eCommerce is thriving for B2B brands. The global B2B eCommerce market is currently worth $26.163 trillion and is projected to increase to $56.921 trillion by 2028 providing endless customer acquisition opportunities. Covid has changed the B2B buyer’s habits so adapting to the latest trends is not an option but a necessity for most B2B companies.
The numbers don’t lie—ecommerce is a promising path ahead for B2B associations. And to derive the most out of it, you’ll have to keep up with the changing trends. Listing some of the top trends to entice and retain your customers. Dive in to know about it.
1. Dominance of social media in B2B eCommerce
Online searches immensely control buyers’ decision-making, with 80% of buyers lured by insights from their web searches. While social commerce is considered more of a B2C marketing and sales strategy, B2B brands are getting into the picture too. Trends demonstrate that the global social commerce market is set to surpass $8.5 trillion by 2030.
B2B buyers leverage social media to make buying decisions in multiple ways:
- To examine different services and understand their special demands and issues in the initial stages of the sales cycle
- For comparative analysis of different solutions
- To research need-to-know input on potential solutions before making a purchase
Selecting the correct social media platform plays an equally important role in B2B eCommerce. Evaluate which media are most appropriate and relevant to your target audience. Which medium is greatly conducive to engaging with your product offering? Likewise, in 2024, expect customized storefronts, dynamic pricing, and different payment alternatives to enhance B2B eCommerce experiences.
2. Rise of AI integration in B2B eCommerce
Forbes has indicated that 2024 will be the year of further AI integration into strategic business initiatives. Rightfully so! Generative AI has emerged as a robust tool for process optimization and to boost efficiency, as well. Using machine learning principles, AI can conduct a diagnostic of your business methods and recognize rooms of inefficiency.
Key Applications of Generative AI
Generative AI is leading the way in this transformation with multiple practice applications:
- Process Optimization: AI tools assist in analyzing procurement procedures to determine tie-ups and help in resolving them to improve efficiency. By automating recurring tasks with the help of AI, companies can allot resources more effectively.
- Product Description: Generative AI can come up with engaging and custom product descriptions that resonate well with the target audiences. For example, big organizations like BigCommerce use AI to yield unique and engaging content for thousands of products instantly.
What will be the Future of AI in B2B eCommerce Strategies?
Going forward, the role of AI will increase enormously within strategic initiatives:
- By Leveraging machine learning and data analytics, companies will be able to deliver more refined and tailored marketing campaigns catering to specific buyer preferences.
- Organizations will heavily rely on predictive analytics powered by AI to predict future trends, manage inventory, and optimize pricing strategies.
So, it is safe to say that AI integration in B2B eCommerce is not just a trend, it depicts a fundamental shift in how B2B eCommerce functions. Companies adopting the trending technologies only position themselves for enhanced competitive advantage in the ever-evolving marketplace.
3. Flexible Payment Options in B2B Transactions
All buyers want payment flexibility so do B2B buyers! To keep up with the buyers’ expectations, companies need to adjust to multiple payment choices.
Here are a few of the payment options B2B buyers want:
- Pay on account
- Pay on loan
- Pay with multiple payment methods
- Pay using a parent account for multiple subsidiaries
With increasing flexibility in how they shop, B2B customers are furthermore are in the lookout for flexibility in how they pay for their purchased assets. Each B2B company has its own specific financial necessities, so providing different payment choices permits buyers to select methods that align well with their cash flow, financial priorities, and budgeting.
Benefits of Proposing Flexible Payment Options in B2B eCommerce
- Supports international B2B commerce. Attracts a broader range of buyers by accommodating multiple payment options.
- Ensures predictable and steady income through alternatives like installment payments.
- Improved retention by catering to buyer needs and preferences.
- Companies can predict cash flow more effectively by providing various payment terms.
This allows B2B eCommerce to shift towards delivering financial services and products to their customers in a way that banks do. This is a unique proposition for B2B Commerce.
4. More Brands Will Embrace Headless Commerce
A whopping amount of $1.65 billion in funding went into headless technologies in the year 2020–2021 and in coming years the numbers are only expected to rise.
The urgency to embrace headless technology is, in considerable part, an assertive mood. As per Commercetools data, 74% of organizations that do not keep up with current commerce solutions can hurt their business.
Headless architecture in eCommerce is a game-changer, particularly for B2B businesses. It divides the front-end experience from the back-end infrastructure, enabling companies to offer the liberty of customization to their clients.
The perks of Headless Commerce are:
- Full customization: Customize your digital storefront without back-end hassles.
- Quicker load times: Slow websites imply missed opportunities for sales.
- Limited IT dependency: Reduce the demand for continuous back-end revamps.
- Scalability: Adapt and prosper without technological limitations.
- Quicker access to the market: Time is capital, and headless connects you with your potential customers faster.
Businesses are already registering an increased ROI from their headless commerce. 77% of companies with headless architecture agree that it powers quicker storefront modifications—while about 34% of companies note it takes a couple of weeks or months to get their storefront updated.
5. Omnichannel Experiences
83% of buyers like placing orders or paying via digital commerce, and as many as 72% are keen to purchase across channels. If you go with the data, your eCommerce business should be all in on omnichannel experiences.
Buyers today are keen to assess suppliers through current digital technologies, comprising mobile apps, social media, and even messaging. But in the middle of all these shifts, companies often tend to underperform in digital media, given huge gaps in execution and strategies.
This is the reason why companies must address drawbacks head-on with initiations like hiring in-house channel professionals. Keeping up with the competitive market needs enterprises continually revisit and reanalyze their performance across all channels.
An omnichannel world needs to excel in different channels more specifically, during uncertain economic terms in which an inadequate customer experience may lead to a lost sale. B2B eCommerce businesses need to adopt omnipresent channels by existing—and excelling in multiple marketing channels as possible.
How Spaenaur’s eCommerce Evolution Set New Standards —- A Success Story!
Adaptability is a crucial key for all B2B eCommerce businesses. Whether it is about being future-ready, adapting changes to cater to buyers’ expectations, or integrating innovative technologies — business around the world has to embrace holistic trends to ensure they stay competitive in the market, as we did for our client Spaenaur.
Spaenaur, a key distributor of industrial components, was struggling with outdated eCommerce capabilities, especially in integrating their Epicor Eclipse ERP with Adobe Commerce. Their platform lacked vital features such as proper inventory checks, real-time pricing updates, and the capacity to manage custom product identifiers. These challenges hindered their ability to provide a unique and effective shopping experience for their valuable B2B customers.
DotcomWeavers addressed these limitations by developing a tailored integration between Epicor Eclipse and Adobe Commerce. We facilitated seamless data synchronization, real-time inventory updates, and streamlined user authentication through single sign-on (SSO). This solution resulted in increased online sales, enhanced operational efficiency, and minimized customer complaints. Spaenaur now has a more agile eCommerce platform, placing them for constant growth and responsiveness in the competitive market. You can read more about the Spaenaur case study here.
Lining up for a Successful B2B eCommerce in 2024 — DotcomWeavers
Here, at DotcomWeavers, we ensure a seamless and flexible payment process along with meeting our valuable client’s needs while leveraging Adobe Payment Services and staying ahead of the trends. The future of B2B eCommerce is very clear — it’s dynamic, ever-changing, and fused with innovative technological prowess with personalized experiences. Only businesses that welcome these transitions will flourish in a highly competitive eCommerce landscape.
Keep in mind that making it through the dynamic B2B eCommerce market needs a smart and strategic approach and a trustworthy partner. At DotcomWeavers, we are a leading eCommerce with a proven track record of assisting companies build winning B2B platforms.
Our team of professionals can navigate you through every crucial step of the process, from figuring out your unique needs to recognizing the most impactful B2B e-commerce trends to enforcing a long-lasting B2B eCommerce solution for you. Reach out to us and let’s build you a successful solution.
Ready to Lead in 2024 & Beyond? — Partner with DotcomWeavers for Cutting-Edge eCommerce Solutions! Let’s Connect Today.
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