Four myths about B2B e-commerce
Date: January 3, 2023
Author: Lana Voita
Today, in the age of technology, business is increasingly moving into the online sphere. The market dictates its own rules, so this process is irreversible.
In the past, the e-commerce channel was considered secondary to personal selling. But over the past 2 years, online sales have become the most sought after way of shopping for many wholesale buyers.
The Europe B2B eCommerce market is anticipated to progress at a CAGR of 21.22% during the forecast period 2022-2028. Also about 80% of B2B companies, including SMBs, will be served online by the end of 2025.
Meanwhile, there are still companies that do not take these impressive figures. They are stopped from making B2B decisions online by fears, myths and prejudices, most of which have no serious basis.
Wholesale companies can increase their revenue by adjusting their sales to the trends of the new time and parting with erroneous judgments. In fact, the implementation of B2B systems is not as difficult as it might seem at first glance.
So let's discuss everything in order:
#1 First myth
We are a small business - digital commerce is not for us
Not right. Currently, almost 65% of B2B companies in various industries offer e-commerce opportunities. For the past 2 years, merchants have accelerated their digital sales.
McKinsey research shows that e-commerce accounts for more than 18% of all B2B company revenues today. This puts her on par with face-to-face sales and ahead of all other channels.
B2B customers are voting with their dollars: e-commerce and in-person sales are tied as the top-producing revenue channels.
Highest-revenue-driving sales models, % of B2B respondents
#2 Second myth
Wholesale buyers only prefer face-to-face communication
This is not true. Millennials (aged 25-39) make up 60% of all B2B technology buyers, according to recent reports, and most of them are already making decisions before committing to a vendor. In fact, 87% want to partially or completely self-maintain their shopping journey. So if millennial shoppers do their own research and don't talk to your sales reps, how do you reach and influence them?
#3 Third myth
Digital marketplaces are for the future
B2B buyers say otherwise. A significant 60% of B2B buyers say they are already open to buying from digital marketplaces, about the same as those who buy from supplier websites (64%)
B2B companies are actively investing in marketplaces, and this is exactly what customers want.
Comfort level with an online purchase across multiple types of websites
% of B2B customers
The process of accelerated transition of the wholesale business to online has already been launched. And today is the time to fight prejudice in favor of the digitalization of B2B business and bring it to a new stage of development.
#4 Fourth myth
Start wholesale online it is expensive
This is partly true. Solutions that are designed for large businesses are expensive in terms of cost and complexity of use for SMEs. And developing your own solution requires a lot of funds for creation and support.
Voita B2B is a platform with mobile APP designed to help wholesalers get the most out of eCommerce at the most affordable price.
Digital technologies open up a world of opportunities for you today to increase efficiency, improve customer service and increase sales.