B2B eCommerce is a popular business model in which companies sell to other businesses online. It is in direct contrast to B2C eCommerce, where companies sell directly to consumers. In the B2B eCommerce model, sales cycles are typically longer due to larger order sizes, multiple stakeholders, and higher costs.
According to MarketWatch’s statistics, the global business-to-business eCommerce market is expected to exceed $13 trillion by 2027. It means B2B sellers must adapt to the changing business environment. If brands don’t realize digital stores’ power, it will adversely affect them. The COVID-19 pandemic has played a significant role in creating this paradigm shift.
Now let us examine the significant changes in B2B eCommerce practices in the Post-COVID period.
It is expected that smartphone users will reach 4 billion by 2023. Realizing the potential of mobile phones in marketing, many medical and healthcare eCommerce companies have shifted to M-Commerce. One of the most significant advantages of B2B M-commerce is the ability to provide a personalized purchasing experience through an app.
For instance, when buyers open an eCommerce app, their frequently ordered products display reorder options. A mobile app, with native features such as built-in camera bar-code scanning, provides quick access to build and send orders and view order status and transaction history.
Video Marketing for Brand Awareness and Customer Education
Video marketing has significant potential to attract new and retain existing customers. Short marketing videos gain more views, and B2B businesses have realized it already. Brands benefit from video content marketing in terms of increased awareness and engagement. Viewers will quickly scan a message’s text, but when it comes to video marketing, they are more likely to be remembered.
B2B video marketing also increases conversion and engagement rates with other types of content. For example, a landing page with video content will entice viewers to look at other content. Including video in your marketing strategy is an excellent way to draw people’s attention. One of the reasons video content marketing is so popular is because it is simple to understand, and viewers find it easy to comprehend complex products and services.
According to HubSpot, adding a video to a landing page increases conversion rates by 80%. Your email’s open rate will likely increase simply by including the word “video” in the subject line. Video increases the CTR of an email by 200-300%. Search engines look for content that engages viewers, which video does. Using video marketing boosts page views and engagement. Video marketing allows brands to demonstrate their personality, which fosters viewer trust.
When it comes to online shopping, consumers rank video as the most helpful form of content. Data insights reveal that more than 92% of mobile video viewers end up sharing videos with friends. Using humour or how-to videos in video marketing can encourage sharing and build trust.
Artificial Intelligence and Machine Learning (AI and ML)
According to Statista, the global SaaS market leveraging AI and ML is expected to reach $126 billion by 2025. These numbers demonstrate the growing interest in Artificial Intelligence and Machine Learning. Like any other emerging technology, AI isn’t a magical sword that can slay every challenge in B2B. Although we might assume that eCommerce business applications work the same way for B2B and B2C relationships, it is not so.
Customer retention is the factor that brings notable differences between B2B and B2C businesses. It brings unique challenges, and incorporating AI will help overcome them effectively. B2B businesses have realized the potential of AI and have already started integrating it into their process flow.
Augmented and Virtual Reality (AR and VR) Application
The better the experience, the more likely it is that B2B customers will convert and stay with the company. AR and VR can help customers visualize how the product works or how it will fit into their business. By utilizing this, companies can improve product presentations and get customers to familiarize themselves with their products.
It will create immersive customer experiences that enhance the decision-making and purchasing journeys of B2B buyers. It will help businesses to improve sales and customer retention. After realizing the prospects of AR and VR, businesses have turned to augmented and virtual reality applications and are now a part of many B2B companies’ long-term eCommerce strategy.
Cloud-based eCommerce solutions in B2B SaaS are becoming increasingly popular. They are simpler to implement, scale with your business, and have a lower total cost of ownership than on-premise solutions. Cloud computing enables B2B businesses to establish an eCommerce presence quickly and helps them grow. Adding on-premise servers increases IT and infrastructure costs, which can be allocated to more productive areas using the cloud.
The benefits of cloud adoption are listed below.
Cloud computing meets the ever-changing needs of eCommerce. It enables businesses to scale up and down in response to traffic, business challenges, or seasonal changes.
Cloud computing offers consistent and predictable performance during periods of high traffic or promotional campaigns.
Vendors may offer different services, but the cloud can generally provide PCI-DSS-certified hosting, which is critical for GDPR compliance. Furthermore, the cloud offers advanced security measures to protect your website from DDoS attacks and other threats.
Clients, as we all know, prefer fast websites. Migrating to the cloud allows you to improve the performance and page speed of your eCommerce site.
Cloud adoption significantly reduces costs compared to traditional hosting because you only pay for your use.
The unexpected coronavirus outbreak has taken businesses by surprise. Most companies have shifted digitally and are expanding at a faster pace. B2B businesses have realized the latest digital trends and have adopted these strategies, resulting in better ROI and conversion rates. If you have decided to shift to eCommerce, get help from an expert WooCommerce developer to bring in more leads and sales from your website.