Top 9 Reasons Your B2B Business Needs to Sell OnlineReading Time: 5 minutes
The trend is about selling online. And you would be thinking that yes it is, but that is the case only for the B2C segment. Here we have some interesting facts to show,
- 93% of business-to-business buyers prefer to purchase online, with self-serve information, direct from vendors (Source)
- Global B2B market expected to reach $6.7 trillion by 2020
- The global B2B eCommerce sales are comparatively very high from B2C eCommerce sales which is USD 7.7 trillion and 2.7 trillion respectively. And, the difference in market size is 234.78% (Source)
Well, these are some eCommerce statistics that are enough for you to understand that the world of B2B businesses has already started understanding the need to have an online store. And now, it’s your turn to take it into consideration to have a B2B eCommerce store for your wholesale business.
So, here I bring 9 strong reasons for you to start your online B2B store.
1. Outperform the Competition
There is a huge competition in the wholesale business [Though it is less compared to retail :)] But, because of the competition, B2B business owners have thin profit margins to survive in this highly competitive market.
This is the reason why B2B businesses are always looking forward to ideas that help them stay different, be efficient, reduce cost and outplay the competitors.
And, having an online B2B store for your business is a great way to outperform your business competition, expand your sales channel and take advantage of the digital transformation wave.
2. Understand your buyers and monitor their behavior
One of the biggest reasons why B2B business owners should start selling online is that understanding your buyers’ need becomes easy. In offline businesses, you cannot keep a track record of how many customers are looking for a certain kind of products, in which quantity they are looking for, monitoring buying cycle, and not showing selective products.
Also, creating MIS and checking the trend is tough with the offline channel. And, selling online helps you understand everything that your B2B customers are looking for.
The B2B eCommerce store helps you find out the following:
- What are all products in great demand?
- What is the average quantity which most of your customers order?
- How many % of discounts your customers are looking for?
- From which locations, you get maximum customers and business?
- What is the scope of expanding your business in a certain location?
- And, much more
Based on the answers that you get, you can understand where to target, how to target, how much to spend, how much to keep in stock, how to market your products and much more. These help you understand your customers better and help you serve them effectively.
3. Boost Brand Reputation
“If there is a business, there is marketing.”
This is true because, without marketing, nobody is going to know about your business. That means- increasing your brand awareness and reputation- both depends on the marketing.
To reach out to a larger audience, you should focus on moving your offline B2B business to online this year. Once, you get your business online, you would work on marketing your products on multiple channels – online and offline.
On your online B2B store, you can show a happy clients’ list, product ratings, new product launches, quality measures, etc. to a large audience as these are quite difficult to showcase in the offline channel. In fact, when you announce your newly launched online B2B store, your store is sure to see huge traffic spikes.
This will incredibly boost the brand reputation among the new as well as the existing customers. Your customers will feel having you as the right vendor for their needs.
4. Boost offline sales
Though various B2B eCommerce businesses are moving their focus towards selling online, there are certain businesses where they don’t see any interests from their customers to buy online. The customers don’t understand the whole process of how to place an order. And, what you do is you drop the idea of having an online store.
So, what you can do here is, plan an effective strategy where you offer something valuable to your customers to check out your products online and then place the orders offline.
Your customers would take their own time to come on your online store, be comfortable, and start placing orders regularly.
Following such practices speed up the process of placing orders offline which is rather highly delayed because of the various dependencies such as sending out the samples, sales professionals personally meeting your clients, etc.
A direct way to boost your offline sales as well as your turn around time of the orders.
Later on, you can conduct training sessions for the customers who don’t prefer buying online and help them with a better understanding of online B2B shopping and boost your online sales.
5. Sell 24x7x365
Your B2B business store is open only on weekdays that too for say 9 to 10 hours and maybe even on Saturdays. But, your shop is definitely closed on Sundays.
But, this is not the case when you have an online store.
Your eCommerce store is online and is open 24×7 for 365 days. This means a customer can come to your online store and place the orders at any time, any place.
Hence, you do business even when you are sleeping, traveling, eating, biking, hiking, etc.
6. Automate your sales workflow
In an offline store, you need to settle your products in your shop, make an inventory, send your professionals to your customers’ place, take orders, dispatch the orders, follow up on the payments, maintain & manage the inventory, etc.
But, with your online B2B store, everything is managed automatically in one place. Everything from having your products to following up with your customers becomes easier and faster through your eCommerce system.
All you need is the right eCommerce store development partner and you are all set.
Even this is one of the important reasons why you should start selling your B2B products online.
7. Boost Overall Sales
B2B eCommerce sales are expected to reach 6.7 trillion USD by 2020 which will, in turn, outgrow the B2C sales,(CMS Connected, 2017).
Like we already discussed the offline sales being influenced by your online B2B store, it overall improves your sales. And, this calls for one more strong reason for you to go for a B2B eCommerce store.
But, what can you do to boost your sales with your new B2B eCommerce store?
- You can ask the new as well as existing customers to look for the products online on your store and then place the orders
- Also, you can give special discounts to the customers that place the orders online
- You can launch campaigns that are limited to customers who buy at the highest quantity gets reward points which can help them with the cash discounts or something similar
Well, these are just the initial steps that you can take to help your online B2B store boost your overall sales.
8. Business growth nationally or internationally
Without having an online B2B store, you cannot easily get customers nationally and internationally.
Practically, you cannot travel 365 days just to get customers from all over the world.
So, you need to have a platform where you can showcase your products and grab the interests of the people across the world.
And, having an eCommerce store is the best way to generate business in dollars.
So, if you are looking to grow your business, you need to shift your focus towards having an eCommerce store.
9. Improve Overall ROI
Having an eCommerce store for your B2B business is a huge investment- investment of time, money, learning, and hard work.
And, it is imperative that the success of a business lies within the ROI. And hence, with such benefits of an eCommerce store for your B2B business, you are sure-shot to see an improved ROI.
Everything from business growth to sales is able to achieve with the help of B2B eCommerce store.
This gives you last but not the least reason to start selling online.
Now is the Right Time
So, when are you coming up with an online B2B store?
After looking at such huge benefits of having an eCommerce store for your B2B business, this is the right time to invest in it.
Well, the B2B industry is growing and so shall you.
And, if you are convinced to start and grow your business through an online store, here are a few essential features you should look for in your B2B eCommerce store.