The advantages of implementing a B2B platform - how to improve order process and increase sales?
The dynamic growth of e-commerce is translating into the increasing popularity of B2B platforms. By 2025, up to 80% of interactions in B2B trade will take place online. Hardly surprising - the business transaction process in the digital world is faster and simpler. The B2B trade digitalisation train has already departed, but it is not too late to jump on it! Learn about the advantages and ways to implement a B2B platform in your company.
Why make it easier for B2B customers to order online?
Value The Straits Research report states that the global B2B sales market was worth $7,432.12 billion in 2022 and predicts that it will reach $36,107.63 billion in 2031, providing a market growth rate of 19.2%
The e-Izba 95% report, on the other hand, clearly shows that the digitalisation of commerce is definitely paying off. As many as 95% of respondents positively assess the effects of implementing e-commerce platforms in their companies, and more than 90% plan to invest in their development.
As positive effects of the implementation of B2B e-commerce, most entrepreneurs indicate an increase in sales and the number of customers. By implementing a B2B platform, respondents have been able to expand their product range, reduce sales costs and have seen an increase in the efficiency of their sellers. Sounds like a good return on investment.
Although B2B sales have slightly different needs, the digitalisation of trade in this area is undoubtedly of great benefit to businesses. Business relationships are more complex than normal consumer transactions. The decision-making process tends to be somewhat longer and the size of orders incomparably larger. However, it is impossible to see the simple relationship, big transactions mean big revenue. Unusual business requires exceptional solutions, there is no denying that. Therefore, in this case, it is worthwhile to consult the implementation and development process of the platform at an early stage.
Benefits of B2B platforms for the seller
Intelligent product management
Always up-to-date product information means no communication noise in the company. With a B2B platform, you efficiently manage your stock across different sales channels. Intelligent stock replenishment optimises costs and educates overstock. Price management.
Sales data analysis
Advanced B2B platforms also offer extensive sales data analytics capabilities. This enables companies to better understand their customers' behaviour, identify market trends and make more informed business decisions.
Optimising Time Management
Another major benefit of implementing a B2B platform is the optimisation of a company's time management. With integrated systems that enable process automation, employees can focus on more strategic tasks instead of wasting time on repetitive tasks.
Fast order processing
Convenience for the customer, speed of order processing for the supplier. Increase your customer base with the ability to handle your customers' orders around the clock. With the highest security standards, you communicate directly with your customers, without intermediaries. With precise sales statistics and detailed order history, you scale the growth of your business from a single panel.
Competitive advantage
Strengthening competitive advantage comprehensively supports the business in automation processes, increasing work efficiency and minimising the risk of errors. By automating your company's processes, you will facilitate the customer service process. Thanks to full integration with external and internal systems, you will increase the quality of service to your business partners. We guarantee you comprehensive support in the digital transformation of your business. You will be able to expand your business into new markets by offering your customers the best quality digital service.
Benefits of the B2B platform for the customer
Product or service at the click of a button
With the option to search for products in the online catalogue, the customer can easily find and buy the product he is interested in. The customer receives real-time information on the availability of the selected products. He can also decide on the most favourable price option for himself.
24-hour order processing
Weekend order processing does not require your staff to work overtime. Thanks to the e-commerce platform, a customer can place an order 24/7. And they will always be served at the highest level according to the standards you set.
Automating repetitive orders
We already know that time is money. Automating repetitive tasks is another advantage of using an e-commerce platform for business customers who cycle the same orders. Thanks to the sales history, the system renews the shopping list, the customer can slightly modify it if necessary.
Personalised shopping
We all know that personalised sales are expensive. You have to pay dearly for a direct approach to the customer. The advantage of B2B platforms is undeniably the possibility to personalise the customer experience as much as possible. Thanks to detailed statistics, the algorithms get to know your customer, learning their purchasing habits and habits. Thanks to this, the system will suggest the most attractive price the customer is willing to pay for the product, which may not necessarily be the lowest market price! The system will also suggest products that are most likely to be purchased.
Customised platforms require proven solutions
Moreover the B2B market is more diverse than the B2C segment. Depending on the industry, it will be important to implement dedicated functionalities that fulfil very specific company needs. One example may be the huge basket values, which in the B2B industry number in the hundreds of thousands of products. The potentially higher basket value may generate another specific need to expand payment systems to include a deferred payment option. There are many more examples of matching customer needs to industry specifics. Fortunately, technology comes to the rescue. Technology and experience. At Monogo, we have been implementing B2B platforms for more than a decade that allow our partners to achieve their business goals, across industries and international markets. Whether you are just looking to start selling online, or perhaps wondering how to optimise your current platform, we will share our experience. Get in touch to arrange a conversation.