The Top B2B Ecommerce Trends 2021 You Need to Know
Customer experience and satisfaction remain the driving force behind the top B2B Ecommerce Trends you should focus on, learn more.
Photo by Roberto Cortese on Unsplash
2020 made it abundantly clear that having the tools and capabilities to sell online is critical for all businesses, whether B2B or B2C.
Businesses of all sizes and in all industries had to quickly adapt to the challenges posed by the global pandemic, and what began as a temporary stopgap for many has now become the norm. The self-service model is appealing to business buyers because it is convenient, efficient, and secure.
Another factor driving the shift is that millennials now make up the majority of B2B buyers. As “digital natives,” they will not tolerate businesses that are out of step with the times when it comes to digital commerce. They aren’t interested in the traditional drawn-out sales process; instead, they want the hassle-free digital experience that they are accustomed to in other areas of their lives.
These are the B2B ecommerce trends that businesses must understand in order to stay ahead of the competition and meet the changing expectations of their B2B customers.
1. API-Based Digital Commerce and Composable Commerce
APIs (application programming interfaces) connect the various solutions to create a streamlined, highly personalized commerce experience.
Composable commerce, also known as headless commerce, is a valuable approach for tech-driven organizations that have the development resources to support a custom solution. You must ensure that your solution provides the appropriate functionality for your company and customers, which can be accomplished through the use of composable commerce. API-driven and other important ecommerce B2B solutions platforms are more adaptable and effective at meeting the various demands that your customers place on your company, providing an effective digital presence for manufacturers and wholesalers.
2. Modelling B2B eCommerce on B2C eCommerce
Because B2C ecommerce is so advanced, it makes sense to strive to provide the same levels of service and convenience to B2B buyers. Rather than looking at your platform in terms of basic functionality, consider it from the perspective of a consumer looking to buy.
What is the usability like, and how many of the functions you like on B2C ecommerce sites are available?
Consider adding common B2C commerce features such as product recommendations, as well as improving cross-selling, to provide your customers with a much better overall purchasing experience.
3. Fintech as a Service
When it comes to B2B ecommerce payment trends, FaaS is unquestionably one to keep an eye on. Through a single API integration, Fintech as a Service solutions enable B2B Businesses to offer the payment and payout methods preferred by customers and suppliers all over the world. Fraud protection, multi-currency support, and other features designed to simplify global B2B commerce for businesses and their customers are included in the best solutions. Your company’s risk-reward equation:
- How FaaS can help you improve your customer value proposition.
- What you’ll need to put the solution (technology) in place, as well as the cost structure.
- When you offer payment capabilities, you will have to use one of several pricing models.
4. Immersive Commerce
Immersive commerce enhances customer experiences by utilizing advanced digital technologies such as augmented reality (AR), virtual reality (VR), and 360-degree product images. Immersive commerce aids buyers in their purchasing decisions by providing them with a more dynamic view of their options. From allowing buyers to view products from all angles to virtually ‘place’ them in their intended environment, this is one of the B2B ecommerce trends that can have a significant impact.
5. B2B Enterprise Marketplaces
Online B2C marketplaces are well established, and the rise of B2B marketplaces should be noted in 2021. Marketplaces are used by approximately 87 percent of B2B buyers, and there are additional advantages for you as a seller. In addition to putting you in front of customers who are serious about purchasing, the marketplace can often manage aspects of selling such as order routing and product catalog management.Amazon Business, an Amazon B2B marketplace, is expected to take the lion’s share of the $67 trillion B2B market and reach $52 billion in sales by 2023, according to RBC Capital Markets.
“There was a very difficile time for companies, especially small to midsize companies, to catch up to the demand from digital customers, or start from scratch,”
says Brian Beck, managing partner of Enceiba, an agency that helps manufacturers and brands sell through Amazon.com.
But while B2B ecommerce sales grew overall, the growth was highly uneven across many industries, depending in large measure upon the impact COVID-19 had on specific markets, according to the 2021 B2B Ecommerce Market Report.
As 2021 kicked off, many companies began the year in the same place they ended in 2020: coming to grips with continued big swings in monthly and quarterly ecommerce sales.
B2B eCommerce marketers today have much more power to provide B2BC customers with a more smooth-and-personalized journey than ever before. Companies that can offer these kinds of all canal experience to their customers thrive; others fail.