By Kyle Fitzsimmons, Marketing Content Manager for Ultra Commerce
The B2B eCommerce industry is expected to grow to over $1 trillion by 2023, according to a recent report from Forrester. If you are a B2B organization and are not currently engaged in digital commerce then there is no better time to start than now. And if you are already set up for digital commerce in some capacity, there is always room for improvements to become a more digitally mature organization.
Three main benefits to B2B embracing eCommerce are increased operational efficiency, better conversion rates and improved buyer experiences. Transparency is a fourth key component to B2B eCommerce, allowing for both your customers and internal teams to track multiple parts of multiple orders across multiple distribution locations using separate manufacturing processes to ensure delivery is in full, on time and as promised.
These benefits to B2B eCommerce lead directly to brand loyalty, higher revenue growth and reduced operational costs – music to the ears of any B2B organizational stakeholder. The technology behind B2B growth via digital commerce includes both machine learning and AI, buzzwords to be sure, but buzzwords for a reason as they are disrupting how customers have game-changing experiences with the brands they interact with.
Digitizing B2B eCommerce
According to a recent report from McKinsey, top B2B ‘digital leaders’ earn 3.5% more revenue than their counterparts with lesser digitization. So if you want to stay relevant amongst your closest industry competitors then you must go ‘all in’ on digital commerce.
Moving away from manual processes makes B2B organizations easier to do business with, leading to a growing customer base that keeps coming back for more. No matter how complex your order orchestration and fulfillment processes are, digital strategies can be implemented for the betterment of your organization, your suppliers and your customers.
Want to learn more about common challenges (and solutions) around B2B digital growth? Download our recent eBook on this topic: