Gone are the days when B2B business used to function in person, by phone or by fax. In today’s digital world B2B sellers are progressively moving online and generating new and repeated orders.
Last year, the B2B eCommerce sales through e-stores and online marketplaces grew at the fastest rate for the first time and exceeded the mark of $1 trillion. Having said that, approximately 75% of the total manufacturers, distributors, and wholesalers in the B2B business do not operate an eCommerce site at present but plan to launch within the next two years.
According to Statista, the global B2B eCommerce market is valuing approximately US$12.2 trillion in 2019 which is above 6 times that of the B2C market. Asia Pacific region is leading in the market with a share of almost 80%, leaving North America and Europe far behind.
Every B2B business works hard to increase its sales but the major challenge here is to reduce its sales cycle. This is mainly due to the number of decision-makers involved in the sales cycle and the time taken to close a deal.
These major obstacles in B2B can be solved by using the right eCommerce platform like-Magento!
Pair B2B with Magento eCommerce platform and reduce sales cycle time
Every organization operates differently and so is their sales cycle length. Reducing the time taken for a deal to close is a goal for every B2B business.
But how is it possible to achieve when there are so many decision-makers involved in the process? It includes several approvals from different people, levels of requisitions, and multiple quotes.
To avoid this chaos, a simple solution is to have an eCommerce platform that will eliminate the time required to go through the process. At the same time provide excellent customer experience by self-service features so that the customer is no longer dependent on a sales representative.
In order to solve these issues, Magento for B2B eCommerce is built-in with features like:
- Multiple Buyers Per Account and Company Accounts
- Request a Quote
- Quick Order Entry and Requisition Lists
- Payment on Accounts.
- Multi-Source Inventory
- Customized Catalogs and Price Lists for Customers
4 Reasons why Choose Magento for B2B eCommerce
Magento fit for B2B eCommerce Business:
Magento comprises of all the necessary things you require in handling a B2B eStore. Right from managing multiple brands, channel partners, or key accounts everything is incorporated in Magento.
Self-service is the key to providing better customer experience and Magento helps the customers to do it well. The customers can self-manage their company accounts and set up multiple tiers of buyers with a certain set of permissions. Customers can also track quotes, get detailed previous order details, and manage their credit online with relying on any kind of customer support.
Friction-Free Ordering for B2B eCommerce:
Magento 2 offers a friction-free ordering process as it provides fast and convenient purchasing options. The B2B buyers can quickly place orders by entering SKUs or by choosing items from pre-set requisition lists. With a full set of quote management tools, customers benefit from placing orders and requesting online quotes.
Magento Single Solution for Smart Order Management and Inventory for B2B eCommerce:
B2B eCommerce operations can be streamlined through Magento B2B commerce which is a single solution for managing orders from all sales channels. It helps in providing customers with real-time inventory from the supply chain and uses automated business rules to optimize the fulfillment costs and delivery times.
Customize Magento according to your B2B eCommerce business Structure
There are no two B2B businesses that function similarly. For every unique business type, there has to be an eCommerce platform that is personalized basis their requirements.
Magento Commerce for B2B allows you to set custom catalogs and pricing lists. It also enables you to customize the content and promotion to a specific set of segments. Not just that but you can also personalize the payment options and alternative payment methods.
How can i95Dev help you?
Only selecting the right eCommerce platform for your B2B business is not enough but choosing the right provider is equally important. i95Dev is a Magento partner based out of the Iselin, New Jersey, and California. We have successfully developed eCommerce businesses for major players in the B2B market. Contact us to know more.