Studies have shown that the more difficult it is for a buyer to purchase something, the less likely they are to follow through with that purchase. This could mean an online experience that has too many clicks to get to the point of sale; or even just the difference between products being offered only in person, rather than online as well. eCommerce has great potential to make online buying a booming avenue for any business selling its goods in this highly competitive, post-recession economy.
But it goes beyond just making it easier for some customers to shop from home or their own office. As more companies go online, the potential to cut costs - as much as 90 percent, according to Forrester - by guiding customers to semi- or fully-exclusive online self-service eCommerce seems to be the certainty of big business future.
There’s a new way of doing things in the business-buyer’s life. That way seems to be the one that is most efficient and cost-effective. In a 2013 Forrester survey, 52 percent of B2B eCommerce executives surveyed reported that migrating formerly offline-only customers to online purchasing reduced their customer support costs. Following that, Grainger, a pioneer in B2B eCommerce, reported in 2014 that 94 percent of its revenue growth came from online sales.
As if you need more proof as to the power of online commerce, economists are now projecting that by the year 2020, the B2B eCommerce market will be twice as large as the B2C market. According to research at Frost & Sullivan, that represents $6.7 trillion versus $3.2 trillion. To flagrantly ignore this is a recipe for failure as a business owner trying to sell anything and expecting to come out ahead.
And, it may be a clue that you are hard to buy from.
Verenia is ready to help your business create a seamless buying experience for your customers, so that you too may harness this growth in online sales and cost-effective production practices.
A business-buyer’s life is a difficult one. Vendor sourcing, evaluating vendors, issuing POs, calling, faxing, and rushing orders are among the many things that business-buyers are tasked with on a daily basis. Implementing one of the B2B eCommerce business models can make this considerably easier for your clients, in turn making your company much easier to buy from.
Companies can choose to go with a one-to-many or many-to-many model of online ordering. In the one-to-many they operate out of their own B2B online store, whereas the many-to-many involves a more extensive online B2B marketplace. No matter the complexity of your products, though, moving to one of these models of online ordering as the principal mode of sales is sure to see immediate results in terms of both sales and production costs.
Scalability to handle a complex network of products over a maintainable platform is another factor that goes into your online marketplace. As a business-owner - again - a sense of ease through every purchase is essential to keep your clients happy and re-purchasing. Verenia’s EosCloudStore is prepared to launch your company into this next stage: that of eCommerce.
Want to know more? Watch an intro video to our CPQ, eCommerce software, EosCloudStore.