What is B2B eCommerce?

An Unabbreviated Examination of B2B eCommerce

Business to Business (B2B) eCommerce is selling a good or service online. The transaction can take place directly on a seller's website or on a digital marketplace. MarketTime offers an integrated, cloud-based platform that supports the B2B omnichannel e-commerce ecosystem by establishing key partnerships that bridge the gap between brick-and-mortar stores and the online marketplace. MarketTime enables B2B wholesalers to load their data into the platform and deploy it to reach retail customers no matter where they shop around the globe.

B2B wholesale is different than B2C (business to consumer) which sells directly to the end consumer. While B2B sales can sell directly to a consumer, they are not the targeted customer. The overall goal of B2B eCommerce is to increase a business’s revenues by expanding customers while decreasing the costs to sell to customers. Below are a few examples of reasons businesses use B2B eCommerce.

• Selling in volume. B2B wholesale means selling in bulk to businesses that need products in large quantities. An example would include a retail store that requires a large supply of candles to be sold to their customers in-store and online.
• Manufacturing products for other vendors. Many B2B sales include manufacturers selling items to businesses directly, such as a company selling a specific component for cell phones.
• Providing items to other similar businesses. Some B2B eCommerce involves supplying franchisers with consistent products. An example is a fast-food franchise representative being able to easily order supplies for several franchises.

B2B eCommerce is a Fast-Growing Business Model in the U.S.!

The United States has a large, well-established, global B2B eCommerce sector. Studies conducted by Forrester Research in 2019 postulated that in the United States, B2B eCommerce would reach $1.8 trillion and would account for 17% of all B2B sales by 2023. The B2B wholesale model covers a wide range of industries, from gifts, toys, apparel, home, outdoor, stationary, technology, manufacturing, and more. While many eCommerce B2B companies exist, B2B eCommerce companies target an audience with specific and identifiable qualities.

MarketTime, powers a “private marketplace” for approved retailers. The MarketTime platform is easily configurable to the company’s branding. MarketTime is a trusted platform in the U.S. and around the globe—more than 2,000 companies use their services to grow their businesses.

Who is the Target Audience for B2B eCommerce?

B2B eCommerce consumers include individuals who represent wholesalers, large retailers, schools, nonprofits, manufacturers, and resellers. The buyers and sellers connect on a digital marketplace. The B2B sales-targeted audience often has specific characteristics often associated with them.

• Involve a diverse customer base. B2B consumers generally include multiple people and teams in their purchasing decisions. For example, a B2B user might be a different person than the actual B2B buyer. Additionally, the person making the final purchasing decision might be totally apart from the user and buyer. Relationship building amongst B2B consumers requires patience and personalized interactions.
• Make high-value purchases. B2B sales representatives recognize they are spending significant amounts of money—generally making high-cost procurements from each supplier. Given their financial responsibilities, B2B eCommerce customers take time to calculate their expenditures and are motivated by numbers, considering the significant finances involved.
• Require longer buying cycle time. B2B eCommerce consumers are thorough and well-informed in purchasing decisions. Forrester Research uncovered 74% of B2B buyers complete research online before completing a purchase. Delivering education and knowledge is important for B2B digital marketplaces. B2B eCommerce purchases are typically large quantities. B2B wholesale representatives understand the significant impact their purchases can potentially have on a business’s success.

Recognizing the unique purchasing styles of B2B eCommerce consumers is helpful in effective B2B sales. It is very important to know your audience when trying to generate B2B sales. B2B eCommerce transactions can be complex and multi-faceted. Incorporating omnichannel strategies and marketing methods (explained below) is a positive solution to respect the exceptional needs of the B2B sales consumer.

What is an Omnichannel Approach in B2B eCommerce?

An omnichannel sales approach has the goal of providing customers with a seamless shopping experience and improving customers' experiences—whether they are shopping online from a desktop, a mobile device, or in an actual physical store. An omnichannel approach in B2B eCommerce involves integrating multiple methods of promoting and distributing products. Omnichannel proponents emphasize supporting the customers’ ability to contact sellers through various communication modalities, for example by telephone, email, web chat, social media, and face-to-face. Omnichannel marketing’s goal is to create “personalized brand messaging across diverse channels” such as email campaigns, social media, or in-person selling. Omnichannel marketing for B2B sales teams might involve the following with target audiences.

• Scheduled meetings: A B2B salesperson might need to meet with a prospective customer either in person or via remote channels.
• Provide product demonstrations. Educating potential consumers about a product might be required. The B2B might need to provide product samples and demonstrate uses.
• Offer print and digital resources. B2B wholesale representatives may be required to share relevant materials about goods to help buyers make informed decisions.

In order to support their customers most effectively as they navigate the purchasing path, B2B sales teams recognize the importance of a progressive, efficient digital marketplace or platform, such as MarketTime.

How to Find the Most Effective Digital Marketplace.

The evolution of B2B eCommerce is enhanced by the opportunities digital marketplaces afford B2B wholesalers in order to attract leads, make successful sales, and manage orders. The internet provides an amazing platform in which consumers can find out about products and services. Digital marketplaces create a vigorous ecosystem in which businesses can pursue effective B2B sales and transactions. Ideal B2B eCommerce digital marketplaces or platforms include the following multilayered approach.

• Provides state-of-the-art software. An effective digital marketplace uses cloud-based software designed for B2B wholesale. An effective B2B wholesale software sets the foundation for a successful B2B eCommerce business venture.
• Offers a complete range of tools and services. An eCommerce platform offers built-in services to help a business adapt and grow.
• Creates a centralized location for the entire B2B team. An efficient digital marketplace allows for a versatile, omnichannel approach to helping businesses manage orders, connect with manufacturers, view sales data, and report sales.
• Believes in the power of the human element. A successful digital marketplace platform understands the amazing human efforts needed to make a B2B enterprise successful and works to support the power of the human element.

B2B eCommerce is an excellent way to generate business and support ongoing customer relationships. MarketTime is a powerful, effective B2B omnichannel eCommerce platform that checks all the boxes. One solution it offers is a highly configurable eCommerce website which allows B2B wholesale companies to provide an awesome shopping experience for consumers within their own website. MarketTime offers seamless integration of physical and digital commerce. The company’s powerful sales tools for wholesalers and sales agencies enable users to streamline operations and increase orders. The talented, committed team of professionals at MarketTime is excited to help support your business endeavor.

MarketTime believes in the human element of business. Link here to learn about this state-of-the-art B2B eCommerce solution. Let MarketTime help grow your business. Request a demo today or contact a team member at markettime.com.