Trending Sale Ideas In B2B Industry myth Busters In The B2B industry
A Chartered Accountant by profession, Mr. Ankit Gupta is a young and dynamic corporate leader and is guiding Exporters India as its Director & CEO. He is primarily responsible for business development and strategy development for consumer satisfaction besides providing direction to the team. Mr. Gupta started his career as a finance expert and gradually went on to grasp knowledge about client management, SEO and Digital Marketing. A visionary leader, Mr. Gupta is an expert in recognising opportunities with the ability to promote business prospects. He sees a tremendous opportunity in the online business segment, and through his organisation, he is providing assistance to Small & Medium Enterprises (SMEs) to accomplish their goal of reaching out to consumers across the globe.
The outbreak of the coronavirus in 2020 had a major influence on customers' predilection for shopping online. This inclination towards online shopping, in conjunction with the closure of a lot of companies, had an immense effect on the fame of B2B marketplaces. The e-commerce channel has exploded to the front of the pack and has replaced in-person sales as the primary method of purchase for many corporate buyers. Despite this, a lot of B2B organisations claim that "clients aren't ready" and that "e-commerce is an immature market for enterprises like ours." In addition to being receptive to e-commerce, two-thirds of corporate buyers increasingly use digital and remote channels for the entirety of their purchasing process. Despite the fact that some B2B organisations believe that leading tech companies are the only ones capable of engaging in e-commerce, suppliers from all sectors are rapidly expanding their capabilities. It's time to reevaluate the conventional knowledge surrounding B2B e-commerce.B2B marketplaces offer a number of advantages, such as analytics, pliable payment methods, and the smooth functioning of business operations. With advances in technology, such as cloud computing, these B2B platforms have enabled numerous entrepreneurs to offer excellent customer service.
To facilitate the growth of your business and stay competitive in the market, it is advised to sell your products through a B2B marketplace. Around two-thirds of buyers currently depend on digital and remote channels throughout their buying process. As a result, the B2B e-commerce channel has become a major purchasing gateway for many corporate customers. It is time for a new perspective on B2B e-commerce.
Here are a few misconceptions regarding B2B e-commerce that need to be debunked:
Myth 1: Few B2B businesses provide e-commerce services.
Wrong. Nearly two-thirds (65%) of B2B companies across all industrial sectors now offer e-commerce services, which are defined as completely concluding a sales transaction online. This is a rise from 53% at the beginning of 2021. Due to the enormous wave of digital adoption over the preceding two years, sellers have accelerated their digital timeframes. In a stunning first, B2B merchants are now more likely to offer online channels for sales than in-person ones.
Myth 2: B2B customers favour in-person conversations
Not so. Two-thirds of company clients select remote or digital in-person contact when given the choice. They also carry on in this manner throughout the entire purchasing procedure. Overall, e-commerce has outperformed traditional retail as the most lucrative channel. When presented with an option, two-thirds of corporate buyers deliberately opt for a digital or remote in-person encounter.
Myth 3: Just a basic e-commerce site can suffice.
False. The study reveals that most B2B businesses see e-commerce as a full-service channel and allocate resources accordingly. While proponents of this misconception believe that building digital skills and resolving channel conflict necessitates a "slow and steady" approach to their e-commerce build-out, the rest of the field is taking these difficulties head-on. More than 80% of respondents assert that they hold their e-commerce channel to the same or higher standards as traditional channels and that it offers the same or greater levels of excellence in terms of product and service availability, pricing, performance guarantees, shipping and delivery, and customised suggestions. People have the misconception that having a basic e-commerce website is enough. However, the vast majority of companies maintain that their e-commerce channel is held to the same, if not higher, levels of quality compared to their other channels. This includes having the same or better levels of products and services, pricing, performance assurances, shipping and delivery, and personalization.
Myth 4: E-commerce is exclusively used for small-ticket or recurring purchases.
In a single transaction on digital channels, 35% of businesses claim they are willing to spend plenty of money. Over the past 12 months, that number has progressively increased, and a stunning 15% of business decision-makers feel at ease making online transactions.
Myth 5: Online stores are a high-end "nice-to-have.
Contrary to what B2B buyers claim. They consider online markets to be a crucial component of the shopping process. Approximately the same amount of B2B buyers who purchase from supplier-branded websites, a significant 60% of B2B customers, indicate they are open to making purchases on digital marketplaces. 60% of B2B buyers say they're willing to purchase on a digital marketplace, which is about the same amount as those who make a purchase via a supplier's website (64%).
The outbreak of the coronavirus in 2020 had a major influence on customers' predilection for shopping online. This inclination towards online shopping, in conjunction with the closure of a lot of companies, had an immense effect on the fame of B2B marketplaces. The e-commerce channel has exploded to the front of the pack and has replaced in-person sales as the primary method of purchase for many corporate buyers. Despite this, a lot of B2B organisations claim that "clients aren't ready" and that "e-commerce is an immature market for enterprises like ours." In addition to being receptive to e-commerce, two-thirds of corporate buyers increasingly use digital and remote channels for the entirety of their purchasing process. Despite the fact that some B2B organisations believe that leading tech companies are the only ones capable of engaging in e-commerce, suppliers from all sectors are rapidly expanding their capabilities. It's time to reevaluate the conventional knowledge surrounding B2B e-commerce.B2B marketplaces offer a number of advantages, such as analytics, pliable payment methods, and the smooth functioning of business operations. With advances in technology, such as cloud computing, these B2B platforms have enabled numerous entrepreneurs to offer excellent customer service.
To facilitate the growth of your business and stay competitive in the market, it is advised to sell your products through a B2B marketplace. Around two-thirds of buyers currently depend on digital and remote channels throughout their buying process. As a result, the B2B e-commerce channel has become a major purchasing gateway for many corporate customers. It is time for a new perspective on B2B e-commerce.
Here are a few misconceptions regarding B2B e-commerce that need to be debunked:
Myth 1: Few B2B businesses provide e-commerce services.
Wrong. Nearly two-thirds (65%) of B2B companies across all industrial sectors now offer e-commerce services, which are defined as completely concluding a sales transaction online. This is a rise from 53% at the beginning of 2021. Due to the enormous wave of digital adoption over the preceding two years, sellers have accelerated their digital timeframes. In a stunning first, B2B merchants are now more likely to offer online channels for sales than in-person ones.
Myth 2: B2B customers favour in-person conversations
Not so. Two-thirds of company clients select remote or digital in-person contact when given the choice. They also carry on in this manner throughout the entire purchasing procedure. Overall, e-commerce has outperformed traditional retail as the most lucrative channel. When presented with an option, two-thirds of corporate buyers deliberately opt for a digital or remote in-person encounter.
Myth 3: Just a basic e-commerce site can suffice.
False. The study reveals that most B2B businesses see e-commerce as a full-service channel and allocate resources accordingly. While proponents of this misconception believe that building digital skills and resolving channel conflict necessitates a "slow and steady" approach to their e-commerce build-out, the rest of the field is taking these difficulties head-on. More than 80% of respondents assert that they hold their e-commerce channel to the same or higher standards as traditional channels and that it offers the same or greater levels of excellence in terms of product and service availability, pricing, performance guarantees, shipping and delivery, and customised suggestions. People have the misconception that having a basic e-commerce website is enough. However, the vast majority of companies maintain that their e-commerce channel is held to the same, if not higher, levels of quality compared to their other channels. This includes having the same or better levels of products and services, pricing, performance assurances, shipping and delivery, and personalization.
Myth 4: E-commerce is exclusively used for small-ticket or recurring purchases.
In a single transaction on digital channels, 35% of businesses claim they are willing to spend plenty of money. Over the past 12 months, that number has progressively increased, and a stunning 15% of business decision-makers feel at ease making online transactions.
Myth 5: Online stores are a high-end "nice-to-have.
Contrary to what B2B buyers claim. They consider online markets to be a crucial component of the shopping process. Approximately the same amount of B2B buyers who purchase from supplier-branded websites, a significant 60% of B2B customers, indicate they are open to making purchases on digital marketplaces. 60% of B2B buyers say they're willing to purchase on a digital marketplace, which is about the same amount as those who make a purchase via a supplier's website (64%).
