Digital Transformation Solutions: A Comprehensive Guide

What is Digital Transformation?

Digital Transformation is more than just a buzzword, it represents an opportunity to deploy innovative approaches by experimenting with traditional operational methods and evolving them into tech-savvy, streamlined processes. It’s not merely about automating functions but reimagining business operations through the lens of technology. 

When businesses experiment with new technologies, operations can ascend to an unprecedented level of efficiency and agility, ensuring continued scaling and fostering a robust relationship with their valued customer base. It provides a conduit for businesses to create customer-centered products, services, and experiences, ensuring continued growth and financial gain.

Identifying the Need for Digital Transformation

Identifying the need for Digital Transformation is about perceiving that your current strategies may be outdated and that advancements in technology can push you ahead and help you scale.

And there comes a point when embarking on a digital transformation journey transitions from a ‘want’ to a ‘must-have.’ You’ll feel this shift when your organizational structure starts to buckle under the pressures of an increasingly digital world.

Noticing a drop in productivity or an increase in costs, missing out on major opportunities, or falling behind competitors are clear signs that digital transformation is not just necessary, but urgent.

We explore the types of digital transformation technologies and the benefits of each in this comprehensive guide to digital transformation solutions. 

Digital Transformation Solutions

Digital transformation technologies like Cloud Computing, Data Analytics, AI and Machine Learning, and IoT work together to create scalable solutions, provide valuable insights, predictive capabilities, and leverages real-time data. In tandem or individually these technologies can help address challenges and drive innovation and growth.

Cloud Computing

Cloud Computing is a type of digital technology that forms the backbone of Digital Transformation. Cloud computing involves using a network of remote servers hosted on the internet to store, manage, and process data, rather than using a local server or a personal computer. Cloud computing allows users to access and use computing resources, such as storage, databases, software, and servers, over the internet, providing flexibility, scalability, and cost efficiency.

Benefits of Cloud Computing:

  • Scalability and Flexibility: Cloud computing allows businesses to scale their computing resources up or down based on fluctuating demands, ensuring that the infrastructure can accommodate sudden spikes in website traffic, especially during peak shopping seasons or promotional events.
  • Cost Efficiency: By leveraging cloud computing services, companies can avoid the upfront costs associated with purchasing and maintaining hardware and infrastructure. They can instead pay for what they use, making it a more cost-effective option for managing and storing large volumes of data and conducting complex computing tasks.
  • Enhanced Security: Cloud service providers often implement robust security measures to protect data and applications from potential cyber threats and breaches. This provides businesses with a secure environment for storing sensitive customer information and conducting secure transactions.
  • Global Reach: Cloud computing enables e-commerce businesses to expand their global reach and serve customers from various geographical locations without the need for physical infrastructure in each region. This allows companies to enter new markets quickly and efficiently, facilitating international business growth and expansion.
  • Collaboration and Integration: Cloud-based tools and applications facilitate seamless collaboration among different teams within an organization. They also enable the integration of various business systems and applications, streamlining operations and enhancing overall business efficiency.

Data Analytics

Data Analytics involves the process of examining large and varied data sets to uncover patterns, correlations, and insights. In the context of digital transformation, data analytics helps businesses make informed decisions, optimize processes, and identify opportunities for innovation and growth. By leveraging advanced analytical tools and techniques, organizations can extract valuable information from their data, enabling them to understand customer behavior, market trends, and internal operations more comprehensively.

Benefits of Data Analytics:

  • Customer Insights: Data analytics enables businesses to analyze customer data, including purchase history, browsing behavior, and demographic information, to gain insights into customer preferences, identify trends, and personalize the shopping experience for individual customers.
  • Marketing Optimization: By analyzing data from various marketing channels and campaigns, businesses can optimize their marketing strategies, target specific customer segments, and deliver more effective and personalized marketing messages, leading to improved customer engagement and higher conversion rates.
  • Inventory Management: Data analytics can help businesses optimize inventory levels by analyzing historical sales data, demand patterns, and seasonality, enabling them to better manage stock levels, reduce inventory costs, and prevent stockouts or overstock situations.
  • Performance Tracking: Businesses can use data analytics to monitor and track key performance indicators (KPIs) such as website traffic, conversion rates, and customer satisfaction metrics, enabling them to identify areas for improvement and make informed decisions to enhance overall business performance.
  • Forecasting and Planning: Data analytics can be used to forecast future sales trends, demand patterns, and market dynamics, helping e-commerce businesses plan and strategize effectively, allocate resources efficiently, and stay ahead of changing market conditions.

Artificial Intelligence

In the context of digital transformation, AI (Artificial Intelligence) refers to the implementation of intelligent systems and technologies that deliver automated and enhanced experiences across various aspects of business.

Benefits of Artificial Intelligence

  • Personalization: AI can analyze customer data to provide personalized recommendations, product suggestions, and targeted marketing campaigns tailored to individual preferences and behaviors.
  • Customer Service: AI-powered chatbots and virtual assistants can provide real-time customer support, answer queries, and assist shoppers in finding products or resolving issues, enhancing the overall shopping experience.
  • Predictive Analytics: AI algorithms can analyze vast amounts of data to predict trends, customer behavior, and demand patterns, helping businesses make informed decisions regarding inventory management, pricing strategies, and product offerings.
  • Visual Search and Recommendation: AI can enable visual search capabilities, allowing customers to find products based on images or similar visual attributes. Additionally, AI-powered recommendation engines can suggest relevant products to customers based on their browsing and purchase history.
  • Fraud Detection and Security: AI can enhance cybersecurity measures by detecting fraudulent activities, preventing unauthorized access, and ensuring secure transactions, thereby fostering customer trust and confidence.

Machine Learning

Machine learning is a subset of artificial intelligence (AI) that involves the development of algorithms and models that enable computers to integrate, learn from, and make predictions or decisions based on data. Unlike data analytics, machine learning focuses on predictive analysis and the ability of systems to improve their performance automatically through experience. It allows computers to identify patterns and make decisions without being explicitly programmed to do so.

Benefits of Machine Learning

Personalized Recommendations: Machine learning algorithms can analyze customer data, including browsing history, purchase behavior, and preferences, to provide personalized product recommendations, increasing the likelihood of successful cross-selling and upselling.

  • Predictive Analytics: Machine learning models can forecast customer demand, identify market trends, and predict future purchasing behavior, enabling businesses to optimize inventory management, pricing strategies, and product offerings.
  • Fraud Detection: Machine learning algorithms can detect patterns indicative of fraudulent activities, such as unauthorized transactions or suspicious behavior, helping companies prevent fraudulent activities and secure online transactions.
  • Customer Service Automation: Machine learning-powered chatbots and virtual assistants can provide real-time customer support, answer inquiries, and assist customers with product selection, order tracking, and issue resolution, improving the overall customer service experience.
  • Dynamic Pricing: Machine learning can help businesses dynamically adjust product prices based on various factors such as demand, competitor pricing, and customer behavior, allowing companies to optimize pricing strategies and increase competitiveness in the market.

Internet of Things (IoT)

Internet of Things (IoT) refers to the integration of physical devices, appliances, and systems with internet connectivity, allowing them to collect and exchange data. IoT creates a more connected and seamless shopping experience for customers while also enabling businesses to operate in a more in a more optimized way.

Benefits of IoT

  • Enhanced Customer Experience: IoT devices can provide personalized and interactive shopping experiences by enabling smart devices to communicate with each other, allowing customers to make purchases directly through connected devices, such as smart appliances, wearables, and voice assistants.
  • Supply Chain Optimization: IoT sensors can track inventory levels, monitor product shipments, and manage warehouse operations more efficiently, ensuring timely and accurate product deliveries. This optimizes supply chain management and helps prevent stockouts or overstock situations.
  • Smart Retail Spaces: IoT-enabled beacons and sensors can provide real-time data on customer behavior, preferences, and movement within physical retail spaces. This information can be leveraged to optimize store layouts, improve product placements, and deliver personalized promotions or discounts to customers while they are in-store.
  • Data-Driven Insights: IoT devices generate a wealth of data that can be analyzed to gain valuable insights into customer behavior, preferences, and purchasing patterns. This data can be used to tailor marketing strategies, improve product offerings, and enhance customer engagement, ultimately leading to more targeted and effective sales and marketing efforts.
  • Seamless Integration with Backend Systems: IoT technology can seamlessly integrate with backend e-commerce systems, including inventory management, order processing, and customer relationship management (CRM) systems, creating a more streamlined and efficient operational process.

Implementing Digital Transformation

Visionary strides begin with a map. To execute a robust Digital Transformation, identify technological gaps, then chart a course integrating digital technologies into your business processes.

In digital transformation, having the right tools in your arsenal can make all the difference. Be it data analytics or cloud-based solutions, the tools you select should match your transformation goals – it’s about crafting a bespoke solution, not being swayed by the latest tech hype.

Change can be daunting but with the right digital transformation tools, this can turn into a smooth transition. These tools should not only ease the process but also drive innovation, opening up new avenues for growth. Remember, it’s about molding the technology to your business, not the other way round.

Measuring the Success of Digital Transformation

Orchestrating change calls for clear markers of growth. Success isn’t simply felt; it is measured. Sharp targets cut through ambiguity, allowing you to quantify progress and validate the effectiveness of your digital strategies and brainstorm new ideas. For digital transformation, vital Key Performance Indicators (KPIs) like customer engagement, operational efficiency, and overall revenue growth must be identified. KPIs should align with long-term objectives of the organization.

This approach doesn’t just measure success, but guides it. Whether the task is reshaping customer experience, streamlining operations, or product innovation, KPIs in digital transformation become the twin pillars of success.

Want to know if you’re ready for a digital transformation? Take our short (6 questions) self-assessment to find out if you’re ready or if you’re on the right track. No matter the results, we’re here for you!

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Unlocking Success: How Digital Transformation Consultants Drive Growth

In today’s fast-changing business landscape, digital transformation has become essential for organizations to stay competitive. It goes beyond adopting new technologies to reshaping strategies, operations, and culture. Digital transformation consultants provide invaluable guidance in navigating challenges and formulating comprehensive strategies. This paradigm shift impacts not just businesses but society as a whole, ensuring sustainable growth and relevance in the global market.

Understanding Digital Transformation

The now popular term ‘Digital Transformation’ can mean lots of different things to different people, so what does it mean and what is it? ‘Digital Transformation’ encapsulates the intentional reworking of business processes, culture, and customer interactions boosted by digital technology. It extends beyond just technology into a phenomenon that interlaces digital, physical, and human systems.

In today’s business landscape, digital transformation is not just an option, but a fundamental necessity for companies looking to remain competitive. It involves strategically applying state-of-the-art technologies across all aspects of the business, reshaping traditional models and enhancing the employee experience and customer experience. By embracing digital transformation, businesses cultivate a culture of continuous innovation and apply a proactive approach to decision-making. This adaptive mindset is crucial in an ever-evolving market, where responsiveness and agility are key differentiators. As businesses across industries apply this transformative shift, digital adaptation becomes an indispensable survival tool for navigating complexities.

 Examples of digital transformation:

  1. E-commerce: The rise of online shopping platforms has completely transformed the retail industry. Traditional brick-and-mortar stores have had to adapt by developing robust online platforms to reach a wider customer base and provide a seamless shopping experience.
  1. Cloud Computing: The adoption of cloud computing technology has revolutionized the way businesses access data. It allows for increased flexibility and scalability, enabling businesses to streamline their operations and reduce costs.
  1. Internet of Things (IoT): The integration of IoT devices has created new opportunities for businesses across various sectors. From smart homes to connected cars, IoT enables businesses to collect and analyze real-time data, leading to improved efficiency and customer experiences.
  1. Artificial Intelligence (AI) and Machine Learning: AI and machine learning technologies are being used to automate and enhance various business processes. From chatbots providing customer support to predictive analytics optimizing operations, AI can transform the way businesses operate.
  1. Data Analytics: The ability to collect and analyze large amounts of data has become crucial for businesses. Machine learning techniques are applied to big data for processing, analyzing, and extracting meaningful information. These algorithms can handle complex, large datasets and automatically learn from them, thereby enabling the identification of patterns, trends, and correlations that might not be apparent to human analysts. Data analytics tools and techniques allow for better decision-making, personalized marketing strategies, and improved customer insights.
  1. Mobile Applications: The proliferation of smartphones has led to the development of mobile applications that cater to various customer needs. Businesses have leveraged mobile apps to provide personalized experiences, increase customer engagement, and drive sales.

These examples highlight how digital transformation has enabled businesses to innovate, improve efficiency, create new business models, and deliver value. By embracing new technology, businesses can stay competitive and meet the changing needs of their customers, ultimately creating value for both themselves and their stakeholders.

Digital transformation reinvents traditional business models. In a world defined by technological acceleration, businesses disregarding it risk being left in the dust. Modern consumers expect seamless digital experiences, making this transformation not a luxury, but a survival tool.

‘Innovation and Agility’ is the motto of the digital transformation era. It enables businesses to quickly adapt to market changes, launch products, and meet customer needs. A culture of experimentation and rapid learning fuels innovation, further driving growth and market leadership.

Benefits of digital transformation

Digital transformation is akin to a profound seismic shift in the business landscape, compelling companies to recalibrate their strategies and re-envision their operational paradigms. By embracing this transformative journey, organizations unlock an abundance of transformative benefits that not only fuel growth but also fortify their resilience against the disruptive forces of the market.

Later in this article, we will discuss the benefits of digital transformation in more detail. Key benefits include:

  • Improved efficiency and productivity through automation of routine tasks.
  • Enhanced customer experience with personalized services and interactions.
  • Amplified business intelligence through data analytics.
  • Increased agility and flexibility to adapt to market changes.
  • Distinct competitive advantage with a digitally driven approach.

 Key challenges of digital transformation

The digital transformation journey, while promising, is not devoid of challenges. Organizations often encounter a range of complex obstacles that can impede the seamless integration and adoption of transformative technologies. These challenges demand meticulous planning, strategic foresight, and a comprehensive understanding of the potential roadblocks that may arise along the way. Understanding and effectively addressing these challenges are imperative for businesses to successfully navigate the transformative landscape and emerge as frontrunners in the digital age. Key challenges include:

  • Fostering a digital culture and providing adequate training across the organization to overcome resistance to change.
  • Finding experienced personnel who can lead the digital transformation initiative and navigate the evolving technological landscape.
  • Data privacy and cybersecurity concerns need to be addressed to safeguard sensitive information and comply with regulations.
  • Integration with legacy systems can result in interoperability issues and workflow disruptions, requiring a comprehensive assessment and strategic planning.
  • Effective communication and collaboration across departments and stakeholders are essential for successful digital transformation.
  • The rapidly evolving nature of digital technologies requires organizations to remain adaptable and responsive to emerging trends and market dynamics.

 The key challenges of digital transformation demand a proactive and strategic approach that prioritizes cultural transformation, talent development, data security, seamless integration, effective communication, and adaptability. By acknowledging these challenges and implementing targeted strategies to address them, organizations can navigate the complexities of digital transformation and position themselves as agile, innovative, and resilient players in the rapidly evolving digital landscape.

The Role of Digital Transformation Consultants

As discussed above, companies often encounter a range of complex obstacles when adopting transformative technology. Digital Transformation Consultants can act as a type of business partner that helps mitigate risk and ease the process. Digital Transformation Consultants are seasoned guides, their wisdom born from years of varied industry experience, assisting you to navigate the complex terrain of digital transformation. They shape the journey, tailoring it to your unique concept, industry and market circumstances. Their guidance is essential to efficiently utilizing resources and efforts, enhancing innovation and the overall resilience of your enterprise.

Who are digital transformation consultants?

Advisors of Digitization: Digital Transformation Consultants wear multiple hats – from tech specialists to change managers, they connect organizational silos, ensuring seamless digital integration. Their expertise spans every sector, every business size, ensuring that no matter your industry, there’s a transformation consultant who speaks your language, understands your challenges.

Pioneering Digital Innovation: These consultants lead the charge in digital innovation, leveraging the latest tech breakthroughs for your competitive advantage, driving impactful business changes. Understanding their role involves realizing that they are not merely digital implementers, but strategic thinkers who can envision and enact a comprehensive plan tailored to promote your business growth amidst digital evolution.

What do digital transformation consultants do?

Digital transformation consultants are the architects of digital change. They mold the formless into the tangible, turning ambitious visions into sustainable pathways towards a digital-first future. They assess companies’ needs, identify areas for innovation, and map out actionable strategies that guide businesses through the daunting landscape of new technology.

These consultants are stewards of the digital journey. Much like expert trail guides, they negotiate the rocky terrain of transformation, removing obstacles, flagging risks, and forging a path towards the peak of digital prowess. Their primary duty isn’t just to implement new technology; it’s ensuring that technology propels the business forward.

The job of a digital transformation consultant involves more than just planning; they ensure the successful execution of strategies, overseeing each stage of the transformation journey. They collaborate, educate, and build bridges between business and IT, fostering a culture of continuous learning and adaptation that drives sustained growth in the digital age.

Why hiring a consultant can be beneficial

In the race to digitize and stay ahead, businesses often hit stumbling blocks. Transformation consultants act as navigators, offering fresh perspectives and outside expertise to achieve digital success.

These consultants analyze your business model to identify inefficiencies, proposing tech-driven solutions to improve both processes and performance. Hiring such experts brings immeasurable strategic advantage. Acting as catalysts for change, they guide your business towards development, maintaining equilibrium between cutting-edge tech and operational needs. The unbiased viewpoint and proven strategic approach of these consultants act as an espresso shot for businesses seeking to transform seamlessly, accelerating their digital journey.

Choosing the right consultant for your business

Choosing the consultant who aligns with your vision is crucial. The right digital transformation partner mirrors your goals, understands your challenges, and forges a clear path towards your objective. Navigating the consultancy landscape requires strategic evaluation. In selecting the perfect digital transformation partner, consider their proven track record, expertise, and ability to champion innovation in your business arena.

Driving Growth through Digital Transformation

Accelerating expansions has become a reality through digital transformation: a tour de force capable of turbocharging growth. This digital revolution, armed with streamlined processes and data-driven insights, creates an unstoppable engine of expansion. Unleashing unimagined opportunities, this digital crescendo optimizes customer experiences and paves the way for unmarked innovation and agility.

Streamlining business processes

In a world entwined with technology, navigating convoluted business processes is akin to running an obstacle course. Yet, a well-executed digital transformation strategy can lighten the load. It charts a smoother course for businesses, streamlining operations and eliminating needless complexity.

So, how does digital transformation simplify business operations? Essentially, it curtails complexity by replacing manual procedures with automated, digital systems. This not only increases efficiency but also reduces the likelihood of errors.

Facilitating faster decisions, process automation saves precious time and resources. Working through a multitude of tasks swiftly, businesses can focus on their strategic goals, making it possible to stay a step ahead in a fierce competitive environment.

It’s also about making more of the resources at hand. Companies can leverage digital transformation to maximize the utilization of their existing infrastructures, leaving no room for over (or under) use. It’s like cleaning out your attic and finding invaluable space.

Moreover, a successfully streamlined business process supports transparency and traceability, engendering trust within your team and with customers. A business that lets the sun in will find clarity and vision enhanced – all thanks to digital transformation.

Optimizing customer experience

In the era of digital transformation, customer experience has shifted far beyond a mere transaction. By leveraging digital technologies, businesses can create seamless, personalized experiences that foster loyalty and drive growth.

The age-old adage, ‘The customer is king,’ has never been more relevant. In a click, swipe, and tap era, companies must revolutionize relationships. The right digital strategies can turn customers into brand advocates. Imagine the customer feedback loop as a goldmine of insights, unearthed through digital transformation. These insights allow businesses to anticipate needs, solve pain points, and optimize customer satisfaction in real time.

Digital transformation is not just about technology; it’s about agility. Businesses that pivot quickly to meet changing customer demands are the ones that thrive. In other words, optimizing the customer experience is the secret sauce to success in today’s digital landscape.

Leveraging data-driven insights

In the era of digital transformation, cashing in on information is not just a choice, it’s a necessity for survival. By leveraging the rich mines of data we gather, businesses can make informed decisions and forecast trends effectively.

Data-driven insights foster growth by not just pointing to areas of improvement but also guiding the way forward with precision. Utilize them effectively, and you unlock a world where growth is not a fluke, but a planned trajectory.

Facilitating innovation and agility

Innovation

Unleashing inventiveness is central to digital transformation. Consultants engineer innovative strategies, indispensable for staying ahead in the fast-paced digital world. Igniting creativity becomes possible via updated tech-stack, adoption of emerging technologies, or refining product development processes.

When businesses adapt swiftly, they unlock areas for innovation. Agile businesses can quickly test new ideas, making it easier to iterate and improve. Guided by a digital transformation consultant, this forms a powerful cycle of agility and innovation.

Agility

Agility is a key component of digital transformation. It allows businesses to respond effectively to the constantly evolving business landscape. With the guidance of a digital transformation consultant, businesses can adapt more rapidly, turning challenges into opportunities.

Embracing agility enables businesses to act on data-driven insights swiftly and effectively. In the digital age, quick reaction time can translate to a competitive advantage. A digital transformation consultant can provide the necessary tools and strategies to leverage agility.

Ultimately, it’s not about the implementation of digital tools. It’s about fostering a dynamic culture of innovation and agility. Through their expertise, digital transformation consultants facilitate this shift, providing a platform for sustainable growth. In today’s rapidly evolving digital landscape, experience is the key ingredient to success. Businesses must leverage the wealth of data available to them in order to make informed decisions and predict trends effectively. Intuition alone is no longer sufficient – it must be paired with data-driven insights.

Conclusion

Digital transformation stands as a linchpin in the modern business landscape, serving as a catalyst for innovation, growth, and customer-centric excellence. By embracing the multifaceted nature of this transformative process, businesses can unlock unparalleled opportunities for expansion, competitive differentiation, and long-term sustainability. Leveraging the insights provided within this post, organizations can navigate the complexities of digital transformation with confidence, capitalizing on the expertise of digital transformation consultants to drive meaningful change and secure a formidable position within the digital ecosystem. As the global business environment continues to evolve, digital transformation remains a guiding principle for businesses seeking to thrive and prosper in the digital age.

Key Takeaways

  • Consultants play a crucial role in engineering innovative strategies for digital transformation.
  • Agility is essential for businesses to respond effectively to the constantly evolving business landscape.
  • Embracing agility allows businesses to act on data-driven insights swiftly and effectively.
  • Agile businesses can quickly test new ideas, leading to innovation and improvement.
  • Digital transformation goes beyond implementing digital tools and requires a holistic approach.
  • Digital transformation is a catalyst for innovation, growth, and customer-centric excellence.
  • Businesses can unlock unparalleled opportunities for expansion and competitive differentiation through digital transformation.
  • Organizations can navigate the complexities of digital transformation with the help of digital transformation consultants.

Want to know if you’re ready for a digital transformation? Take our short (6 questions) self-assessment to find out if you’re ready or if you’re on the right track. No matter the results, we’re here for you!

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away. Follow our blog and subscribe to our communications for more tips and trends on digital transformation and B2B commerce.

 

Key B2B Ecommerce Statistics Every CEO Should Know When It Comes to Marketing

Imagine a B2B salesman without a phone. It would be like a doctor without a stethoscope or an artist without a paintbrush.

The telephone has played such a significant part in B2B sales that it has nearly become synonymous with the whole industry. Prospecting, qualifying, nurturing, and, on occasion, pitching and closing are all done using it.

However, evidence shows that its time in the spotlight may be coming to an end. According to McKinsey research, 77 percent of B2B decision-makers prefer videoconferencing over talking on the phone with vendors.

It’s perhaps a bit early to be permanently disconnecting your phone line, however, with 53 percent of marketers reporting greater ROI from inbound engagement (vs. just 16% for outbound), sales teams are spending more time talking to warm leads and less time talking to cold prospects.

SEO isn’t a choice

Consider this statistic: “Organic online search clicks outweigh sponsored web search clicks by roughly 12 to 1” When someone searches the web and discovers some of your material as a consequence of that search, you get organic web search clicks (on the first page normally). This isn’t a sponsored search. They haven’t found an ad you’ve purchased for that phrase. This indicates that, on average, more visitors (12 to 1) are discovering connections to existing material on a company’s website.

Buyers Stats

Below are some interesting buyer statistics that you should be aware of, especially as we transition into the digital space more and more.

Marketing Stats

By 2025, the market for customer experience management is predicted to increase, reaching $14.9 billion. B2B clients want the same high-quality experience as B2C customers, and businesses can’t deny it.

Brands must use consumer data, AI, and machine learning to completely customize B2B purchasing experiences. Many B2Bs may find that their employee experience is an excellent place to start when creating a distinctive experience. Many workers today work from home, and providing them with an online experience would empower and inspire them to give better customer service.

Most B2B companies would agree that marketing is critical to their success and that a strong marketing effort, much like in B2C, may help bring their brand in front of more people. Help to convert those individuals into leads. And, as a result, more sales. However, since a quarter of B2B companies spend just 5 percent of their overall expenditure on marketing, the belief is not inline with the budget and despite the fact that marketing generates a steady supply of leads, just 8% of respondents claimed they dedicated more than 15% of their resources to it.

Nearly half of B2B companies stated they want to increase their content expenditure in the next year. Only 4 percent of respondents want to cut down on their expenditures. Which only goes to demonstrate that in the B2B industry, content marketing still has a high potential ROI.

B2B marketers spend 50 percent of their time developing content to raise brand recognition and interest (Content Marketing Institute.) It’s tempting to believe that B2B content should be dull and formal. However, the fact is that B2B purchasers are still people. Reading material from a brand, like reading information from any other person, may help decision-makers get to know, like, and trust you better. Knowing what content to deliver and when is the key to getting in front of those key decision makers.

Being able to map out a customer’s full eCommerce journey to anticipate every step of the way is imperative in order to achieve bottom-line outcomes. Learn more about Friend of Commerce’s marketing suite and how we can help you see results quickly. 

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Do Your B2B Buyers Want to Purchase Online? YES!

Traditionally, B2B purchases included a complex sales process involving several contributors and decision-makers. This frequently convoluted process involved study, assessment, and stakeholder involvement, followed by more research, evaluation, and stakeholder engagement before reaching any final judgments.

While some B2B journeys are still this complex, the system is evolving. During the pandemic, face-to-face meetings and in-person activities were halted, therefore these channels for decision-making were closed. Many of us—even buyers—now have less time than ever before in the frenzied, chaotic world that has arisen over the last few years. This means that the previously time-consuming B2B purchase journey has been simplified.

Buyers must still go through basic processes in the purchasing experience, such as defining a business need, researching solutions, evaluating possibilities, and finally making a decision. The difference today is that purchasers are conducting more online research on their own than in the past, and this research cycle looks to be getting faster and more effective.

This is a drastic change from not even ten years ago.

When you needed a printer for your office, for example, you’d look through the circulars, phone a few places, maybe ask about the best costs, and then place your order. More than likely, you’d have a long-standing relationship with an “office supply guy” who would drop by on a regular basis to see if you needed paper or supplies. Now? You don’t need “a guy,” you just need the web! And what is the web full of? Office copier ratings! You can find the best copier in a matter of minutes, see who has the greatest advertised pricing, then make a phone call when you’re prepared to buy.

McKinsey revealed in an October 2020 study that 70 to 80 percent of B2B decision-makers favored digital or remote contacts over face-to-face meetings. The top three reasons were safety, cost savings on travel, and simplicity of scheduling. From locating new suppliers to ordering goods and services, digital interactions were favored at every point of the purchase cycle.

What Do Buyers Want From B2B Online Purchasing Channels?

  • Optimized transactions

Companies now realize that simply having a website is no longer sufficient. To meet buyers’ demands and expectations, and to reduce their reliance on offline purchasing channels, e-commerce platforms must offer more than simple buy-and-sell operations.

As a result, many B2B organizations are entering what can be called the second stage of e-commerce maturity, in which improved online customer experience is the new priority. Not to mention that B2B buyers are also consumers accustomed to smooth B2C purchasing experiences. An enhanced user experience is now required for B2B online purchasing.

  • A simpler buyer’s journey

In accordance with the consumerization trend, B2B buyers anticipate a better overall online purchasing journey. Many B2B purchasers have mentioned that their most recent transaction was tough. The intricacy of the buying process itself is a major cause for this, with B2B buying groups often consisting of 6 to 10 decision-makers, each of whom gathers information irrespective of the others.

With so many components, technology is the greatest approach to simplify the B2B buying experience. Sellers make the research period considerably easier for buyers by delivering the relevant information at the right moment.

Customer data platforms, customer relationship management systems, and creative management tools, as well as technology that unifies your marketing, sales, and experience teams, enabling team cooperation across numerous products, campaigns, and markets. These tools aid in the delivery of information and data, allowing vendors to provide customized, relevant information to purchasers at the correct time. 

  • Online sales platforms as information sources

Buyers want to be able to obtain information such as shipping and return information, payment terms, price, and invoicing online. Naturally, it’s no surprise that individuals nowadays prefer to get their info online. However, consider the impact that an online information portal could have on your organization even before making a purchasing choice. 

Your online sales channel can also be used as a framework to host other critical sources of information that purchasers use throughout the information search stage of the purchasing process. Customer feedback, marketing content, and case studies are examples of this.

What Are The Advantages?

  • Cost savings

Even in its most basic and fundamental form, e-commerce tackles the cost-savings issue by removing the time and resources required to take and manually add offline sales orders. Cost reductions can be gained even further with ERP-integrated e-commerce due to decreased time and effort necessary to monitor and synchronize online store data.

  • Efficiency of transactions

If the main obstacles throughout the B2B purchasing process are data availability and order mistakes, ERP integration is the obvious solution. You can leverage Dynamics to pull real-time ERP data (such as inventory and product data) into your web store to keep your audience fully updated 24 hours a day, seven days a week. This detailed product data can also help to reduce order mistakes caused by improper products, inventory, or account record keeping.

  • Customer satisfaction

When it comes to online purchases, there will always be a margin for error, and it is likely that you will not be able to supply all of the information that every single buyer may require online. This is why, in addition to addressing existing e-commerce difficulties to the best of your ability, it’s critical to work on an effective cross-channel strategy. By doing so, you can not only reduce the number of clients forced offline as a result of technical issues but also create a streamlined experience for those customers who choose to switch between online and offline channels.

Let’s Recap

Demonstrating that you can satisfy your buyers’ needs at various stages of ecommerce offers you a competitive advantage and increases your chances of getting chosen as a supplier in the first place. Furthermore, launching an e-commerce channel can assist your organization. By providing what your clients require online, you will reduce the pressure on your sales and support employees. This provides them more time to concentrate their efforts on expanding your customer base, target markets, and, ultimately, revenue. 

Investing in an e-commerce platform is a win-win situation for both your company and your customers. Fortunately, you can work with experts like Friends of Commerce to ensure your digital transformation gets you there. 

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Three Reasons You Should Be Launching a B2B Digital Commerce Channel Now

Consider being a mom-and-pop shop in America in the early 1980s. At the other end of town, a massive mall has unexpectedly opened up. Forty-plus years later, we’ve all seen how the majority of these stories ended. With the emergence of Walmart, Costco, and Target, the tradition of local, family-owned businesses began to dwindle swiftly. Why are we discussing this now? Because the e-commerce platform is to our generation what malls were in the 1980s.

As your average B2B buyer becomes more technologically sophisticated, the need to transition your company to a more effective, efficient, and scalable e-commerce offering cannot be overstated. Homegrown methods that have worked for some organizations are adequate up to a point, but because the name of the game these days is scaling, oftentimes these homegrown systems simply lack the capabilities to maintain consistent expansion cost-effectively. 

Those companies still sitting on the sidelines of digital commerce because they believe their market is more traditional and that their buyers aren’t interested in executing some part of their engagement online, are placing themselves behind competitors and losing out on cost-savings and revenue growth. This is truly impacting their bottom line. 

Landscape and Trends in B2B Commerce

Scaling up is more than just a math problem. It also entails using new technologies and solutions that will allow your digital commerce company to maintain its ground and hold its own in a sea of competition, ongoing innovation, and technological disruption. These current changes in the B2B commerce scene will help you understand why now is the time to adapt.

Raised Expectations for More Personalized Online Experiences

This is a trend driven by both B2B buyers and the evolving technology that underpins digital commerce. Because businesses frequently have repeat consumers, having predictive algorithms allows a company to build unique purchase patterns for each buyer. This adds another element of satisfaction to the customer’s experience and encourages them to make repeat and periodic purchases.

The Path of Least Resistance

While there are other advantages to investing in B2B  e-commerce, these three stand out owing to their relevance for a wide range of B2B setups rather than specific firms.

  1. Reduce costs across all channels

Significant cost savings can be realized by replacing manual operations that require staff’s time and also introduce the possibility of producing errors. This is true for all channels, including phone, email, 3rd party marketplaces, DTC, and even face-to-face interactions. Having the correct technology foundation that can enable efficiencies across your channels is paramount to managing costs, effort, and risks. 

Today’s modern eCommerce platforms can assist firms in replacing manual operations without investing heavily in customization and maintenance. This is especially true for platforms that are designed to serve B2B sellers right out of the box, allowing firms to get up and running quickly. More orders can be captured through the digital channel, resulting in less reliance on homegrown or legacy systems, which are not only costly to maintain, but have the added burden of security and privacy risks.

  1. Create easy-to-use purchasing experiences to improve customer satisfaction

Because the majority of B2B buyers are corporate representatives who are frequently repeat clients, the time required to conduct these transactions should ideally be low. The emphasis should be on providing efficient experiences for busy buyers, allowing them to find what they need online without having to call a sales or service representative.

E-commerce platforms, with the capacity to give customized navigation and precise product information, aid in the creation of a smooth path for B2B buyers. They can also help to reduce the time it takes to identify the proper product by using straightforward catalog browsing and simplifying repeat orders with reorder buttons and saved order lists.

Assisting consumers in discovering products and answering queries on their own time will result in a degree of customer satisfaction that will set your company apart from the competitors. The laggards that don’t embrace the efficiencies of technology and force clients to be reliant on middlemen and sales pitches will see their slice of the market shrink.

  1. Make your customer adoption strategy even better

Another significant advantage of e-commerce systems is the ability to track and optimize customer uptake. With the ability to see how buyers use and engage with the site, insights may be used to tailor the site to their specific needs.

Buying behavior data is very important. The good news is analytics may be tracked down to the individual level, and route analytics can be used to visualize their user journeys through the site. Furthermore, buying trends can be examined throughout different times of day to acquire a better understanding of their purchasing habits.

High customer adoption rates contribute to a higher margin and a higher return on investment (ROI) on marketing initiatives. 

How Do You Ensure the Success of Your E-Commerce Business?

Businesses who are considering Investing in B2B e-commerce, whether for the first time or to improve the performance of their channel,  should be aware of these helpful hints.

  • Implement a cross platform strategy

Because individuals are more tech-savvy these days, there is a high probability that potential prospects and clients will be engaging with your company on more devices than just their desktop. They may look for things they need on their phones or other portable devices, and then complete the order later from their workstation. This is why a company should implement a cross-channel e-commerce strategy to ensure that its content and catalog are available to potential customers across numerous devices and that experience is consistent.

  • Be up front on costs & offer flexibility 

Being upfront and transparent about the overall cost at all stages of the purchasing process is important. Typically in B2B, different clients are assigned different “price books” (discounts) based on purchase volume. With B2B, people could be buying things that are difficult to ship (think heavy industrial parts) or take time to assemble ahead of time (shipping time). So giving the client the flexibility to select the shipping method that saves them the most can be very important.

Why Are E-Commerce Platforms So Important Right Now?

In today’s B2B environment, your company’s customer-facing platforms must effectively hold the attention of potential buyers while meeting their expectations for world-class customer care and customized purchasing experiences. Custom configuring and quoting is also a very valuable B2B eComm component. Investing in an e-commerce platform that can manage all of these criteria is critical for businesses looking to scale and become future-ready. Fortunately, you can work with experts like Friends of Commerce to ensure your digital transformation makes an impact on your business. 

View our video on this topic.

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away, and follow our blog for more tips and trends on digital transformation and B2B commerce.

 

     

Friends of Commerce Expands eCommerce Marketing Offerings Driving High Converting Traffic and Maximizing ROI

Expanded services focusing on B2B & B2C customers provides a one-stop eCommerce solution across the customer lifecycle

Laptop with Marketing Dashboard

SAN DIEGO, CA, June 21, 2023 Friends of Commerce, a B2B & B2C eCommerce consulting and solution implementation agency announces an expansion of their eCommerce marketing services to serve B2B & B2C organizations looking for a faster, optimized technology solution driving ready-to-buy traffic and increasing ROI.

“We are excited to be able to offer our customers this suite of eCommerce marketing strategy tools,” says RJ Stephens, CEO/Co-Founder of Friends of Commerce. “The world-class eCommerce program allows our customers to scale their business faster and see results quickly.”

Friends of Commerce started to fill a gap in the market by providing honest, authentic, and expert-level high-integrity consulting and development services to both growing and new retailers, brands, and manufacturers at a fair and reasonable price. Our many years of experience and expertise in almost every online/commerce situation allow us to provide proven solutions that lead to becoming a trusted advisor, i.e. Friend, and transparent partner.

“Being able to map out a client’s full eCommerce journey to anticipate future-state requirements is critical in order to develop and optimize systems that position clients to achieve their business objectives,” said RJ. “Our goal is to provide the best solution to our customers at every point of their eCommerce lifecycle−from the earliest planning stages to the bottom-line outcomes. Adding our marketing suite augments our current offerings and allows us to continue to provide what our customers need to be successful.”

For more information on Friend of Commerce’s marketing offerings, visit services.

ABOUT FRIENDS OF COMMERCE

Friends of Commerce is a B2B & B2C eCommerce consulting and solution implementation agency, located in San Diego, CA. We focus on upper mid-market B2B and B2C companies needing to embark on digital transformation for the first time or moving off legacy systems. We work with our clients to ensure a transparent, full-service, end-to-end solution to grow their business. Friends of Commerce care about making our customers successful by providing a high level of expertise, engagement, and experience at an unmatched value. Learn more at www.friendsofcommerce.com, www.twitter.com/CommerceFriends, www.facebook.com/commercefriends, www.linkedin.com/company/friendsofcommerce

Top 3 B2B eComm Implementation Mistakes

Top 3 B2B eComm Implementation Mistakes

Modern B2B ecommerce has evolved far beyond basic online ordering systems. Today’s business buyers expect the same seamless digital experiences they encounter in their personal lives.

Yet many established B2B companies are operating on legacy platforms that were implemented years ago with a “get online fast” mindset rather than a strategic growth approach.

For manufacturers and distributors generating $10-200M in annual revenue, the stakes are particularly high. While these organizations have proven their ability to succeed through traditional channels, capturing the next phase of growth requires a digital commerce foundation built specifically for how modern B2B buyers research, evaluate, and purchase.

According to Forrester Research, the global B2B eCommerce market is expected to hit $18.7 trillion by 2027 – that’s up from just $889 billion in 2017.

While it may come as a surprise to many, the volume of fasteners, medical supplies, electrical hardware, and other company-specific products sold online surpasses the amount of footwear, make-up, and music sold to customers through the Web.

By recognizing these common mistakes you can escape the shortcomings, and enjoy the advantages associated with B2B eCommerce implementation.

With that in mind, let’s take a look at three of the most common errors businesses make when introducing B2B eCommerce—and what to do in order to avoid them.

Mistake #1: Failing to Clearly Define Your Requirements

The stakes of modernizing business operations to meet digital commerce demands are significant. While many organizations recognize the need to enhance their digital commerce capabilities, the path forward requires careful consideration rather than rushed implementation.

Consider Your Digital FoundationThe most successful B2B digital transformations begin with a comprehensive evaluation of:

  • Current and future business objectives
  • Customer expectations and buying behaviors
  • Operational workflows and processes
  • Integration requirements with existing systems
  • Scalability needs for the next 5-10 years

The Cost of Rushed Decisions
Many manufacturers and distributors have learned costly lessons from hastily implemented ecommerce solutions. Common consequences include:

  • Platform limitations that restrict growth
  • Poor user adoption due to misaligned functionality
  • Integration challenges with ERP and other core systems
  • Expensive replatforming projects within 2-3 years

Mistake #2: Undervaluing Consumer Experience

B2B companies have a bad habit of putting up tricky-to-use eCommerce storefronts, add-ons to their existing ERP systems, and simply waiting for orders to show up. When the orders don’t “show up” , they either start blaming their clients or conclude that eCommerce isn’t a realistic choice for them.

They are incorrect on both counts.

When developing a digital commerce channel, it is critical to prioritize the user experience (UX). Today’s B2B buyer wants the digital user experience to facilitate their work and reflect consumer-like shopping experiences. How can you expect customers to use your website if the process is  confusing and the site is difficult to use?

Take into account that business buyers’ demands are shaped by their personal encounters purchasing from the world’s most advanced eCommerce sites. Retailers such as Amazon continue to raise the bar for online retailers, which includes your business, whether you want it to or not. While B2B websites must support B2B buying workflows and subtleties such as tiered, volume, or one-off pricing, custom catalogs, and billing on credit terms, the fundamental elements of a B2C website must also be included. Your eCommerce site will be ineffective if the search, navigation, item details, listing pages, shopping cart, and checkout are not streamlined to live up to the standards of modern digital buyers.

Customers will return if you invest heavily in creating a desirable UX.

Mistake #3: Failing to Engage Your Sales Team

Your sales force is tense. When they hear the term “eCommerce,” they immediately think of competing with others and losing commissions.

In the vast majority of cases, fear is unwarranted. Regrettably, numerous B2B replatforming initiatives are launched without considering the sales team’s input, at least in terms of planning and delivery. As a result, a large percentage of value is lost, and sales staff will fight against eCommerce adoption among your client base once your site is live.

In reality, eCommerce increases the sales team’s productivity by enabling team members to devote more time to strategic issues with key accounts. A good eCommerce website saves time spent on low-value, routine tasks like entering orders or responding to order status concerns. Furthermore, if sales team members are paid a commission on eCommerce sales made to their accounts, economic incentives are connected too.

Don’t limit your re-platforming efforts to a few senior executives or to the marketing division. Instead, make strategic use of your sales team. When selling channels are in sync, real value unlocks are available, and involving the sales team early in defining your requirements and setting objectives will improve your return when you launch.

Advantages of Successful Re-platforming

By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels. Consider what this level of sales penetration could mean for your company. eCommerce sales are not only more cost effective to process, but they frequently have higher gross margins. Online sales frequently represent incremental revenue, either through increased share of wallet from existing customers or new customers.

Obtaining these outcomes for the business necessitates a substantial investment of both external and internal resources. Companies that prepare for and start executing on this opportunity, on the other hand, can see a real return on investment. If you do it correctly, you’ll soon be able to eat your slice of the pie.

Don’t Make the Same Mistakes

Ready to transform your B2B eCommerce experience? Let us help you align your technology with your business goals. Reach out to learn more, or check out our blog for insights on digital transformation and eCommerce trends.

Top B2B Ecommerce Trends for 2022

While many B2B verticals continue to employ physical and online sales channels, the extent to which they do so differs. In any case, digital is increasingly playing a key role in assisting B2B companies in growing and retaining their customer base. In 2020, the global B2B ecommerce market size was valued at USD 6.64 trillion and is expected to expand at a compound annual growth rate (CAGR) of 18.7% from 2021 to 2028. The biggest reason? Millennials. They not only expect, but demand a personalized ecommerce experience through streamlined, digital channels. In fact, 73% of millennials are involved in the B2B buying process. That’s huge. And this dynamic is driving many of the trends we are seeing.

 

B2C-like experiences are the Zeitgeist

Whether B2C or B2B, online behavior is driven through highly similar user expectations. The B2B buying process tends to take longer to play out and can involve multiple people, but at the end of the day the customer still expects an experience that is tailored to their needs. We all know that B2B buyers do a lot of pre-purchase research on a manufacturer and its products, just like B2C buyers do.  In fact, they typically conduct at least ten online searches before making an order. Creating your B2B site with clear navigation and intuitive user journeys is no longer optional.  As clients and prospects are in research-mode, those companies that enable easy access to critical product information are going to realize more success.

 

Your Margin for CX Error is Evaporating

Today’s customers have been conditioned to have limited tolerance for less than ideal Customer Experience. Nowhere is this more crucial than in your digital channels, as your competitors are a mere click away and they are making investments to grab your market share. Customer’s expect an intuitive customer experience online that enables them to find the products and content  that they desire quickly and efficiently, and to feel like you know them.  A growing percentage of Customer Loyalty has been replaced by consistency in Customer Experience.  This is not a “one and done” fix, but needs to be an ongoing focus for your business in order to generate repeat business and  maximize Life-Time Value.  Mapping out your customer journeys by persona and identifying any friction points, then creating a CX improvement roadmap based on an impact / effort matrix are investments that will pay off many times over.

 

B2B Mobile Commerce is Critical to Get Right

Millenials and mobile…they go hand in hand. Literally! 50% of B2B queries now are made on smartphones. In fact, mobile drives over 40% of revenue in leading B2B companies. So getting your B2B business online is the first step, but making it mobile-friendly is important. The first step is putting yourself in the shoes of your customers and asking yourself, “what are the top five most important things we want our customers to do in a mobile environment?” You have limited screen “real estate”, so the features and functionality you offer will have to be prioritized and focused.

 

Launching a Direct-to-Consumer (DTC) Channel

DTC gives you more control and connection with your customers, but it’s a big challenge to implement. It’s also a big trend. A DTC channel opens up many new opportunities across the board. The benefits of direct-to-consumer (DTC) ecommerce are substantial. From a revenue perspective, DTC tends to have much higher margins.  Developing an end-to-end relationship with your customer not only gives you greater control, but you also have access to more first-party data that can be utilized to make critical business decisions,  as well as seeing a significant increase in repeat purchases and Life-Time-Value of customers. you own the end-to-end relationship  and it’s an additional sales channel that tends to have much higher margins.

Smart manufacturers and brands are investing in their own B2B channel where they can further build direct relationships with their clients, have all the behavior data (upsells, subscriptions, bundled offerings). This also insulates their current clients from being exposed to competitive offerings by 3rd party marketplaces. In order to effectively execute a direct B2B channel you need the entire company bought into the benefits, including sales, client services / support,  and product marketing.

 

It’s all about the content.

Cold calling, brochures, and catalogs are being phased out in favor of digital initiatives in the marketing world. B2B marketers will see high-quality leads coming from SEO, site content, emails, and virtual events, even as in-person events return.

According to a study conducted by the Content Marketing Institute and MarketingProfs, 90 percent of respondents used short articles/posts for content marketing in the previous year. Email newsletters, long-form articles, and podcasts all grew in popularity in 2021, and we expect this trend to continue in 2022.

During the year, in-person events lost the most, although virtual events also lost a few percentage points. This demonstrates how difficult it is for B2Bs to articulate their brands and create relationships through webinars. However, marketers have frequently failed to deliver the material that users desire. In 2022, content must demonstrate that vendors are aware of and capable of resolving issues.

 

Optimizing revenue

Customer acquisition, retention, and upselling are all goals of revenue optimization. It’s like customer retention on steroids: you want to implement techniques that help consumers stay longer and spend more money with you.

Marketing must retain a focus on existing clients as recurring revenue arrangements become more common. To enhance customer lifetime value, leaders should focus on maximizing LTV (Life-Time-Value) in the B2B channel  by collaborating with both sales and customer success operations.

Making high-intent buyer personas is a good place to start when it comes to revenue optimization. Regardless of whether your sales staff is focusing on acquiring, keeping, or upselling clients, this ensures that your brand knows who your target consumer is and that you don’t waste time on low-quality leads.

 

Optimizing Investments

Many technology investments are the by-product of short-sighted tactics previously implemented that ultimately painted the company into a corner and saddled them with technical debt.   Obviously some future requirements simply cannot be forecasted, but positioning your technical investments in a way that enables flexibility to adapt to future requirements is a paramount consideration that many companies undervalue in the short-term. It can be easier in the short-run to implement closed all-in-one platforms, but that comes at much higher cost down the road.

Savvy B2B technical buyers are looking for a blend of customizability, scalability, and flexibility to power their digital channels today, tomorrow and into the future.  One of the trends that addresses this need is the growth of API-driven and open-API platforms that enable adaptability to future third-parties applications that enable non-native functionality to be effectively leveraged without requiring the equivalent of open-heart surgery that comes with a full replatform.

 

Companies are putting more emphasis on sustainability.

As worldwide awareness of climate change grows, more businesses are launching sustainability efforts. These objectives are not only good for the environment, but they are also good for business. Customers are 4.3 times more loyal to eco-friendly firms, according to surveys, and conversion rates can improve by up to 20%.

Finding ways to be more ecologically friendly, whether it’s through packaging, product materials, or reducing energy use in production, is a major trend.

 

Commerce in the social space

By 2025, social commerce sales are predicted to quadruple. In China, over half of internet users make purchases through social media platforms, compared to only 30% in the United States. In 2022, a big trend will be for businesses to be able to promote and sell things on social media so that customers can make purchases without ever leaving the platform.

Essentially, this allows B2B businesses to create an eCommerce store directly on social media platforms such as Facebook, Instagram, and Pinterest.

 

AI-driven personalization

Personalized experiences were a hot topic in 2021, but in 2022, we’re taking things a step further. Personalization will always be here, and the way companies approach it is changing.

Artificial intelligence will be a high priority in 2022.

In 2021, there was a global poll of consumers done to learn how they felt about various brand interactions. The findings: Consumers care less about the quantity or location of contact and more about whether the interactions are relevant. For example, 27 percent of respondents stated inconsistent brand messaging irritates them the most, while another 27 percent said irrelevant marketing irritates them the most.

Businesses had to shift priorities fast and work with fewer resources last year. When it comes to digital commerce technologies, B2B organizations value customization and flexibility (87 percent), according to the study. The demand for out-of-the-box B2B functionalities (65.2 percent) was not far behind.

B2Bs will be more aware of technology developments and how they fit into vendor product roadmaps in 2022. Technology leaders will seek solutions that will not only function for their company today but also adapt to changing markets and customer expectations in the future.

 

The metaverse strategy

In a nutshell, the metaverse is an online environment where humans interact with in a digital landscape through avatars. It’s as though the physical world had a virtual extension. Online games like Roblox and Fortnite are popular metaverse locations.

But, how does this relate to your B2B ecommerce business? Creating a location for your brand in the metaverse may not yet be at the top of your to-do list, but it is worth keeping on eye-on if you want to keep up with the ever-growing digital channels.

Company’s have the ability to improve brand awareness and engagement by establishing online venues for enterprises to check out things before they buy. The possibilities are unlimited, and as eCommerce technology develops and evolves, we’ll see even more possibilities emerge.

 

Summing up

The pandemic was still going strong in 2021. However, economies all across the world have proven to be resilient. Worker shortages and delivery delays wreaked havoc on many companies as the year progressed. Despite this, businesses and households continued to spend. As investment and value creation continue to rise, the business outlook remains overwhelmingly positive.

Many of the problems that plagued 2021 will persist in 2022. The epidemic, inflation, and supply chain issues will all continue to be a problem. However, demand is high and going to stay there. For those companies that embrace innovation and seize the opportunity, there is plenty of upside to be had.

Keep these B2B eCommerce trends in mind so you can start adopting them in Q1. Making sure you’re up to date on new marketing ideas and approaches keeps your company in front of clients’ minds.

How Could B2B Digital Commerce Impact Your Bottom Line?

Global eCommerce growth has transformed attitudes about digital modernization across a wide range of B2B companies. B2BecNews polled 218 manufacturers, wholesalers, and distributors in 2018. While 61% of manufacturers and 38% of wholesalers were not interacting online, 75% of these surveyed companies planned to build their own eCommerce platforms over the next two years.

Organizations that are averse to integrating eCommerce are doing themselves a disservice. Not integrating eCommerce into your business is placing them behind competitors who are aggressively adopting new technologies. To persuade key decision-makers of the advantages of digital commerce, a compelling argument must be made that appeals to business aspects such as strategic outlook, cost-savings, and revenue growth.

Even if a major digital player has not yet entered your business, it is only a matter of time before one does. When this occurs, your reliance on phone and email ordering methods will have a detrimental impact on consumer loyalty. Indeed, Amazon Business and other digital-only firms are directly targeting several B2B industries.

Amazon is anticipated to take 10% of the US B2B market and 5% of the international market by 2023, with sales of $33.7 billion. Amazon continues to spend extensively in refining its B2B services, providing corporate purchasers with a wide range of simple features and capabilities.

  • Competitive “business-only” pricing
  • Integration of an e-procurement system
  • Purchase cards, credit lines, and tax breaks are all supported.

 

Digital Leaders Succeed

Embracing change and investing in digital leadership provides your organization with real, measurable benefits.

 

Cost Savings Visualization: Going digital eliminates drains on business resources.

The most effective approach to save money is to avoid losing it in the first place. Costs related to order processing, human entry errors, and customer assistance costs are negatively impacting your bottom line right now. Today’s eCommerce technologies can automate internal operations while also fostering a self-service client experience, freeing up staff for more productive company goals.

 

Order processing costs are reduced thanks to eCommerce.

Providing a quick, frictionless ordering experience is one method to cultivate client loyalty. By enabling self-service transactions, faster quote management, and assisted selling, a digital commerce platform can drastically lower order processing expenses. Freeing up the internal resources that were previously required to manage orders manually will provide the added benefit of allocating those resources towards growing client relationships and revenue.

 

Quote Management Simplified

Customer quotation creation can be managed using a streamlined, fully documented process that tracks all important parts and allows purchasers to check out online after an agreement is reached.

 

Online ordering reduces error rates, resulting in increased profitability.

Throughout the manual ordering process, errors are common. These errors not only waste time and resources; failing to deliver on time has a negative impact on client satisfaction and trust. By implementing a digital self-service option, for those clients that prefer the efficiencies and convenience of digital self-service.

 

Automated SKU Verification

Before an order is placed, each SKU is checked to be genuine, in stock, and available, eliminating errors and minimizing time spent managing returns.

 

Self-service for Customers Ordering

As the customer can enter and evaluate an order before confirming it, it eliminates transcription errors, sales rep confusion, and the selection of the incorrect address, among other things.

 

Support costs are reduced by using an online customer portal.

Investing in eCommerce results in savings that go beyond the transaction processing. You can dramatically reduce inbound queries across many regions by providing your clients with a consolidated service portal to manage their most typical tasks. With less support demand, you can cut operating costs and devote more resources to growing your business faster.

Customers can use a self-service site to:

  • Access invoices and return products.
  • Check inventory levels by stock location.
  • Check the status of the order and the status of the shipment.
  • View overall spending reports and data for the company.

 

Including eCommerce Increases Customer Satisfaction and Retention

Understanding and resolving your clients’ pain concerns before they get vocalized is part of revenue growth. Inefficient B2B processes such as delayed purchase procedures, lack of responsiveness, and limited account control are addressed and corrected via digital commerce. Companies can improve customer happiness by simplifying these components, which has a significant impact on retention and financial performance.

According to McKinsey, the most common service complaint among B2B buyers is dissatisfaction with delayed response times, which is expressed by 40% of their buyers.

In their research with IT infrastructure buyers, Harvard Business Review discovered that responsiveness is a top three loyalty factor.

 

Customer Spending Increases Due to Omnichannel Commerce

Omnichannel provides additional channels for clients to interact with your business and purchase the products they require. Customers are driven to spend more overall when they engage with numerous channels, according to Forrester. You can begin implementing features that drive client spending by establishing a digital commerce channel.

  • Conveniences such as 24-hour purchasing, simple purchase list set up, and no wait times to connect with sales are available.
  • Quote requests are processed quickly, stock levels are visible immediately, and order status updates are provided in real-time.
  • Sites intended for browsing and discovery make it easier to find products than scanning spreadsheets or hardcopy catalogs.
  • Cross-sell and up-sell options enable you to promote additional purchases in advance.
  • Offers such as free delivery or other incentives for greater buys are more likely to be targeted.

 

Last Thoughts

The majority of business-to-business (B2B) commerce projects revolve around the concept of change management. Even after the recommended methods have been approved by the leadership team, you must continue to promote the benefits of digital integration throughout the firm. You want to lay the groundwork for ongoing, critical investment in this channel.

It’s human nature to be cautious about change. However, by regularly sharing your vision and combining like-minded individuals who can assist share the value of change, you can lessen the fear of change. Most crucial, keep the consumer experience at the forefront of your mind at all times during the planning process. Focusing on the greatest approaches to exceed client expectations will draw attention to the significance of your activities.

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