Growth of the B2B e-commerce market

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Digital interactions have become at least twice as essential to the sales process as they were before. In fact, most B2B infographics show a clear preference for digital sales and an understanding that it is actually buyers who initiate this push. Today, we will review how the 3 tools we introduced in inSitu Sales can maximize your B2B eCommerce sales.


Now, typically these e-commerce trends show a preferential emphasis on B2C markets, however, the global B2B e-commerce market size was valued at USD 5.7 trillion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 17.5% , marking it as a primary growth point for sales development.


Fortunately, this isn't a contest of who can have the most advanced or manufacturing email database list high-tech sites. Instead, it's an incentive to understand the decision makers behind the purchase and find out what features or information they need in order to buy.


McKinsey recently launched a series of surveys studying the general trends and beliefs of decision-makers among B2B sales during the pandemic. The McKinsey Global B2b Study on Decision-Makers indicated that only 20%-30% of buyers will want to interact with sales reps in person post-Covid, and 97% would instead prefer to use a ‘ digital self-service model ’. Note the “self-service” part, as it is critical to the funnel.


B2B eCommerce Decision Makers Chart
We can break this down to the fact that buyers are looking for complete autonomy online and would like to be able to navigate sites independently when purchasing. Now that we have established what is being asked of the supplier, we can look at how we can help them meet this need, with suggestions backed up by proven B2B statistical trends.


Your B2B e-commerce portal
Obviously, the first thing a business needs to compete in the digital sellers market is a reliable portal that can allow for easy navigation and order management. We offer a highly customizable B2B eCommerce portal that can be scaled to businesses of any size and can be built as simple or complex as needed.


If you didn’t already know, a portal is a simplified version of your website. There are many reasons why you would prefer to use a portal for your direct sales activities instead of a website. Where a website is large and likely needs to meet the requirements to educate about your product, your company’s history, social media, blogs, or other information that is not directly related to the sale. Those links could lead interested buyers away from the sale, as the simpler the better.


Your portal doesn't need any of those things and can be specifically curated to produce an optimal experience. The portal shines by being a highly condensed version of your full site, leaving only what's needed to complete the sale, going straight to the call to action (CTA). It's also a much more convenient tool for sales reps who can quickly look up customer profiles, inventory and pricing information using it.


Statistics and relevant data from the B2B portal
Data suggests that up to 80% of B2B purchasing decisions are based on customer experience. There are a few metrics to keep in mind when considering your buyers’ eCommerce sales journey and how they will finalize their choice for your brand.


First, 50% of B2B buyers identified enhanced personalization as a key feature for suppliers they would want to work with . Personalization doesn’t need to take the form of anything too detailed to be effective. Our B2B helps you create and track customer profiles for your convenience on both sides, as well as allowing you to assign personalized pricing or discounts. While shopping with you, buyers are more likely to appreciate seeing past order history, instant access to billing, and much more.


b2b e-commerce platform
Secondly, we should look towards the B2C sector as a model guide for how e-commerce is shaping up. 80% of B2B buyers now expect the same shopping experience as B2C customers . This should be the most actionable information. You already shop online, so it should make sense that you finally know what a ‘buyer’ would be looking for. It may be difficult because your industries are so different, but ultimately the same methodology can be applied to most fields. Some variables may change, but in your head, you should have a rough understanding of the key points you would like covered if you visit a new site interested in a sale. See it through the eyes of buyers and consider the customer experience.


Finally, we need to consider getting buyers from point A to point B with as little hassle as possible. 60% of B2B executives directly cited ERP integration as a top technology priority for purchasing incentives (b2xpartners) . This means that many decisions take into consideration the amount of effort and potential error. Your B2B portal is less likely to receive activity if they are unsure of their integrations with accounting systems. It is worth publicizing this fact and staying up to date to verify that the sync is working for both parties.


Final thoughts on B2B portals
Our B2B software was built with convenience and simplicity in mind from the start. The end goal was always for our customers to take the software and tailor it to their unique industries. Every distributor has different expectations for what they would like their portal to be, and our software has the functionality to take many different forms to make that happen.


Along those same lines, always look for ways you can use your e-commerce portal as a way to increase value for interested customers. Use your instincts as a consumer to create your distinct customer profiles, then imagine what each of these potential customers might need to complete.


As long as you know what you need it to do, our support staff can help you meet your customers' expectations. If you've already started a trial, or would like to, we encourage you to reach out and schedule a free guided demo setup to ensure you get the most out of our tools. To learn more about this topic, check out our related blog, Key Features: B2B eCommerce Portal .