As we know that nowadays, with the enhancements in technology, many businesses are coming online to create their brand awareness, of which eCommerce is one of the main industries. So this article will cover which are the emerging trends in B2B ecommerce and how well we can make use of HCL Commerce platform for the same.
The B2B industry is seeing more digitalization, and more companies are using the online medium to enhance revenues. It started before the pandemic, and revenues have increased lately. The global B2B e-Commerce market can reach US$ 18.57 trillion by 2026. (Source: Global News Wire)
Several brands have found e-Commerce an essential medium to meet their business objectives faster. It started with several brands revamping their website to garner more attention. However, they gradually saw the online medium as a great way to increase revenues. You must consider the top B2B eCommerce trends to optimize the website for better outcomes. We will discuss some of the top trends now.
Top Emerging B2B eCommerce Trends to Stay Updated With
Additional Investments in Technology
Advanced technologies are becoming the fulcrum of e-Commerce businesses. Digitisation can modernize processes and provide more robust capabilities. Continuous enhancement of the workflows helps easier integration with other systems. More B2B platforms opt for headless commerce for personalized online shopping experiences.
One of the critical trends in B2B eCommerce is the increased use of Artificial Intelligence across e-Commerce platforms. It can help analyze customer preferences and help come up with personalized offers. Predictive Analytics is helping the B2B platforms anticipate future trends and enhances operational speeds. However, businesses must research properly to know the technologies they can adopt for their platform.
Upgrading Legacy Systems
One of the significant challenges of any online platform is to keep its systems updated. Create notifications to inform you when the updates are available and upgrade at the earliest. It helps to have the upgrades in place as you can leverage the benefits of added features. It can plug the vulnerabilities if any.
If you upgrade at a later stage, you may find it difficult. Support for earlier versions of the platform may no longer be available. Integrating with the new version can be challenging, so your B2B platform may be liable to cyberattacks. You cannot benefit from the additional features, and the integrations become loosely coupled.
Personalizing the Online Experience
Studies show that customers prefer a personalized experience when making their buying decision. There is a need to move beyond the basic levels of customization to bring more revenues. Customers now need real-time inventory information. You will require high levels of integration across multiple workflows.
Advanced software can help B2B e-Commerce businesses to provide real-time order simulation to guarantee repeat customers. There is a need to find the most loyal customers and propose customized offers. Real-time customer-specific algorithms enhance personalized pricing capabilities. Remember that the platform must synchronize the information to prevent any awkward incidents.
Move Towards Social Commerce
B2C businesses have utilized the social commerce scenario to the fullest. Gradually, B2B businesses too are using the platform to enhance their outreach. Social commerce is among the new B2B eCommerce trends. You must devise targeted campaigns to reach out to this audience in time.
Several prospects are using social media to learn details about various solutions. Studies show that at least 46% of B2B businesses refer to social media channels when starting their buying journey. (Source: Gartner) You can select the platforms based on your portfolio. Use different forms of content to bring more users to your social media channel.
Deliver Customer Orders Faster
Order fulfillment is among the critical trends in B2B eCommerce. It helps in deciding customer loyalty and future purchases. An efficient fulfillment process helps to stand apart from peers. Digitized processes can make the order to cash cycle more efficient.
Advanced order management software can help B2B companies manage orders faster. It can help manage multiple orders simultaneously. It can centralize inventory information and mitigate complexities across the supply chain. Online ordering with personalized pricing can enhance client satisfaction too.
The Business is Becoming Portal-Centric
With the need to target B2B customers online, there is an increased focus on the customer portal. It allows customers to view their relationships online. It starts by having the product catalog in order. Moreover, you can use critical features to track customer orders, view invoices, and make payments online.
You must integrate your portal with a robust ERP solution which is scalable based on your business growth. More businesses are coming up with portals with advanced self-service features. Salespersons can also use it to up-sell or cross-sell products to customers. Use the ERP integration to create better relationships with customers.
Data-Driven Decision Making is the Norm
All businesses have a goal to increase revenues. The advent of next-gen Big Data and analytics solutions can help B2B e-Commerce companies make informed decisions. There is a spurt to use analytics to understand customer behavior and develop targeted strategies to spur growth. It helps unlock the full potential of data and helps create customized bundles.
The use of data can help to outpace changes and react faster to the business environment. It can also help stay ahead of peers and create strategies on-the-fly to have a competitive edge. B2B online companies use AI/ ML modeling techniques to use intelligent operations and enhance their capability to service customers.
More instances of using Augmented Reality
There are various ways to use innovative technologies to attract visitors. One of the new B2B eCommerce trends is the use of augmented reality features. It can help increase conversions progressively and ensure better customer experiences. Studies show that B2B buyers consider their experience a critical factor in purchasing decisions.
Using augmented reality can help the customers save precious time in their buying decisions. People can have varying perceptions of a product. Augmented reality can enhance buyer confidence and create value for the customer. Visitors can interact with the features virtually and assess the product’s capabilities in real-time.
Incorporating UI/ UX best practices
Google has recently introduced Core Web Vitals as a parameter to rank websites. B2B companies are also optimizing their e-Commerce platform to enhance their digital presence. They are making their website mobile-friendly to cater to mobile customers. As more visitors use their smartphones to access B2B portals, it is worthwhile to let them have a better experience.
They are also using the services of UI/ UX experts to ensure smoother navigation for users. They consider the customer journey in detail and devise suitable ways to increase conversions. Adequate CTAs are placed in proper places to help the visitors across the buyer’s journey. It will help them in their purchasing decisions.
Addressing Next-gen B2B eCommerce trends with HCL Commerce
Businesses must have a content management solution out of the box, ensuring a faster market time. Several enterprises entrust HCL Commerce to manage their eCommerce platform for B2B. A Headless Commerce module uses REST APIs to enhance customer experience. It can efficiently help companies manage a cross-channel strategy while providing a powerful omnichannel platform.
HCL Commerce can manage product information better using a flexible catalog management module. Most contemporary B2B platforms have a powerful search engine on the e-Commerce platform and data insights for better customization. It is built using open standards and uses cloud technologies to ease deployment, making operations more straightforward.
B2B online businesses are continuously trying to optimize their online platform to stay ahead of their peers. As buyer expectations change, companies sync with the changing behavior and quickly make changes to the platform. There are several such factors, and you must consider them to ensure you achieve your objectives faster.
There are several ways to optimize the B2B platform, but businesses must incorporate a few critical trends. We have discussed the top trends in this article. You can utilize the services of HCL Commerce to ensure you increase your revenue potential. It can help businesses use the right optimisation tools.