B2B digital commerce is the exchange of goods, services, and information between businesses instead of between companies and consumers (B2C). A B2B transaction takes place between two companies, such as wholesalers and online retailers.
For your business to remain competitive and drive online sales in 2023, you need to pay attention to the B2B digital commerce trends to change the tide of business. If you are unaware of every aspect of digital commerce, we are going to take you through a deeper understanding of this huge potential market.
It is important for any business owner in the B2B sector to stay on top of global B2B digital commerce trends. Here are the latest trends and B2B digital commerce examples in digital commerce that we think will have the greatest impact on your business.
What Is B2B Digital Commerce
B2B digital commerce is the sale, marketing, and distribution of goods or services between businesses through an online store. It is generally used to improve sales efficiency. Online sales are becoming more and more popular among B2B businesses because they save money, increase reach, and are easier to manage and organise than traditional sales channels.
Business-to-business (B2B) Digital commerce is becoming a must-have as B2B continues to evolve. B2B businesses have been forced to shift their focus online due to the explosive growth in digital commerce in recent years. Most B2B business models benefit both wholesalers and online retailers in some way, and they are typically in the same position to negotiate.
Importance of B2B Digital Commerce
A crucial component of B2B digital commerce is its ability to facilitate electronic transactions and provide businesses with security and privacy through portals. The importance of digital commerce for businesses is emphasised by the numerous other advantages it offers besides this core benefit.
- Getting More Customers – Increasingly, B2B consumers are researching products online and shopping online, especially younger consumers, which means digital commerce can be a powerful and cost-effective means of reaching more consumers. A B2B store needs to be user-friendly and easy to navigate if you want to take advantage of this. Use online marketing strategies to draw customers to your website.
- A More Efficient Approach – Businesses can order goods and services online through B2B digital commerce channels, and software automates shipping, tracking, and auditing processes. Businesses can conduct business through B2B digital commerce channels. Your business can save on labour costs by integrating your B2B store with inventory software, which automates the online selling process. You can also free your staff up to work on more complex tasks that add value to your business instead of the repetitive tasks that a computer program can do.
- Increased Accuracy – B2B digital commerce is efficient because it eliminates many manual processes. The software can also be used to manage your B2B operations, improving your customer experience by providing real-time visibility into pricing, stock levels, lead times, and past purchases. You’ll eliminate the risk of stockouts and being unable to fulfil orders if you integrate your B2B store with inventory software. Throughout the entire sales process, you’ll be able to track the progress of complex orders. By having a digital commerce store, you’ll be able to see how well your products sell, keep your customers informed, and anticipate customer demands more effectively.
- Managing Repeat Business – Providing data-driven solutions to customers’ needs as they shop is a powerful way to retain and manage repeat business through B2B digital commerce platforms. For instance, artificial intelligence algorithms can help repeat customers. They might be considering leaving the site if they can’t find the right product at the right time. Your existing customer base can be segmented based on behaviors such as purchases and return visits, so that special offers can be made like discounts or memberships to your loyalty program.
Top B2B Digital Commerce Trends for 2023
A lot of new trends have emerged in the digital commerce industry in the last decade, with profound influences on customers’ shopping habits, what they buy, and how businesses respond to marketing tactics. Digital commerce giants have been at the forefront of adopting and benefiting from such trends. Here are the latest digital commerce trends that are expected to gain traction in 2023:
1. Customer-centric, Omnichannel Experience – Omnichannel marketing focuses on creating a seamless experience across multiple channels by putting your customers first. It is all about putting your customer first. The best way to have an omnichannel strategy is to integrate your digital channels and unify your teams. In omnichannel marketing, you aim to reach your customers via different channels, such as your website, mobile app, and social media, during their nonlinear journey.
It’s no secret that B2B sellers aren’t the only ones adopting the new model, with omnichannel purchases increasing by 43%. It’s becoming increasingly common for buyers to adopt omnichannel and to make large purchases via remote/digital sales channels, or to make larger purchases via these channels. To better capture data, be more agile, and make interactions feel as personal and insightful as in-person demos, B2B vendors will need to shift more resources toward digital infrastructure.
2. Personalization and Hyperlocal-Targeting – In order to personalize your customers’ experiences at the next level, you must take into account their behavioral and attitudinal characteristics, not just their demographic data. Besides tracking when, where, and why consumers shop, you will also be able to deliver tailored, seamless, and end-to-end experiences at the same time.
It’s not just for online advertising that hyperlocal targeting exists. As it can support media targeting efforts across channels including social, mobile, television, radio, and display, it should be leveraged across these channels as well, enabling dynamic messaging for customers based on their location and what we know about each one. As a result, more effective messaging helps cut through the digital media clutter, leading to stronger conversions.
3. Artificial Intelligence – Using AI in digital commerce, retailers can create more efficient sales processes in order to gain a leading position in the market. When it comes to streamlining strong sales processes, automated problem-solving solutions make the job much easier than human labor. Incorporating artificial intelligence into your customer relationship management can simplify your communication with customers at the right time and on the right platform. Using AI-enabled voice assistants, customers can get answers to a range of questions and solve some of the most common issues at the same time.
With technologies such as speech recognition and natural language processing, Siri, Alexa, and chatbots can replace humans more and more effectively. As artificial employees get better and better at doing it, it is possible for your sales team to expand their opportunities by providing custom-tailored speech recognition solutions that can be integrated into the existing CRM.
4. Security and Fraud Prevention – It is important to implement a fraud prevention strategy that identifies fraudulent transactions and prevents these actions from causing financial and reputational damage to the FI and its customers. There are risks associated with the transition to digital, and high-profile cyberattacks and fraud often dominate the news cycle. The security of customer data and the protection of company infrastructure from fraud and security breaches are equally important to B2C and B2B businesses.
There is an increasing need for governance, security, and training measures to protect digital commerce. Among these are taking control of cloud services; carefully segregating or limiting data and system access; continuously evaluating and updating security systems, and adhering to privacy laws and regulations strictly.
5. Social Commerce – In social commerce, goods or services can be purchased directly through a social media site. By encouraging users to complete the entire purchase process without leaving the app, social media moves beyond its traditional role in discovery. An effective sales strategy, social commerce allows brands to sell directly through social media. It removes friction from online shopping experiences that begin with social media. Social media is a great place for people to discover products they like.
In 2023, social media channels will play a significant role in promoting and selling your products, keeping your customers connected to your brand. Therefore, it makes more sense to understand why social commerce sales are likely to triple by 2025. Businesses can establish social commerce stores directly on social platforms.
Top B2B Digital Commerce Examples for 2023
Bridgestone Corporation was founded in Kurume, Fukuoka, Japan in 1931, as a multinational auto and truck parts manufacturer. Today’s fleet and vehicle management challenges are being solved by Bridgestone’s advanced solutions. They are transforming their core tire and rubber products into active, intelligent, and co-created solutions that meet the needs of customers in a dynamic and changing world. Bridgestone leverages multiple data platforms to create connected solutions that are part of a global mobility ecosystem. They offer best in class fleet and vehicle solutions through an online platform.
The Bridgestone website should optimize the search box and use extended filtering options to facilitate the product search process for B2B buyers. In particular, Bridgestone uses Autofill to autocomplete as users type in the search box. Whenever you misspell a keyword, you won’t have to worry because a list of suggestions will be provided to help you find the right product. For example, if a customer wants to buy an S-series tyre, there will be many options to choose from, such as tubeless, tube tyre, etc. So you can choose the most appropriate one.
2. Schneider Electric
This is another great example of digital commerce: Schneider Electric. Schneider Electric creates products that save energy and help people save money. Automation and control, low voltage products and systems, solar and energy storage, medium voltage distribution, grid automation, critical power, cooling, and racks are among its major products. Furthermore, the company provides energy and sustainability services, as well as consulting, automation, and cloud services.
The solution? Schneider Electric’s entire product catalog can now be found online in its web store. Customers can find and select the right product within just three clicks and place it straight into their shopping basket.
Aurelia is an Indian ethnic clothing brand aimed at women for casual, work, and special occasions. As with many digital commerce websites, Aurelia requires its customers to log in to view prices, detailed collections, and wholesaler information. Despite this, potential customers can explore the product catalog even if they cannot add items to a cart or experiment with order sizes.
When customers click on any product category, they receive filtering options. Each product page outlines the quantities and sizes included in each pack and for each color, so buyers can plan their product range and inventory easily. Products can be filtered by brands, colors, materials, characteristics, and styles. The Aurelia website exemplifies how to know what your customers want and make finding the right products for their business as simple as possible.
Customer centricity is one of the most important things B2B buyers look for throughout the buying process. A global brand dedicated to providing innovative water products, Grohe is the world’s leading provider of sanitary fittings. The Grohe brand aims to deliver the “pure joy of water” through the brand values of technology, quality, design, and sustainability. Since Grohe’s inception, new product categories have been developed.
With the quick order option at the top, customers can place bulk orders quickly and efficiently. The Grohe brand assets, such as logos, color palettes, product images, lifestyle images, and media kits, are also available to stockists directly. Additionally, product pages include additional photos, descriptions, ingredients, reviews, and the option to inquire now or call me back. Additionally, retailers can refer to the product page to get any additional information they need.
5. Mahindra & Mahindra
Mumbai-based Mahindra & Mahindra Limited (M&M) manufactures automobiles worldwide. M&M is one of India’s largest vehicle manufacturers by production, part of the Mahindra Group. The Mahindra business philosophy of ‘Rise For Good’ has been in place since the company’s inception, doing good for people and communities. Rather than philanthropy or corporate social responsibility, this is more of an attitude, a way of life. All stakeholders should benefit from this change.
The Mahindra & Mahindra web store includes a number of elements, an easy-to-find search bar, quick access to previous orders, an online catalogue for browsing, and transparent pricing. M&M can easily and quickly start selling with Sekel Tech’s store locator and provide an optimal ordering experience for their customers.
The companies listed above all have one thing in common: they are customer-centric. They offer their customers convenience and functional design, combined with descriptive content, on a personalized web store. Many businesses can benefit from digital commerce. But, if people do not have a solid understanding of the online B2B platform, it can be difficult to succeed. This article has been written to help businesspeople and anyone else who is interested in digital commerce gain a deeper understanding of this rapidly growing market.
Take Advantage of Sekel Tech’s B2B Digital Commerce Platform
It’s now clear: B2B companies can put their customers first and make buying not just bearable but enjoyable. You can do the same with the right B2B platform to support your sales. You’ll create happy customers with a user-friendly storefront and scale your digital commerce business faster.
Providing customized user-centric marketing solutions for digital commerce and retail, Sekel Tech provides expert consulting services. Our goal is to help you choose a solution that complements your business strategy, provides teams across departments with task automation options, and integrates advanced technology into your business to keep up with the latest trends and innovations.