Over the last few years, technological advancements and demographic changes have made a significant impact on B2B eCommerce. Millennials make the majority of B2B buying decisions today. Technology is much more familiar and relied upon by millennials than it was by past generations. Cold calling and printed ads would’ve suffice in the past but less so today.
B2B businesses have to adapt their marketing and sales strategies, as well as customer journeys. In plain words, expectations are high and first class experience is the norm.
Keeping a close eye on emerging markets and trends will help your business catch up and stand out from the competition. That is the reason we’ve made this article, so keep scrolling through and take notes.
1. Mobile optimization - An absolute must
Since online retailers' target audience is accustomed to using smartphones on a daily basis, it makes sense to optimize their ecommerce sites for mobile devices.
By 2024, mobile commerce is expected to reach $620.97 billion, which means 42.9% of all ecommerce purchases will be made on mobile devices. Adapting your website for mobile use will also result in a lower bounce rate, meaning fewer abandoned carts. You’ll be able to reach consumers wherever they are by optimizing your website for mobile use.
2. Social commerce - New shopping avenues for your prospects
It's almost impossible NOT to stumble upon something you can buy after scrolling through Instagram or TikTok. Many businesses already use social media platforms like Instagram, TikTok, and Facebook, and many allow consumers to buy directly from those platforms.
Insider Intelligence estimates that nearly 36% of internet users in the U.S. are social buyers, which is approximately 90.2 million people. According to a similar HubSpot study, more than half of consumers said they had purchased a product directly from a social media platform. These are the platforms they used to make those purchases:
In light of the increasing importance of social media in online shopping, you should continue to optimize your online store for these platforms.
Read more about social commerce in this blog post.
3. Personalized online shopping
There is nothing worse than a shopping experience that sounds like an insurance salesman copied and pasted their sales pitch.
According to a McKinsey survey of close to 3,500 decision makers, customers demand a more personalized experience. In a Moengage survey, 27% of respondents said they were “frustrated by receiving irrelevant product messages”. A personalized shopping experience might look like an ecommerce site that recommends products based on your previous purchases. It can take as little as a change in language to make a shopper feel as if their interests are being addressed directly.
Ultimately, a personalized online shopping experience will enable the customer to feel like they are getting relevant information.
4. Omnichannel sales
A multichannel approach to sales is known as omnichannel sales, which provides seamless shopping experiences for customers.
An omnichannel B2B ecommerce strategy focuses on the customer's entire buying experience rather than their individual experiences across different channels.
There's a difference between omnichannel and multichannel - omnichannel means delivering a consistent and connected experience for the customer, while multichannel means selling products across multiple channels.
5. Ecommerce tools for automation
You need the right ecommerce tools if you want to succeed in B2B ecommerce, whether it's a comprehensive website builder or shopping cart software.
In addition to making operating an online store easier, B2B ecommerce companies invest in tools that enable them to automate time-consuming tasks and focus on strategy instead.
Tools used in ecommerce can be divided into the following categories:
- - Online store hosting: Build an online store from scratch.
- - Analytics tools: From traffic monitoring tools to SEO analytics tools, these insights can help you make better business decisions.
- - Daily operations: Running an online store is no easy task - tools that simplify your day-to-day operations can save time.
- - Marketing tools: You can reach your target audience with marketing campaigns and content creation tools.
- - Customer service tools: Making your customers feel cared for throughout the purchase process is the main goal of customer service tools.
6. Collect product discovery data
The process of finding the right products for B2B buyers is not always straightforward. At a glance, it can be difficult to gather the information you need to make a purchase decision. Manually entering product information can also be time-consuming, especially on channels that prospects won't use.
Using product information management (PIM) software, you can manage, distribute, and collect product information across multiple channels. By targeting the right audiences, on the right channels, at the right time, you can effectively market and sell ecommerce products.
7. Video marketing - Not just for B2C
The video industry is booming. TikTok and Instagram are popular social media platforms where videos dominate your feed. B2B ecommerce is also experiencing this trend, not just B2C brands.
Your audience will be more likely to pay attention to your video content if you incorporate a video strategy. According to HubSpot Research, most marketers who leverage video-content (especially short-form videos) generate high ROI.
8. Voice search enablement
According to Google, 27% of the global online population uses voice search on mobile devices. And those who use it are loyal to it — 72% of people using voice search use it daily. Alexa and Siri aren't the only voice search tools you can use for B2B ecommerce.
The process of searching by voice is significantly faster and easier than searching by keyboard. Additionally, it is mobile-friendly, which is another trend for B2B e-commerce.
Trends in B2B ecommerce are constantly changing. Staying competitive means keeping an eye on the latest trends and evaluating which ones are most important. There is no doubt about it - now is the time for B2B eCommerce businesses to create and tweak their digital identities.