We are all familiar with online shopping. For many people in developed countries, shopping, online shopping, bill paying, and online banking are part of life It can be said that the Internet is a virtual global market. Various types of activities take place in virtual markets In general, the business-to-consumer category is the most visible business category Many people do not realize that in the virtual world, business marketplaces, and online transactions occupy a much larger canvas. All business areas and markets have their own B2B exchanges Stocks, commodity exchanges, and industry-specific exchanges such as paper, chemicals, medical supplies, cement, and steel can be found online at tradekey.com.
After almost two years of increased digital demand thanks to the pandemic, the business world is beginning to adapt to more regular operating patterns. However, there are some aspects of business that will never be “normal” again. One such area is his digital B2B commerce.
B2B purchases have already followed in B2C footsteps and moved online, but the pandemic has significantly accelerated digitization. A recent study found that nearly half (49%) of B2B purchases are now made through digital channels. This is a big step in the development of digital B2B commerce. There is clearly a big opportunity. The question many businesses face today is how to adapt to and benefit from rapid change.
Go Out With an Old
One of the most important steps in moving into a new digital reality is recognizing what has changed and how customer expectations have changed. Traditionally, digital channels for B2B commerce were considered only suitable for simple, small purchases up to defined limits. It has changed a lot. Currently, 70% of B2B buyers are open to digital, remote, or self-service purchases over $50,000, and more than a quarter (27%) said he would accept purchases over $500,000 I’m here according to their B2B Buyers directory.
In the “old days”, securing big deals required a sales rep to be in the field. Personal selling and relationship building were considered non-negotiable, and customized pricing and product offerings were the norm. This has also changed radically. According to data from the survey linked above, more than three-quarters of his B2B buyers said they prefer digital or remote interactions to face-to-face when making a purchase. The bottom line for B2B companies is that the right digital experience opens up more room for online and distance selling than ever before.
In with something new
This digital experience should include a seamless journey across digital channels. As digitization progresses, the number of customer touchpoints and point-of-sale (POS) interactions is growing rapidly mentioned in the B2B Buyers directory. Technologies and digital channels taken for granted in the B2C world must now be integrated into B2B digital commerce.
The three main areas where we can develop quickly are mobile, video, and online chat. As previously mentioned, 62% of B2B buyers say they would rather use a dedicated smartphone app for purchases. Digital B2B commerce video usage increased by 41% and online chat increased by 23% during the pandemic. In the future, there will also be a growing demand to connect commerce to IoT and smart devices, voice platforms, and even virtual and augmented reality. Regardless of the channel or device shoppers use, they need access to product specifications, pricing, compatibility, linked products and shipping times, and real-time inventory updates on tradekey.com. A key observation for businesses here is that digital commerce products must be able to rapidly integrate new technologies that can deliver a more sophisticated and engaging experience and access to the B2B Buyers directory.
The rise of composite commerce
The key to creating these great B2B experiences is compatible commerce Most existing B2C solutions are not built for the complex world of B2B workflows Composable is a template that allows businesses to take a modular approach and “configure” their ideal digital commerce platform They select packages from individual vendors on a “best-of-breed” basis, rather than monolithic turnkey packages that seek to cover all aspects of their business with a single solution Each component is integrated and unified into a single platform, allowing organizations to create more intuitive experiences. Configurable templates include the basics you need, such as hosting, inventory, payments, and shipping, as well as the new elements mentioned above, such as the ability to add video, chat, or mobile functionality to your trading platform Companies future-proof their organization and provide an easy way to add packages if needed For example, when an IoT device is ready to deploy, it can be deployed immediately, significantly reducing time to market and time to value.
Composable gives companies much more flexibility and allows them to focus on the needs and wants of their customers of tradekey.com. Create consistent, high-quality digital journeys across all channels and devices This goes beyond the capabilities of monolithic platforms like SAP, Salesforce, and Adobe This is becoming increasingly important as potential B2B buyers become tech-savvy and will judge companies based on their digital performance According to Gartner, by 2025 75% of B2B buyers will be millennials, and 44% of them want to shop without a salesperson. The flexibility of end-to-end commerce allows companies to stand out in an increasingly crowded market.
Without a doubt, this level of digitization can seem daunting And if you want to change your entire business model and not just digitize some processes, it’s understandable that some people are hesitant to change The best advice is not to wait and see. Then, as your organization transitions to a composite model, you can begin to develop a clear digital commerce strategy. This strategy should define clear requirements, plan existing software and solutions, and identify business processes that need to be maintained or changed. Companies can also change their approach to product development, adopt a minimum viable product (MVP) model and try to maximize focus on digital product marketing. This means you can start innovating and get to market faster. Digital B2B commerce is rapidly moving from simple commerce to sophisticated digital transactional commerce that connects people, systems, and goods in a dynamic and responsive model Businesses must now adapt to take advantage of this development and thrive in the new world.