E-commerce has taken over the majority off the offline marketplace for selling and buying in all kinds of businesses, thanks to rapid technological changes and newer technology advancements. B2B dynamics aside, business owners continue to invest in internet-based technologies, apps and services to increase their chances of success and to grow their businesses.
How can we tell if a B2B company is doing well in the ecommerce market?
It is possible to measure and research many factors to understand the performance and success of a B2B company. This article discusses 4 factors that influence the success of B2B businesses in the eCommerce industry.
Top 4 Factors To Determine Your Success B2B E-commerce
Understanding the main factors that influence the success of B2B businesses is crucial. It is also important to identify the three major problems that B2B sellers face that can hinder the business’ growth. Slow revenue growth is the first. This means that eventually, the business will stagnate and may not be able to grow.
The second concern is B2B companies’ inability to provide quality customer service. When B2B businesses fail customers and don’t create a positive experience for them, they lose out on potential leads. Third, complexities and unnecessary processes in the transaction process can slow down the flow of buying and selling. This could lead to negative customer feedback as well as loss of leads.
Below is a list highlighting the top four factors that can have a significant impact on your B2B company’s performance in the e-commerce industry. These factors will determine whether or not all businesses succeed.
Content
Content is essential for any B2B company with an online presence. It can be difficult for manufacturers to create content that is both sales-driven and suitable for use on multiple channels, as well as for the E-commerce site. Many content creators have difficulty understanding the requirements for this type of content. It is important to note that you don’t want to overcomplicate the content to make it more effective.
Sellers only require information that is clear and concise. These details include the SKU number, manufacturer’s names, price, measuring units, and geographic origins. Customers should have a similar list of the services they are receiving, as well as the SKU number and manufacturer’s name. But that’s not all. You must also include short and long descriptions, feedback, and reviews to enrich the content of your products and services.
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Some Important Statistics
· Web FX research has shown that content marketing is 62% cheaper than traditional marketing methods.
· Demand Gen Report claims that 41% B2B marketers read 3 to 5 content pieces before contacting a sales representative.
· According to Content Marketing Institute research, 86% of B2B marketers use Content Strategies to increase brand awareness.
· Smart Insights found that 33% of B2B businesses allocate a significant portion of their marketing budget to content marketing.
· Web FX also reported that 61% of customers/users are more likely to interact with companies that create custom content.
Read more: 4 ways in which your business can determine success
Customer Experience
Although there are many differences between B2C business models and B2B, the B2C retailers have set the bar high in terms of customer experience. It doesn’t matter what, just having a good customer experience won’t do you any good. You need to make it exceptional. The customer experience in e-commerce is heavily dependent on the website. Everything from the loading speed to the call to actions buttons to the amount of textual and visually rich content is all responsible.
Businesses need to pay attention to their website and make it easy for customers. Although it may seem like a great idea to have too much content on the site, it could backfire. It is important to plan the layout and display of content. You need to strike a balance, as customers are likely to want all information about your products and services. But don’t forget to mention the delivery of products and services. Although a website is the most important determinant of success it’s also important to consider how customers experience the ordering and delivery of products. Delivery should be quick, efficient, and benefit the customer.
Some Important Statistics
· Acquia reports that 76% of customers will switch brands if they experience one negative experience.
· Martech Alliance claims that 84% of consumers believe that customer experience is just as important as products and services.
· Qualtrics revealed that customers experience can help companies earn $1 billion more per year.
· Salesforce claims 76% of customers want consistent interactions between different departments.
· Econsultancy reports revealed that 88% reported that customer mapping had a positive effect on their personalized CX delivery.
Technology
Technology is an important factor in the success of any B2B company. To ensure that customers are satisfied with the quality of services provided, business owners should opt for an integrated technology stack. Customers should have a consistent layout and an easy-to-navigate interface. Technology does not only affect what customers see when they shop online. Technology covers many other aspects. One of these is integration. To provide a better user experience, integration is the main focus. However, you must remove any unnecessary and redundant integrated applications.
Most businesses are too focused on the products and services they can deliver to customers when it comes to technology. It is important to keep customers satisfied and to provide high-quality services and products. The data is vital for a B2B company’s success. This includes making high-quality data available. It is therefore essential to implement a strong backend system.
Some Important Statistics
· WebFX reports that 47% of marketers plan to increase their use of artificial intelligence in business by 2021, according to WebFX.
· CEB claims that 6.8 people are involved in purchasing decisions in B2B high tech.
· Startup Bonsai reports that 68% of B2B companies include strategic landing pages to generate more leads.
· Web FX research has shown that a website loading speed increase of 1 second can lead to a B2B firm achieving 7% more conversions.
· Salesforce research has shown that 61% of B2B marketers don’t use the same tools to track mobile and web analytics.
Personalization
Personalization has been a key component of any B2B eCommerce platform in recent years. B2B business owners must have an understanding of online behavior and personality to personalize the customer experience. This includes a focus on how customers interact with the website. These metrics can help you determine which products are available to B2B buyers and how to market them.
B2B manufacturing firms have been found to spend significant amounts on pricing and catalogs. This is how it works. These logs are presented to potential buyers when they visit the website. The offers and promotions that are presented to customers can be personalized based on their purchase history and demographic information.
Some Important Statistics
· Econsultancy reports that 44% of consumers will make repeat purchases from a brand based on personalized content.
· Forrester found that 89% of online businesses now invest in creating personalized content. These notable companies include Netflix and Wells Fargo as well as Coca-Cola, USAA, and Sephora.
- Salesforce research shows that 92% of marketers use personalization techniques in their marketing strategies.
- Harvard Business Review revealed that customers are more likely to view products they have been recommended by the brand if they share information with it.
- Instapage reports that 77% of customers would recommend or pay more to a brand that offers a personalized experience or service.
Tips for B2B Ecommerce Success
These are some tips to help B2B companies succeed in an e-commerce marketplace.
1. Be easily found. Optimize your website with both long and short-tail keywords to make it easy for people to find you and increase traffic to the platform.
2. Customers will find your platform easy to use and practical. Help them locate the products and services they need through advanced search and navigation.
3. You can personalize the priority list, tailor buying experiences, and automate billing forms.
4. To achieve more profitable results, you must manage seller complexity, particularly those related to pricing.
5. Visibility is important, but don’t overdo it. Instead, focus on the website’s layout and transactional processes.
6. Manage customer complexity and provide relevant solutions and problem-solving for customers.
We hope you found this article helpful in understanding the key success factors that a B2B has in e-commerce. We hope that the statistics we have added to this article will convince you to trust us. It is always best to do your research and to do the best for your business.
Also read: Understanding differences between B2B and B2C businesses
