance by handling demand spikes effectively.

 

Agile and secure development

In the cloud, unlike on-premises, the required infrastructure, such as test systems, is available as Infrastructure as a Service (IaaS) within minutes. There is no lead time or IT ordering processes. Adjustments can be made at any time from anywhere and in some cases even automatically – especially for the user experience, it may be necessary to switch new features live quickly. The public cloud leads the way when it comes to agility and speed. Public cloud solutions help speed up the application development process; enabling you to flexibly meet end-user needs. By opting for public cloud, you can focus on what you do best, create value and drive revenue, rather than spend time managing your IT infrastructure and platforms. Today, analysis shows that the public cloud is more secure than its private counterpart. As large public cloud providers simply cannot afford security breaches, they make big investments in security. They offer more security, as it is based on proven and reliable platforms and providers can maintain their conformity with the GDPR, for example, via certificates.

 

Performance across national borders

A global rollout or expansion of e-commerce to other countries can be achieved quickly and inexpensively via the public cloud. The content is delivered via a network of edge servers so that users from other countries can access data. The globally available infrastructure means the improved performance of your website by securely delivering data, videos, applications, and APIs to customers globally with low latency and high transfer.

 

Conclusion

Cloud infrastructure offers e-commerce businesses good incentives. Cloud services are enabling e-commerce companies to reach their goals and provide a customized experience to the customers. In order to be successful in e-commerce in the long term, companies are well-advised to use the full potential of all technological possibilities. It is important to ensure that the entire value chain from planning to implementation, operation, and optimization of an e-commerce solution is strategically covered.

Moving to a public cloud is a critical business decision. Get in touch with our experts if you wish to bring flexibility, agility, scalability, and reliability to your business!

Opportunities and risks for E-Commerce in Covid19 Crises

Opportunities and risks for ECommerce in Covid19 Crise

 

The Covid19 epidemic and the associated restrictive security measures taken by the Government have various consequences and have an impact on global e-commerce, both in positive and negative way. As due to the corona epidemic, the government advises people to stay indoors as much as possible and non-essential stores are closed. All events, concerts, sports competitions and other activities are also cancelled.

 

During the lockdown, online trading is 100% secure and only way to get goods to the customer. And even if the stores are allowed to open again, many customers still prefer to do as much of their shopping online instead of going to a store and waiting in a never ending queue to get their daily basis use items. In addition, customers who have never or rarely made online purchases are getting familiar with the e-commerce concept as well.

While online sales are increasing sharply in some sectors, they are almost completely falling in others. Especially for companies active in the sale of tickets, tourism and entertainment, transport sector, the event industry is falling drastically, says Sofie Geeroms of sector federation BeCommerce. On the other hand, companies that are active in health care, or sell clothing, food or electronics via the internet and online pharmacies in particular are seeing their turnover increase. “I think we should be grateful that e-commerce is here to meet people’s primary needs,” concludes Geeroms.

 

According to a Coronavirus Survey Report based on 20 answers collected from national e-commerce associations, company members and business partners between 17 and 19 March 2020, 70% of European web shops expect to have less profit this year due to lower sales. In addition, 60% of them experience problems with deliveries. It is clear that the corona crisis is also leaving its mark online.

 

Biggest Problem: Deliveries

Ecommerce Europe survey demonstrated that, for at least 60% of the respondents, one of the main problems is delivery times. For 55% of them delays or interruptions in parcel delivery is the second major issue followed by a drop-in consumer order for 50% of them. They also face problems such as delays in planning the product range due to travel restrictions, increased absence of personnel or lack of transport capacity.

On the bright sight, the web shops indicate that they can still deliver the most packages to their customers. This also applies to cross-border purchases. In 35% of the surveyed web shops there were more online purchases.

 

Another short survey by Gondola shows that several Belgian web-shops see additional sales. Coolblue Belgium confirms “in recent weeks we have seen a sharp increase in sales of products to equip the workplace at home with materials such as screens, laptops and webcams and to keep in touch with each other. According to the survey, they’ve witnessed a growth of 100%.

 

2020 will be the year of e-commerce and anyone who has the opportunity to set up or expand an online shop as a retailer should probably do so. But what should one take in account before expanding their business online. Here are a few important tips & tricks that are important to consider in the online commerce.

 

Think Long Term

Short-term thinking is tempting right now as we want to control damage quickly. However, do not setup your online shop with the mindset of getting benefit from it only during the Corona crises. If you go online, make your webshop a central part of your company and invest effort until you are really satisfied with it and offer your customers a great shopping experience. Customers notice when an online shop is not maintained. This results in damaging your brand image, customer’s trust and lowers your sales. Make the first impressions count.

 

Do Your Homework

What do customers want? What’s going to sell well? Is my product trending or in decline ? How do I define my target market?  What does the competitive landscape look like? What laws and regulations should I be aware of? What are my barriers to entry? How much do i expect to sell ? Which online shop system are we going to opt for? What payment options do we want to offer? Do we want to connect to other portals? For example, on price comparison portals? Do you need a connection to your ERP system? These are some main questions, among thousands of other, that you should go through before going online.

 

Don’t Ignore Technological Trends

Online shops are now quite complex systems that are constantly being enriched with new skills. The reason for this is very simple: competition. There are some interesting technological trends in the area of ​​online trading. Gartner says 100 million consumers will shop in Augmented Reality online and in-store by 2020. Artificial Intelligence will be used, more than ever before, for data analysis and customer experience personalization, make smart product recommendations and automated chatbots that can have simple conversations with customers. Integration of augmented reality (AR) and virtual reality (VR) to help customers visualize their items before purchasing them.

 

Personalise the Customer Experience

Online trading offers incredible opportunities to understand your customers and offer them a customized shopping experience. An example: The navigation of your shop could prominently display the categories that are particularly relevant for your customer; or you can highlight different product benefits for different customer groups. Implementing personalized experiences on-site or in marketing efforts has been shown to have a strong effect on revenue, with one study finding it had a 25% revenue lift. Recent data also shows personalization efforts can reduce bounce rates by 45%.

 

Conclusion

Online shops offer retailers incredible opportunities – and what might have been born a lifeline in the Corona crisis can later become an integral part of your own company with high sales. Time will tell what new trends will 2020 bring in the ecpmmerce industry. But be prepared as there’s a lot of 2020 remaining,

 

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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.

 

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Chatbots – Trends and Opportunities in E-Commerce

Evolutions of #Ecommerce is nothing without #Chatbots, #ArtificialIntelligence and #MachineLearning. These notions represent the new technologies trends that increase the competitiveness of an e-commerce. By 2016, 9 out of 10 customers globally were using messaging to interact with companies. To remain competitive, e-commerce must adapt to the rapid evolution of digital technologies and the behavior of Internet users.

 

 

Statistics shows that average time saving per chatbot inquiry when compared with traditional call centers is 4+ minutes in chatbots for the banking & healthcare sectors. By 2022 $8 billion in cost savings is expected. Therefore, application leaders need to include bots in their mobile app strategies to get ahead of this trend.

 

The phenomenon of Chatbots should transform the relationship between companies and their customers and evolve it towards a personalized one-to-one relationship. Indeed, Chatbots technology comes at a time when with the rise of messaging apps, the way many of us use social media to share and interact is fundamentally changing. According to Business Insider report, 80% of businesses want chatbots by 2020.

 

Fact: statistics shows the number of global messaging apps users in the first Q1 of 2017 is increased of 17% compared to Q4 of 2016. Messenger, WhatsApp and WeChat are leading with 1.2 Billion monthly active users fallowing by Viber which has 889 million monthly active users. On next spot, we have Skype with 260 million users. Click here to know more stats.

 

The evolution of e-commerce applications (on-line ordering, on-demand service) is based mainly on the responsiveness and dynamism of Chatbots that adapt to the user-friendly environment. The integration of Chatbots to mobile applications will bring more user-friendliness and ergonomics. The companies will be able to respond to the user’s needs directly via the conversation without having them to change the application. According to Gartner chatbots will power 85% of all customer service interactions by the year 2020.

 

The Chatbots are positioning more and more in the lives of individuals. For e-commerce companies, chat bot presents these advantages:

  • Enhance the user experience: Virtual assistants are committed to improve the user experience on smartphones by providing them with practical information and by offering them the possibility to interact with their apps.
  • Set up a new chat channel: chatbots, mostly on messaging platforms, allows customers to place orders and follow them via a conversational interface.
  • Inform and facilitate access to information: The most intuitive feature is to use Chatbots as an enhanced search engine by helping the user to search and access the right information.
  • Guide: Chatbots accompany customers in their product choices by giving them personalized advice and responding to their questions.
  • Sell differently: Chatbots are able to search, plan, reserve and place orders from a single conversation.
  • Assisting and retaining Chatbots by using messaging platforms as an additional channel for customer relations, is an effective tool for keeping customers loyal to their orders.

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Chatbots, a phenomenon to follow closely

Chatbot services have enormous potential. But, as with any new technology, companies need to carefully consider what implementation challenges might come across. For example, they must not forget that with the use of Chatbots, they won’t have entire control over their client’s experience, so developing great services will be hard. As the number of chatbots is set to explode, how do they plan to ensure their stands out? What makes their service essential compared with their competitors?

There is also the challenge of to the point communication with a client. Customers will quickly turn away from chatbots that can’t comprehend straightforward questions. So companies must think how quickly can you shift customers to a human interaction?

As with all customer-facing technologies, privacy and security are critical. Security issues should be considered strictly while integrating a chatbot strategy. Customers won’t use services they don’t trust with their data.

 

While AI is gaining momentum and investment, chatbots are getting better with natural language and learning. This increasing facility has enabled better customer experiences, cost efficiencies and potential revenue increases within the e-commerce sphere. Chatbots are therefore a phenomenon to continue to follow closely. And Organizations wanting to deploy messenger chatbots, marketers and chatbot developers should consider compatibility, the consumers’ lifestyle and shopping preferences, for a successful implementation. Similarly, the consumers’ privacy concerns and resistance to intrusive mobile advertisement are important topics to be considered.

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