The digital commerce landscape shows no signs of slowing down, with projections of sales dollars continuing to grow. Forrester estimates that B2B ecommerce will reach $1.2 trillion and account for 13.1% of all B2B sales in the US by 2021. However, if your business is not properly equipped, these sales projections will slip away and go to your competition, or not convert at all. Despite the tremendous predictions for B2B, many businesses have not adapted to the changing landscape quite as quickly as others. If you find yourself amongst the companies still looking to enter, or optimize ecommerce, fear not – focusing on providing the best customer experience will help get you started. We’ll break down some of the most important customer expectations and website details below.
While the B2B market is market is projected at $855b, more than double the $372b of B2C market, selling to businesses online is much more challenging than to consumers.
Frost & Sullivan projects that B2B eCommerce will hit $12 trillion in sales worldwide by 2020, up from $5.5 trillion in 2012. These numbers are ever-increasing and are of the expectation that anything can now be purchased online. If your business is focused on B2B commerce and you have not made the shift to selling online, we're going to highlight the importance and impact of doing so.
Thank you to all that joined us for a very well attended webinar, co-presented with Magento. During the session, Logicbroker CEO Peyman Zamani, and Director of Sales George Heudorfer walked us through the evolving B2B digital commerce ecosystem and the vibrant Magento ecosystem. We learned how to use your existing Magento store to seamlessly enter the B2B eCommerce market. According to estimates from Gartner Group and Forrester Research, B2B eCommerce is exploding to over $1 Trillion in the United States and is nearly four times the size of the direct-to-consumer e-retailing market everyone knows.
Much like the quiet success of the B2B industry, Magento’s robust capabilities as a B2B platform have fallen in the shadow of B2C. The B2B industry itself is valued at $1 trillion and is roughly four times the size of the direct to consumer ecommerce market. The success of Magento as a B2C platform alone is reason to pay attention. Internet Retailer reports that the “top technology priorities for B2B companies are their e-commerce platforms, cited by 64% of respondents.” This is likely due to the trend of providing a B2C shopping experience on B2B stores.
Whether you’re a retailer or a supplier, maintaining good relationships with your business partners is a crucial element in running a successful organization. Good B2B relationships foster more sales and continued partnerships. One way to ensure a healthy relationship is to foster a sense of trust with your trading partner. You need to convey a trustworthy image that reassures you partner they are making the right choice in working with you, and that you can deliver and get the job done. Utilizing EDI (electronic data interchange) is a great way to build better relationships with your business partners and convey a trustworthy image.