The global B2B market is forecast to reach $ 20,9 trillion in 2027. Experts are talking about an upcoming average annual growth rate of 17.5%. This is one of the most promising and challenging business areas.
B2B companies are engaging in reaching prospects via social media or email marketing. There are even very cheap or free email marketing softwares to help you get started. Besides, they are also using PPC ads to drive conversions.
In this article, we’ll show you how to break into this market. You will learn how to create an effective platform for selling products, while also ensuring the controllability and security of payments.
The main vector of potential B2B growth is the quality of service. The task of the seller is to simplify the search and receipt of goods by the client. To do this, you need an appropriate site.
Since each industry and product has its own unique characteristics, it is recommended that you choose themed marketplace platforms. They provide a wide range of specific functions. For example, inventory tracking tools, custom pricing, and automated order status notifications.
Descriptions of goods
As a B2B seller, you need to provide detailed product information. Clients are companies. They evaluate offers in terms of the opportunities they present to their business. Therefore, make product descriptions readily available. Add technical information about the products to them, as well as packaging and shipping options. It will not be superfluous to post photos and videos about the product.
It is recommended to make it extended. Remember that your customers are the owners and managers of companies. Such people value their time and will not waste it on finding the right product variation. Help them find the right product by developing detailed filtering. It may include selection for:
· Size, weight, dimensions;
· Types of products.
Subsequently, you can track user behavior on the site by adjusting the filtering system.
Their main advantage is concise information about the entire range. Therefore, it is necessary to place directories. Make them available and provide downloads. Catalogs are often created to showcase products. However, the implementation of the possibility of ordering goods directly from the catalog will help to make interaction with the company more pleasant.
It is also worth providing for interactive functions. They will provide a more personalized experience. The B2B market is characterized by different price proposals for companies of a certain size or field of activity. You can place several directories on the site.
And the coolest solution is interactive tools. They change the necessary parameters directly during the interaction with the user. For example, you can add interactive features in which a person chooses an industry and budget, in return for receiving a specific offer.
It is also appropriate to add to directories:
· Pop-up windows;
· Animated elements;
· Special forms.
The transaction amounts in the B2B market are large. Therefore, the issue of control of transactions must be treated with particular attention. It is highly recommended to automate the process.
Artificial intelligence and machine learning technologies have made it possible to create services that independently generate and process invoices. And without human participation. Since the process is automated, it is carried out as quickly as possible.
Using personalization brings 6-10%. increase in revenue. It is important not only to implement the function of recommended products but to ensure the individuality of the offers. Especially if the platform contains many products.
A good personalized approach requires collecting, tracking, and analyzing user behavior data. The best way to accomplish the task is to use machine learning tools. They collect and analyze data on their own to ensure the best customer experience.
The products presented in your catalog are also offered by other marketplaces. You need to stand out from the competition. The best way to do this is by offering solutions, not products.
For example, a company sells software to organizations. You can say: “Here is a service that can track all orders and interactions with the company.” The truth doesn’t sound very convincing.
However, let’s try to change the description vector. For example: “Better customer service and an N% increase in profits with a tool to track user behavior and activity. Now all tasks are stored in one place. ” There is a solution to a specific problem – poor service due to fragmented information.
Setting up B2B Payments: what do you need to know
Transactions between companies are significantly more complex than paying for purchases by end consumers. There is more amount here. As a consequence, the payment process gets additional steps that complicate it. The security of payments is of particular importance.
The most popular payment methods are:
1. Credit Cards.
2. ACH Payments (valid in the US only).
3. Bank transfers.
4. Payment platforms (eg PayPal).
5. Paper checks.
It is worth dwelling separately on paper checks. Printing them out seems like a cumbersome task in an e-commerce environment. However, since the use of checks provides more security, it is worth considering the possibility of providing them to customers.
All the above payment methods can be implemented in e-commerce. For example, by connecting each service separately. However, it will take a long time. It is much more efficient to use off-the-shelf B2B merchant solutions that provide different payment methods and cybersecurity features. We wrote about some of these platforms above (in the first paragraph).
E-commerce is a growing, but promising and necessary component of the B2B market. 10% of distributors say it generates 80-100% of revenues. Therefore, a business should develop here.
Above, we have described the key factors to consider when creating your own platform. Remember the importance of accurate information, target audience segmentation, and personalization. Be sure to worry about the reliability and security of your transactions. And most importantly, offer not products (there are millions of them), but business solutions.