B2B eCommerce software sales will experience explosive growth:-
It is forecasted that it will even rise beyond the business-to-consumer market. The support of a multi-channel marketing system, various eCommerce platforms and the latest technologies such as inventory management software, has transformed B2B sales.
A report from Forrester suggests, that the B2B eCommerce industry of the United States will hit $1.8 trillion by 2023. The report also forecasts that B2B eCommerce software would experience a compound annual growth rate of 10% over the next five years.
But Frost and Sullivan predict a very different report. It claims that the B2B eCommerce sales globally will reach a revenue of up to $6.6 trillion by 2020. They also predicted that by 2022, B2B sales will even exceed the B2C sales by $3.2 trillion value.
Analyzing the above two reports:
We can say that B2B eCommerce software in 2019 will have a steady surge. New businesses are already entering the B2B market, thus making room for tough competition. Consumer buying behavior is predicted to change and companies would be required to adopt new technologies, which will enhance the B2B customer experience.
B2B very slowly has stepped into the eCommerce world. But now, the businesses are adopting various strategies to boost sales. The brands have even adopted the latest technologies that include B2B ecommerce software, order management system, multi-channel enabling software, product tracking software and many more to focus more on business and stay ahead of the competition.
Let’s have a look at the varied B2B trends that would also be gaining prominence:
Payment options should be very flexible as it is a very crucial aspect of eCommerce sales. In the B2B industry, cheques and POs are a common payment option, but with the introduction of mobile wallets like Amazon Pay, Google Pay, businesses are keener to adopt the E-wallet payment options.
Not Just Catalogue but sales as well
A few years back B2B companies utilized online platforms to showcase their catalogs and products. The eCommerce world has changed the concept of selling and so B2B companies are now leveraging various eCommerce platforms to showcase their products and make online sales.
Upgraded B2B eCommerce software :
To strategize your online sales and manage inventory across multiple platforms, it’s mandatory to have a streamlined software. Earlier businesses used third party plug-ins to make sales. But the consumer-based technology has recently gained huge prominence that offers a great seller and customer experience. With the latest technology, the sellers can manage the entire selling just sitting at the comfort of their homes. Make and accept payments, review order history, manage shipping and many more.
Multi-Channel Selling B2B ecommerce software:-
B2B requirements are very tricky and it’s important that it must be managed in a streamlined way. Instead of hiring staff to manage the various internal processes it’s more affordable to buy third-party applications like inventory and order management software. It manages all aspects of your business very efficiently. Look for the multichannel software that can provide order management, inventory management, accounts software, shipping, and deep business insight on a single dashboard.
B2B ecommerce software - Mobile
B2B companies should ensure that their websites are mobile-friendly as:
- 80% of buyers use mobile for placing product orders.
- 60% of B2B buyers are estimated to increase mobile usage in the future.
- 50% of the B2B queries are made on the smartphone. It is estimated that in 2020, the figure would grow to 70%.
To stand out in the competitive B2B world, the companies should leverage eCommerce platforms, latest trends and software. It is also recommended that the B2B companies research and invest in a more sophisticated eCommerce platform and software rather than opting for cheap solutions.