BREAKING THE FIVE MYTHS OF E-COMMERCE

Successful B2B growth is on digital sales only. Here’s why,
The E-commerce market has grown tremendously nowadays and is a trusted market among corporate buyers. Even though some misbeliefs are within most of the b2b companies like e-commerce is not suitable for b2b and ‘e-commerce is for more tech-savvy businesses’.

According to a survey, most corporate buyers are not only relying on e-commerce but also believe in digital channels in their purchasing journey. While some b2b companies believe customers aren’t ready to buy in e-commerce. But, today customers and suppliers use digital channels at a faster rate.
The Regular myths around b2b e-commerce have to change. These are the persuading myths around b2b e-commerce.

#1. B2B Companies Don’t Use E-Commerce.
#2. Most Buyers Prefer Face-To-Face Interactions.
#3. A Basic E-Commerce Site Is Enough.
#4. E-Commerce Is For Retail And Low-Cost Purchases.
#5. Digitalization Is For Advanced Levels Of Business.

1. B2B companies don’t use e-commerce.

False, nearly two-thirds of b2b companies offer e-commerce, which means sales and transactions are fully online. This ratio has been rising today. Because of digital adoption everywhere, sellers and buyers are moving towards e-commerce. Nowadays, sellers prefer e-commerce sales over traditional sales, it saves time and money.
Immense customer demand is one of the major reasons for b2b e-commerce. It generates more revenue than traditional sales and reduces expenditures.

2. Most buyers prefer face-to-face interactions.

Mostly, two-thirds of customers need face-to-face interactions via digital mode. Buyers need interactions at every stage of their purchasing journey.
But in-person interactions lead to more expenditure for companies.
B2B companies now offer features like online chat, video conference, and email. The adoption of video conferencing is also continuing to increase.

3. A basic e-commerce website is enough.

Wrong, the Majority of b2b companies are now full-fledged using e-commerce and investing accordingly. Now, b2b companies offer more features in e-commerce like their offline sales. More than 80 percent of b2b companies say they have their e-commerce channels to a higher standard than other channels. It offers a complete catalog of the product, price, availability, shipping, and delivery and also provides personalized recommendations.

4. E-commerce is for retail and low-cost purchases.

Not so, business buyers have changed their concerns about completing transactions online. More than one-third of persons are willing to pay large amounts in single transactions on digital channels. B2B spending transactions rate has grown steadily, all customers prefer e-commerce websites for trust and a comfortable way of making purchases.

5. Digitalization is for advanced levels of business.

Most of the b2b sellers oppose this. They see digitalization as a part of their marketing mix. Nowadays, 60 percent of buyers are open to purchasing on digital marketplaces. So most of the b2b companies are actively investing in their own websites and also in supplier websites and that is exactly what Customers need.

Conclusion

Rather, one in five companies builds their journey towards e-commerce. The world is going towards advanced facilities and technology, why shouldn’t we go?

Key Takeaways,

• E-commerce is a trusted market among corporate buyers.

• Today customers and suppliers use digital channels at a faster rate.

• Regular myths around b2b commerce have to change.

• Two-thirds of b2b companies offer e-commerce, which means sales and transactions are fully online.

• E-commerce generates more revenue than traditional sales and reduces expenditures.

• Mostly, two-thirds of customers need face-to-face interactions via digital mode.

• More than 80 percent of b2b companies say they have their e-commerce channels to a higher standard than other channels.

• Buyers have changed their concerns about completing transactions online.

• 60 percent of buyers are open to purchasing on digital marketplaces.

• B2B companies are actively investing in their own websites and also in supplier websites.