by Abir Dey
6 Reasons why buyers prefer e-commerce for B2B procurement
B2B customers research online before making a purchase, which explains why B2B sites and dedicated e-commerce platforms such as Amazon Business and Alibaba.com are increasingly growing in popularity. They’re becoming a go-to destination for many B2B businesses looking to compare products and prices, and eventually replenish their business supplies.
Tradub is a similar platform for B2B procurement for industrial equipment.
Tradub is heading towards the future and have laid their foundations right. You can check Tradub's website here.
In this article, we will explore six reasons why B2B buyers prefer e-commerce for B2B e-procurement:
1. Convenience and accessibility
In the B2B market space, traditional buying and selling methods still work, but the explosive growth of e-commerce is undeniable and shaking the status quo.
While B2B commerce is, in many ways, different from B2C, the bottom line is that people are behind B2B purchasing decisions. And just like B2C buyers, the B2B customer wants the convenience and accessibility inherent in e-commerce: from online research to price and product comparison, from personalized recommendations to online payments and transactions, from customer relationship management to expanded supplier queries.
2. Improved efficiencies
Historically, B2B organizations had to develop homegrown systems that resulted in complex infrastructures and siloed technology tools that required overwhelming and costly customizations to make the backend and frontend systems work seamlessly together.
Modern e-commerce systems are more streamlined and less complicated, allowing B2B sellers to integrate various disparate systems, such as inventory and customer management tools, for example, to allow for more efficient inventory tracking and customer data capture (to better understand customer behaviors).
Benefits of B2B e commerce:
Also, Web-based procurement comes with a number of benefits: powerful search capabilities, more accurate and faster processing, and real-time support.It allows the B2B customer to perform associated procurement tasks using just their computer or connected device, including browse catalogs, read customer testimonials, chat with sales reps, and complete payments, among other things.
All in all, these equate to a marked decrease in search, communication, order processing, monitoring, and coordination costs.
3. Superior configurability and control
For a B2B buyer, one of the perks of browsing an e-commerce store is the ease with which to customize the browsing experience
4. Mobile commerce
The B2B customer wants a multichannel approach to B2B procurement, and that includes mobile commerce. Smartphones have gotten smarter over the years. They’re no longer just for texting and calling. With the popularity of web apps and easier access to affordable data plans, mobile devices have evolved into mini computers you can literally put on the palm of your hand and keep inside your pocket.
As such, it’s little wonder that mobile internet access now outpaces access via desktop computers. Growth of e-commerce usage in B2B is as shown in the figure below:
5. More streamlined customer experience
B2B customers expect to interact with suppliers online the same way they do offline. The good news is that B2B suppliers are getting a better handle on the technology and processes involved to craft personalized experiences for their customers, in much the same way top-notch sales representatives handle customer interactions.
Integration with CRM systems gives manufacturers and distributors the ability to view their buyers holistically, and with real-time data readily available to customer-facing personnel, such as order statuses, promos, exclusive offers, industry trends, and previously bought items, B2B buyers receive data-driven recommendations that save them time, effort, and money.
Noteworthy e-commerce features that positively impact the customer experience include dynamic product catalogs, bulk discounts, analytics, multi-user accounts, and possible tax exemptions.
6. Choice of bypassing the middleman to deal with and add to the cost of purchase
A recent UPS study on the dynamics of industrial buying found that millennials entering the workplace are upending the traditional B2B distribution approach with their “tech-savvy expectations of bypassing the middleman and working with the manufacturer.”
According to the white paper:
You may download the full report here
Many B2B companies are discontinuing print catalogs within the next five years, it’s safe to say that the internet has changed the way B2B procurement is done forever. B2B companies who are still on the fence would do well to consider embracing e-commerce for B2B procurement. B2B e-commerce, when properly implemented, provides a smoother, more flexible buying experience for B2B customers