Last updated on September 17th, 2022 at 02:34 pm
B2B firms don't have to limit themselves to physical sales. If you're a B2B firm, it's time to dip your toe into the world of e-commerce.
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Are you a distributor, wholesaler, or manufacturer? Do you have a B2B e-commerce platform for your business? Well, there is a huge potential for selling online to retailers and other businesses. An e-commerce platform enables you to manage your inventory more efficiently, reach out to clients more easily, and inject efficiency into the interactions you have with customers. What’s more, setting up and operating a B2B e-commerce platform doesn’t cost much.
Here are some benefits of e-commerce for B2B firms.
1. Helps with International Expansion
You don’t need a brick-and-mortar store (or a legal entity) in a foreign market for your B2B to thrive internationally. You can attract potential foreign customers through online advertising or social media campaigns.
An e-commerce platform such as WooCommerce then complements your efforts by making your products accessible in foreign markets. Clients can browse through your catalog, make orders, and payments through the platform.
You can then work with a shipping company to deliver products to foreign customers. Implementing global shipping using a platform like WooCommerce is simple. Your B2B e-commerce platform will also aid your international expansion by:
- Helping you assess product demand vis-à-vis international supply before you can invest in a brick-and-mortar store. You can do that by employing SEO tools on the e-commerce platform to track search activity by foreign customers. That gives you a pretty good idea of the foreign markets to target.
- Allowing you to test your customer support preparedness for a multicultural audience. Foreign customers will come to your website with queries and opinions that will help you prepare your sales and customer care teams for a multicultural audience.
- Allowing you to integrate your marketplace with language tools such as eDesk and Google Translator. These tools help you overcome the language barrier as you gradually assemble a multilingual team for potential foreign marketplaces. If you need to hire foreign employees to form a multilingual, multicultural workforce, you can collaborate with a global employment platform that offers EOR, PEO, and payroll services.
- Allowing you to experiment with international shipping and other logistics before committing fully to international expansion.
- It gives you a chance to familiarize your business with international payment methods.
2. Bigger Market, More Sales!
One thing is for sure whether you expand to international markets or stay within your local market: An e-commerce platform will help you reach more buyers.
B2B buyers want to research and buy online. Your B2B e-commerce allows you to strengthen your online presence and, consequently, make your brand more visible and accessible to potential clients. Clients can place orders through the platform, which appeals to customers from different time zones.
When you reach more customers, you can always expect your sales and revenue to rise. In addition, you can install automated programs into your B2B e-commerce platform that cross-sell and up-sell to clients. These programs can offer relevant suggestions to clients and personalize promotions, which encourages them to make more purchases.
3. Added Efficiency and Transparency
Your B2B e-commerce makes the ordering, payment, and tracking processes smooth, transparent, and convenient. It minimizes delays between the dispatch and ordering phases, eliminates human errors, and helps to automate inventory management. All these improve efficiency in all your operations within your sales and customer service teams.
4. Improved Productivity
When you have a B2B e-commerce platform, some of your key operations shift from brick-and-mortar stores to an online platform. Self-service becomes a reality whereby clients can manage their orders and payments.
You can also use bots to respond to FAQs. Your human resource, therefore, focuses on the core aspects of your business, boosting their productivity in the process.
5. Easier and Efficient Management
With the help of a B2B eCommerce platform, you can easily manage suppliers and customers. You can also keep track of clients’ personal details, browsing history, payment & shipping details, and any other information you could need for efficient customer management and targeted advertising.
6. Improves Your Brand Identity
A reliable e-commerce platform strengthens your brand identity. Other businesses and customers can access your products easily in the market. They can distinguish your brand from the crowd by its colors, logo, etc.
An e-commerce platform allows you the chance to show the online community that you are to be trusted with their data, money, and business needs. That is how you grow your popularity, reach, and revenue.
The Bottom Line
Implementing B2B e-commerce in your B2B business is a step in the right direction, particularly with regard to minimizing costs, international expansion, and brand management. It will boost your customer satisfaction levels and consequently improve your bottom line.