Smashing The Glass Of Myth About B2B ECommerce

Digital Platform has proven its worth in the past two years. People knew that soon everything would be digital. However, for the past few years, digitalization has taken on the speed of a burning train that is almost impossible to stop. Commerce has evolved into eCommerce now.

Thus, eCommerce gives existing businesses great opportunities for growth and welcomes new businesses in both the B2C and B2B e-Commerce spaces. As shown by the Google Trends below, there has been a tremendous interest in these around the world.

If we see specifically for B2B eCommerce, it has been the fastest growth in B2B eCommerce and survey by Forrester shows that $1.8 trillion all over the world. Also, the growth rate of B2B eCommerce has expected to increase by 18.7% till 2028. The summary of these data is that eCommerce is thriving in its place.

The topic of our discussion today is the myths that surround B2B eCommerce growth. Despite the hype around eCommerce, many manufacturers and wholesalers are still hesitant to begin their journey because the following myths are still circling in the market.      

We’ll look at how these myths are sabotaging the growth of B2B companies and existing companies that aren’t ready to move online.

  • TO START WITH, IT IS EXPENSIVE- 

Every business has its own investment needs, depending on its size and service. This includes starting an eCommerce business from scratch or expanding an existing business. Surely, it’s not the same as buying a big building for business. In theory, it isn’t as costly as you think. A business website can be created today at an affordable price. Online store creation is incredibly easy and affordable with several eCommerce platforms. 

Platforms like Shopify, BigCommerce, Oracle SuiteCommerce, WooCommerceB2B, Pepperi, GoDaddy and many more. This platform provides a wide range of features that address a wide variety of B2B needs, they also provide a powerful set of features for a solid business model for e-commerce. To ensure that your B2B store is prepared as you need, you should create a plan and budget as per the needs of your business. FYI, Shopify is most popular with small businesses. It has free support, and it also provides 24/7 customer service.

Considering all these factors, it becomes clear that setting up an eCommerce store is not as prohibitively expensive as you might think.

  • Our product is not suited for an Online Platform. It won’t sell. 

Let’s smash this myth with statistics, 

As per the Harvard business review, Millennials (age 25-39) make up 73% of those involved in B2B research and decision making, and over 33% of those are sole decision-makers.

When it comes to purchasing, millennial buyers are extremely independent, conducting in-depth research before making a purchase decision. When shopping for products, the majority of Millennials take advantage of online reviews, user recommendations, and experts instead of interacting directly with salespeople.

An internet presence is not the only requirement for starting a business, as we know Often, B2B products have quite a few features, options, and customizations.

A high degree of personalization is possible with B2B eCommerce thanks to tools like product configurators and quote software. These tools allow buyers to customize products and visualize them in an interactive way.

Additionally, you can offer service channels so that your B2B buyers can contact you in real-time if they have any questions. That increases trust and customer experience. Or another thing you can do is, you can implement forms that enable buyers to fill out unique configuration options, reducing the need to consult with sales and streamlining the process.

NO NEED FOR FANCY DESIGN AND SOCIAL PROOF –

No matter your niche – B2B or B2C – or who you sell to, keep up with web design trends. Web design matters a lot both for B2B companies and the users, but the most wrong perception people have is that a functional website will be enough for B2B business, and no attention will be paid to the design, feel, or user experience of the page.

In addition to research, reading reviews, and comparing features and prices, B2B customers buy products directly from their smartphones, more than ever before. You can choose from design options such as responsive design or mobile websites because having a mobile-friendly website is essential. Business-to-business companies can offer a highly personalized customer experience with in-house structures that can assist users every step of the way.

In the market, there is another silly myth that B2B doesn’t need social media presence or social proof.

Some B2B companies do not believe social media is significant. The myth is that reviews, testimonials, and success stories are only relevant for B2C e-commerce and not for B2B. Social media selling is not just a feature for B2C businesses; it can also benefit B2B businesses. As a tool for connecting with customers and prospects, social media can be extremely valuable. 

Consumers want to check out reviews, testimonials, and pictures of other happy customers!

That’s the reason you should focus on your online presence right from the beginning on establishing a social hub for your brand. Likewise, business and professional customers wish to be sure they are investing in an item or service that is popular; one that has been endorsed by others.

Businesses can use social media to discover relevant information about their target market and increase sales by learning about their audience.

  •  NO NEED FOR CUSTOMER SERVICE OR SALES REPRESENTATIVE –

This myth is so not right, It’s very common to need any eCommerce or brick-Mortar store. B2B or B2C consumers both expect quality customer service. Customers now have access to many tools to help them with their customer service needs, including live chat, chatbots, email, SMS, social media, and self-service support. 

It is possible for businesses to provide Fast, easy, and convenient customer service to buyers by integrating all the tools in one database.

A major change has been brought about to the industry by e-commerce, particularly as it pertains to sales representatives. The majority of buyers now prefer to self-serve and search through all resources online. 

Representatives can promote your online store with the things they do every day. As they go about their daily work, sales representatives can promote your online store. With small business video conference solutions, you can train your team online to keep them informed.  

In essence, sales representatives’ roles shouldn’t be diminished. Your online store can benefit greatly from its marketing efforts. Essentially, they act as your brand ambassadors, which makes them a valuable promotional opportunity for B2B eCommerce.

 

B2B e-commerce is fraught with myths aimed at distorting facts and figures, but smashing these myths becomes clearer when you are informed. Your business will modernize and remain customer-friendly if you follow the guidelines above. Making some substantial changes to your business doesn’t mean losing sight of what sets it apart. Don’t lose touch with who you are just because you’re selling online. Simply expand on it.