The business-to-business market (B2B) connects manufacturer and wholesaler or a wholesaler and a retailer. Through B2B eCommerce, the role of the B2B salesman in this context has radically changed. Seventy-four percent of B2B buyers indicate that buying from a website is more convenient than buying from a sales representative. So, the industry is undergoing far-reaching changes in doing business.
The new global B2B eCommerce market had already surpassed 10.6 trillion U.S. dollars in revenue in 2018. It showed an average growth of thirteen percent per year over the last ten years. The younger generation expects the same quality of B2B eCommerce as they’re used to from their private B2C shopping. When done right, the new B2B stores could achieve a considerable increase in average order values and up to 60 percent more spending from B2B buyers.
The buyers want control over their purchases, and they prefer self-service. But that doesn’t mean they also need customer service in the form of a company representative. This role is still needed in the case of new products or complex configurations. The convincing part of self-service is the reduction of costs by up to 90 percent for the seller.
The trends of B2B eCommerce are showing the growth of big marketplaces like Amazon and Alibaba. Estimates show a 50 percent increase in B2B e-commerce orders through a marketplace by 2022. But that doesn’t mean there is no room for niche markets. Some industries offer complex products that need much expert knowledge to sell. These industries need to create unique online experiences to serve the needs of their customers.