The deep internet penetration and consumer behavior in online shopping have catapulted eCommerce to reach stratospheric heights. Nearly 60% of the global population is active internet surfers as of January 2021. That represents 5 billion people indulging in social networking, research, entertainment, and of course, business.
No wonder e-commerce riding on the powerful conduit has taken wings to quadruple. It is expected that the Indian eCommerce sector will touch $111 billion by 2024 and by 2026, it can reach up to $200 billion. The B2C pattern for research and purchases has been replicated into the B2B ecosystem, opening several windows of opportunity. A look at the statistics should suffice.
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Key B2B eCommerce Highlights
Even though brick-and-mortar stores are unlikely to go extinct, eCommerce offers a vast potential to expand. Moreover, the pandemic imposed lockdowns in early 2020 dried up the traditional supply chains to open the doors for well-capitalized B2B eCommerce players to fill the vacuum. As a result, the raw material starved businesses patronized the B2B eCommerce firms, helping them grow by up to 100-300% since April 2020. The figures below are revealing.
- B2B eCommerce is projected to touch USD 1 trillion by 2024 in India alone – twice the B2C market size.
- The B2B global eCommerce market in 2019 was worth USD 12.2 trillion – nearly six times the B2C market.
- Post-2020, India’s B2B sector is experiencing getting their value doubled every 3-4 months.
What is an eCommerce Platform?
An eCommerce platform is a website that facilitates online core business solutions for buying and selling products. It is a software application delivering functional processes, besides analytics, reports, customer support, inventory, order management, accounting, and many more. Besides, the platform is tailored for smartphone and multi-channel integration. Thus, an insight into what an eCommerce platform must deliver is imperative.
Essential B2B ECommerce Platform Elements:
Leveraging the potential of B2B eCommerce is essential in the fast-developing landscape away from the offline industry. More so when more and more companies are hopping onto the bandwagon. However, alongside the differences in the eCommerce platforms, consider all that is common while commissioning a web builder. Thus, let us look closely at what essentials must the eCommerce platform provide to establish your brand identity across audiences.
Restricted Entrance:
Unlike the B2C platforms, B2B platforms are far more complex, requiring customization for different customer experiences. The primary aim is achieved through limited user access based on their category. As a result, you achieve greater efficiency by avoiding clutter.
Customized Pricing, Payment, and Orders:
Ideally, a B2B eCommerce platform must provide multiple transactional solutions in a unified system. Several B2B eCommerce firms are hybrid, operating in B2C retail and wholesale channels. Thus, the eCommerce payment gateway must prevent conflict between the channels for smooth business operations and management. For example, the Zaakpay merchant service is your single-stop destination for customization.
Customer Experience:
The most significant element in your B2B eCommerce online platform is the experience your customer derives, apart from sales. The focus is on a satisfying experience to resonate across all your customers. Thus, the UX and UI ensure a higher conversion through scaled creatives and visually appealing videos rather than text. In addition, the best payment gateways in India can build brand loyalty. Consider Zaakpay for their signature products to suit your needs.
Key Reasons to Build a B2B eCommerce Website
India’s B2B businesses have grown phenomenally hand in hand, with the MSME sector contributing 29% of the GDP, riding on the government’s nudge. Digital India, Start-up India, and Skill India are some initiatives that helped develop innovative eCommerce sites for the B2B channel. A typical B2B supply chain on the online platform integrates several features to corner larger audiences returning enhanced revenue. Here are the 5 key reasons your business must be on the bandwagon to harness its benefits.
Digital Catalog:
Online product catalogs attract customers in real-time in the virtual space. eCommerce sites are tailored for search engine functions aiding customers to precisely locate what they want to buy. In addition, your well-designed digital catalog reaches your existing and new customers anytime and anywhere, provided they are on the internet and have a mobile phone.
Cost-Effective:
A customized eCommerce website helps reduce overhead costs substantially in repetitive expenditure on printed material. Instead, the visuals evince higher customer interest while tapping potentially higher orders from a broad base. In addition, the application syncs self-service orders directly into the integrated merchant service system saving time and money. Thus, Enterprise Resource Planning (ERP) can drop cost-intensive manual intervention.
Global Connect:
Internet penetration transcends geographical boundaries and helps the B2B eCommerce site reach global audiences. Regardless of your business’s vintage, your audience connection is assured while discovering a new demographic keen on your product range. Engaging pages and an SEO-enabled site open countless opportunities to showcase your offer and become a household name.
Data Insights:
A converted sale leaves a strong footprint on the eCommerce platform in stored customer data. Right from surfing your catalog to building a cart, and finally, at the checkout, the eCommerce payment gateway captures digitized data for generating deep customer insights. Besides, data analytics helps spot frictions in customers’ journey to focus on a rewarding, delightful customer experience in the end. In addition, devise business strategies from the upsides gained from a data-driven approach and make smarter decisions.
Recognize Modern Demands:
Today’s customers constitute a discerning populace that value convenience and are comfortable navigating a digitized ecosystem. eCommerce is their cup of tea, and they revel in the quick and seamless checkout featured in the best payment gateways in India. So, it is not only an eCommerce facility they are after but a completely functional digital environment. It is delivered when you engage seasoned professionals to build a site that spells modernity.
Wrapping up
Riding the eCommerce tidal wave is a paradigm shift from how businesses sell to customers, regardless of the market sector. Holding back could impact your business grapple with lost opportunities and competitive advantage. Also, learn the eCommerce way from Zaakpay to corner empowered buyers and leverage resources to drive higher revenues. It ultimately delivers a better customer experience. Therefore, optimize your business processes now as the B2B eCommerce channel continues to grow unabated.
