E-commerce has taken the world of B2B by storm. Many B2B companies initially doubted that e-commerce would have a lasting impact on their industry and even fewer chose to invest in it, to begin with, but the future had other ideas and it is now clear to everyone that B2B e-commerce is a game changer that is here to stay.
The biggest game changer for B2B firms has proven to be online portals as they offer an online presence that allows businesses to easily show off their inventory stock, allowing them to stand apart from their competitors while allowing other B2B firms to easily get in touch with them.
B2B sales have historically involved sales representatives going out and meeting with potential buyers, but today sales are channelled through an online portal via the internet. While it is still important to cultivate good relationships between B2B firms and suppliers, inbound sales are considerably more common.
B2B Commerce benefits
B2B is an industry that is only continuing to grow, now being almost twice the size of the B2C industry. A greater number of sales are channelled through online portals each and every day, meaning that wholesalers and manufacturers that have bulk inventory stock are doing very well in such a market.
It is efficacious to have your company’s inventory stock online for a number of reasons. For one thing, prospective buyers are able to search 24/7 and are able to look at products from a variety of different angles and even watch videos of it being used. This results in greater satisfaction for the prospective buyer and makes things easier for the buyer and the B2B firm involved.
Online portals can make B2B businesses very scalable, allowing them to have an online presence comparable to those of companies that may be considerably larger. A user-friendly and professional site allows businesses to display their inventory stock within a competitive environment and B2B buyers that wish to purchase their products in bulk will be willing to buy from any business that is able to meet their needs.
Another benefit that comes from making use of an online e-commerce portal is that it offers the ability to see the availability of inventory stock in real time as cloud-based systems will update that quantity automatically. The combination of a sales portal and an inventory portal will result in a very streamlined ordering process.
This data was never connected historically, something that could often result in orders being unable to be fulfilled.
With millennial buyers now being at the forefront of roles in the B2B industry, online sales are an absolute necessity. The current generation expects instant gratification and to be able to search for everything on the internet in a quick and seamless manner. The plethora of online product information allows B2B buyers to research and buy their products over the internet.
Online ecommerce portals for B2B buyers also allow businesses to offer an overall superior customer experience, allowing for faster contact and real-time stock updates. B2B commerce is a game changer with a multitude of perks, and all B2B businesses need to be a part of it.