We all know B2B eCommerce has become vital to the global economy. Generating more sales and developing more business relationships are essential factors for business growth. eCommerce helps B2B companies achieve higher revenue goals by growing and sustaining valuable and robust business relationships to guarantee long-term, brand loyal customers. eCommerce helps startup companies in building brand values and helps bigger players to run their business more conveniently and efficiently.
In today’s tech savvy world, doing digital is not a choice for businesses, it’s a necessity for businesses. eCommerce software helps increase revenue for B2B businesses in many ways:
Diversify and Create Alternate Sales Channels. In the past, businesses were fully dependent on sales representatives to drive sales for their company. Then eCommerce came out as an alternative sales channel for businesses. Today, eCommerce SaaS platforms are cost-effective and allow businesses to pass on the benefits to their customers while still enjoying a good profit margin. Some key features of eCommerce software that help business increase sales include global visibility, product catalogs, internal site search, abandoned cart solutions, and quick checkout.
Cost-effective Marketing. For most businesses, it is a herculean task to sync marketing activity with business execution. eCommerce simplifies marketing execution because it combines business and customer specific data together. Today eCommerce software also comes with inbuilt marketing tool (CMS – Content Management System) which eliminates the issue of syncing multiple application data. Now, marketing teams are able to use eCommerce data and user interface for activities like promotions, sales announcements, marketing email and search engine optimization (SEO). These capabilities help B2B companies increase their customer conversion rates.
Simplifies Business Execution: In B2B companies, business products and resources may be provided from a number of suppliers. Careful planning is vital to performing-efficient transactions, considering complex integration schemes. eCommerce helps in integrating online catalogs through different suppliers on an iterative basis.
eCommerce offers a very robust catalog management process, which helps businesses to keep very organized product catalog with categories, attributes, specification, documents and images data together.
Along with product data access, eCommerce users get the convenience of quick checkout, order tracking, re-order, invoice management and quote requests, which simplifies end to end business execution.
Reduces Sales Cycle. Configurable product features are tailored specifically to the needs and demands of B2B eCommerce. They accommodate a vast collection of features for streamlining business processes and user-friendly workflows. eCommerce users get different configuration flavors like Kit & Bundle (combining multiple items into one product), changing styles based on color or quality and personalizing products by adding company logos or events information. All these things can be achieved with online eCommerce features, which help B2B companies in reducing their sales cycle period, helping to generate better revenue.
Opens Social Channels. The integrated social buying experience of eCommerce supports the ‘sell more products with social’ concept by social tools integrations such as product reviews, star ratings, number of products sold so far, sharing product offerings on social networks and many more. This concept helps B2B buyers to market their decisions and purchase on a faster timeline.
Global visibility. eCommerce software helps businesses gain visibility. It enables businesses to expand their market by being visible across the globe, bringing opportunities for them to cater to a larger demographic. eCommerce software provides features like multi-store, multi-languages, multi-currency, international shipping, promotions, customer specific catalog and customer specific pricing, which help companies expand their business around the world.
In summary, if your business still has eCommerce software on your “wishlist”, there is no better time to take advantage of SaaS eCommerce software. While standing up an eCommerce portal does take both a financial and time investment, the opportunities for your business are endless. Consider the impact Digital Darwinism has had on companies in the last 20 years: “Fifty-two percent of the Fortune 500 since 2000 have merged, been acquired, or gone bankrupt since 2000,” shares Ray Wang, of Constellation Group. “There’s a study by Richard Foster from Yale that shows the SMP 500 average age of a company in 1959 was about 58 years. It’s down to 15, and it’s going to be 12 by 2020. There’s no time to wait.”
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