Why E-Commerce is Growing in the B2B Sector
B2B wholesalers are beginning to understand the impact of a strong digital experience. With so many affordable options to build websites, companies cannot afford not to have a strong website, or even worse, not having a website at all. Solely relying on retail B2B sales is not sufficient to remain competitive. As has been consistently shown, habits and preferences on the B2C side invariably become expectations on the B2B side as well.
What was already a growing trend on the B2B before the pandemic has since doubled down, with business buyers now expecting not only a website, but the ability to purchase online. Although most B2B businesses have made e-commerce part of their strategy, the question is whether or not they are truly capitalizing on this channel.
Because Business Buyers Want Choice and Flexibility, Regardless of Purchase Size
Research has shown that B2B buyers have not only adapted to e-commerce, but have come to prefer it. Business buyers, like personal consumers, will seek out choice.
One of the main differences between consumer and business purchases is size and frequency. Thus, features such as pre-filled “repurchase”, or flexible payment options will go a long way in converting sales.. The misconception is that it’s only small businesses that will use online websites to make purchases, and that larger enterprises will continue to use manual, relationship based channels - this could not be further from the truth. There will always be products that are too complex to buy online and will continue to require human interaction. However, any generic pre-built inventory should be available online.
Because Companies Value Efficiency In All Areas of Business
Efficiency is key in any business transaction, and offering an e-commerce solution is beneficial to both buyers and sellers. Firstly, it eliminates the need for transactions to take place in person which is mutually beneficial. Secondly, it simplifies the checkout process by eliminating cheques and paper invoicing. But that isn’t enough for all business buyers looking for an even more expedited and streamlined process, which is where a B2B BNPL solution such as tabit can be valuable.
. Offering a fully integrated Point-of-Sale financing option allows buyers to be approved within minutes, rather than the current manual processes of credit approvals. On the other side of the transactions, sellers can eliminate the administrative tasks and credit risks that come with offering terms to their buyers. Additionally, with tabit, returning buyers have an expedited path to approval as they do not have to re-apply within certain periods of time.
Because It’s a Complimentary Tool for Your B2B Sales Team
While there may be a certain level of hesitancy or pushback from sales representatives over their company offering an e-commerce solution including BNPL, we’re here to set the record straight. Utilizing e-commerce is not intended to take away from salespeople or directly compete with them. Instead it takes on much of the mundane, repetitive, administrative tasks, allowing them to be more efficient and focus on high-level areas of the business and also removes geographic limitations they may have previously faced. Plus, given that two thirds of business buyers prefer digital or remote in-person interactions, incorporating e-commerce into your B2B selling strategy is about keeping up with changing client preferences.Remember, e-commerce is the only 24/7 sales employee.
Because There’s a Shift From It Being a “Nice to Have” to a “Must-Have” Offering
As technology has developed in all aspects of our lives, immediacy is often the standout value across tools and platforms. Incorporating e-commerce into your B2B sales strategy or ramping up your efforts to offer the best checkout experience possible keeps your business competitive and makes the sales process easier for both buyers and sellers. B2B BNPL is about the future of B2B sales by providing an additional level of choice to the e-commerce experience.