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The thought of running a business-to-business (B2B) e-commerce company might seem overwhelming. But if you continue learning, taking action, and adding value to your customers, you’re bound to see growth in your B2B initiatives.
This guide is designed to help you understand the B2B e-commerce model, providing you with tips, strategies, and answers to some of the frequently asked questions about B2B e-commerce.
The B2B e-commerce business model is the buying, selling, and exchanging of products between companies via online sales channels. It centers on supplying goods and services from one enterprise to another. Since the parties are both business entities, B2B e-commerce transactions are more logical, need-based, and thoroughly considered than impulsive. They typically entail longer-term interests.
With the B2B business model, product prices are more flexible, order volumes are larger, and delivery is more complex. Often included in this niche are software as a service (SaaS) companies, document-hosting businesses, office supply and furniture enterprises, etc.
Examples of B2B companies are General Electric (GE), Salesforce, Chevron Corporation, Assurant, Dupont, and Boeing.
Selling your B2B products using an e-commerce platform has a number of advantages. By using an e-commerce website to sell B2B, you can take advantage of these benefits.
B2B clients now seek business-to-consumer (B2C) shopping experiences, including smooth website design and functionalities designed for B2B setups. To address that, B2B e-commerce platforms offer website customization, automation features for clients, price segmentation, punchout, processing orders, deliveries, payments, and more.
B2B e-commerce sites also streamline operations through backend business systems such as enterprise resource planning (ERP), order management systems (OMS), third-party logistics (3PL), and customer relationship management (CRM).
These result in smoother and speedier transactions, plus fewer errors, more sales, and operational and cost efficiency on your end.
A B2B e-commerce website with public-facing product catalog pages lets you reach more clients. With enterprises looking for the best B2B providers through online search, B2B stores can use search engine optimization (SEO) tactics to boost their visibility on search results.
When a B2B provider ranks on the search engine results pages (SERPs) for relevant keywords, they’re more easily found by their prospective customers.
B2B e-commerce platforms have built-in reporting features and app integrations for measuring performance. Use these to access data and insights into your online store marketing strategies, client acquisition, sales and conversions, and other business aspects.
Track performance metrics such as:
By studying the data you gather, assess and improve your e-commerce strategies.
The quick answer is yes, you should. But this depends on the type of business you’re running and whether it’s more practical to target individual end users or enterprises.
However, running a B2B e-commerce site offers several advantages as opposed to the B2C model. Here are some of them.
You deal with individual customers on a B2C setup, each with one or more orders. With B2B, you only persuade company executives to get large volumes of orders, making the process a lot less noisy.
B2B enterprises have larger market sizes, higher conversion rates, and bigger order values than B2C models. That’s because B2B clients often buy huge quantities of items and faster than B2C customers do. A B2B transaction’s average order value is around $491 and $147 for B2C.
B2B companies also get higher online conversion rates -- an average of 10%, while B2C sellers get around 3%.
Below are two common misconceptions (and facts) about B2B e-commerce:
Your B2B e-commerce website should have the following features and capabilities:
Here’s how to refine your B2B e-commerce marketing to generate sales.
Follow these steps to start building your B2B online store:
One such platform is BigCommerce. It has multichannel sales, a 24/7 live chat and phone support, and other features. Just by looking at the dashboard, you can get a feel for how intuitive the software is.
From the dashboard, you can tell which buttons to click to start customizing your website or where to set up your sales channels.
If you want to offer bulk discounts, go to the product’s pricing information, then add the minimum quantity, % discount, and the unit price.
BigCommerce is also packed with marketing features that B2B e-commerce companies can use to generate leads and sales.
For example, Poly Solutions provides businesses with high-quality teleconferencing, videos, and related equipment and software. It neatly showcases photos and short descriptions of its new items on its homepage, with hyperlinked calls-to-action (CTAs) and important menus at the top.
Running a B2B e-commerce business doesn’t have to be complicated. Whether you’re into dropshipping or wholesale, among other B2B business models, you can navigate your business to success if you focus on adding value to your customers.
While success in the B2B space doesn’t happen overnight, your B2B venture is fated to succeed if you persevere, learn, build meaningful relationships, and focus on solving your clients’ problems.
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