Like many areas of economic exchange, B2B e-commerce is undergoing many changes that vary from year to year. In their constant quest to increase turnover, companies involved in this form of transaction readjust or change their operating methods for better performance. To better cope with the effects of these changes and anticipate market trends, we are offering the top 7 B2B e-commerce trends of 2023…
B2B E-Commerce, What Is It First Of All?
E-commerce is a term used to refer to all commercial transactions conducted over the web. These financial flows can also occur between sellers and end consumers, or more specifically between different companies.
In the second case where commercial exchange takes place between companies, we speak of B2B e-commerce. B2B e-commerce then represents all business-to-business commercial exchanges that take place online. The prices are not necessarily more expensive than traditional trading, but it all depends on the respective products, service providers or distributors in charge of distance selling, and the preferred pricing method.
It is not a question of setting different prices for the same product depending upon the contrasting nature of the customer. Rather, factors such as economic slowdown and inflation should be taken into account before taking a pricing decision.
To go further, a good number of companies do not hesitate to base themselves on the individual characteristics of their target in order to propose similar and personalized offers. But we cannot enjoy the fruits of this B2B e-commerce trend if the customer behavior is not analyzed in depth. This study cannot be done effectively without modern tools to collect and process information like CDP.
CDPs (Customer Data Platforms) bring together all the customer data needed to develop effective marketing strategies in one place. Companies also use this lever of B2B e-commerce trends to collect a variety of information on potential customers in order to establish a complete profile of their target.
This data can be collected through social networks such as Facebook, LinkedIn, Twitter or even through websites, blogs and emails. Business policies based on this data guide all their interactions with targets. It is also possible to use them for customer support and for exchanges between potential or confirmed buyers. A large number of companies are using it as a new payment method to modernize their e-commerce activities.
new payment methods
To meet the expectations of their customers in terms of payment instruments, e-commerce store managers must look for the latest innovations in this area. Sticking to traditional channels such as credit cards, purchase orders, checks and wire transfers should not be an option. Consumers are constantly looking for more convenience and more recently a variety of platforms offer it.
Hence mobile wallets such as PayPal, Amazon Pay and Apple Pay should be integrated into transaction settlement methods. If the marketed product targets customers or a part of the world where other payment solutions are preferred, this payment instrument should also be integrated into your means of transaction. It is a form of personalization essential to the success and sustainability of a company specializing in B2B e-commerce.
Hyper-personalization is one of the B2B e-commerce trends of recent years. This allows merchants to encourage the target through strategic content to build their identity through the product. The customer will have the impression that the messages delivered by the company as well as the marketing products are specifically intended for him.
This often requires a certain degree of complexity and proximity to be established and maintained between the various companies involved in a BTOB transaction, but it is up to the seller to make the necessary efforts to become a reality. This is as important a parameter as self-service digital portals.
Self Service Digital Portal
In fact, shoppers want to benefit from the same customer experience on the web as in a store. They are expected to get the same facilities as during physical transactions. Communication, customer management, payment methods, sales agreements should therefore not be a hassle for the customer. You have to develop a good marketing strategy.
The web is no longer just an additional asset or another element of a business strategy. It is now an integral part or even a central element of marketing strategies. Through leverage such as natural references, web merchants apply various tactics to establish and promote their presence on search engines. But before getting there, you must first build websites to suit the specific needs of the e-commerce platform. Digital tools such as the WordPress CMS’s Shopify and Woocommerce are frequently used channels to achieve this digital discovery.
Some e-merchants also make digital the main venue for the dissemination of their digital marketing strategies. Physical stores serve them only as a storage warehouse for the contents of their product inventory. Hence it is a B2B e-commerce trend that everyone can easily take advantage of. The use of augmented reality by some companies or even the upcoming advent of the Metaverse in e-commerce is evidence of the growing importance of digital for merchant sites.
The pandemic period has accelerated the development of AR (augmented reality) marketing. More and more companies are using it through e-commerce sites to provide better customer experience to their targets. Augmented Reality is therefore one of the preferred B2B e-commerce trends for the year 2023.
On the other hand, the metaverse craze declares its intrusion into all spheres of activity including online shopping. With its development, the B2B e-commerce of the future cannot exist without the mixed use of augmented reality and the metaverse. Therefore it is one of the B2B e-commerce trends that must necessarily be integrated into commercial policies. To ignore it is to risk seeing your marketing strategies fail.