Launching a B2B eCommerce site is an exciting growth strategy, becoming more and more popular in today’s digital age. As with any new business venture, there are many opportunities for success, as long as the launching company is careful to mitigate any potential risk. When executed correctly, B2B eCommerce sites can help businesses increase their revenue while achieving a high level of efficiency.
Start with the Essentials First
When launching a B2B eCommerce strategy, your main goal should be to offer value in a way that is convenient for your buyer. As you begin to map out your strategy and structure, keep the essentials of your offer at the forefront of the user’s experience. To start off, offer only what is necessary with simplicity in mind. Rather than trying to achieve the sexiest, most high-tech order page, strive for self-explanatory ease of use. Don’t add on any unnecessary software or features until you know how receptive your audience will be. A study conducted by Accenture last year reports that 75% of B2B buyers would make multiple purchases from a website that was easy to use. A key rule of thumb is to ensure that that your grandparents and a 12 year old could both easily make a purchase on your site.
Use the Data to Your Advantage
Just as with B2C eCommerce, for B2B eCommerce there is an opportunity for you to gather information on your buyer. For customers to complete a transaction, require that they supply a useful amount of information such as company size, annual revenue, geographic location, etc. Then take that information and use it to break into new markets. You’ll also be able to evaluate which of your products or services are most important to your buyers. Additionally, you’ll know where the traffic is coming from, whether it be referrals, returning customers, search engines, business profile pages, or elsewhere. You can then tailor your marketing, advertising and sales strategy to align with your areas of strength.
Don’t Forget to Maintain Positive Relationships
In the digital age, it can be easy to forget that buyers are human. Offering a digital buying experience is a great way to increase convenience for your customers, but don’t let it override your customer service or sales support departments. Buyers, whether B2B or B2C, will always have questions that need answers or special requests that may require a system override. Back up your eCommerce site with 24/7 customer support. This can be as simple as providing a phone number to call or having a live chat option available. The more supported they felt during their purchase experience, the more likely they are to come back for more.
Run Scorecards and Credit Reports for Businesses Using Trade Credit
The advantage to using a digital marketplace is that you can seamlessly integrate that with your web-based credit information provider. If businesses inquire about making purchases on trade credit, you can send those requests directly to Cortera’s database and find out which requests to approve as well as how much credit to extend. Cortera’s trusted solutions, specifically Cortera Decisions, are bound to help you get it right every time. This eliminates the amount of time spent checking trade references or investigating a 100-page long business credit report. With Cortera Decisions, you’ll get an approval status with recommended credit limits in minutes.
To speak to a Cortera representative and find out how our solutions can help you launch a B2B eCommerce site, fill out the form here.