It is fair to say that the eCommerce industry is becoming quite saturated nowadays. Almost every niche is full and rare are the businesses that manage to offer something new and different.
And, as we all know, trying to fit in in a crowded marketplace is not an easy task. In a crowded area, you have to stand out from the rest, and as a B2B eCommerce business that is exactly what you need to focus on.
Ultimately, that is the only way to really make good profits and growth.
Save when buying
To be able to invest more into your business means that you first have to save some money. And is there a better way to save money than to buy whatever you need for your business and your products through auctions?
If you are smart about it and get everything at a low price, the sky’s the limit. This is especially true when there are company liquidation auctions that you can attend. The liquidation process in today’s business world means that the business is about to close, so all of its assets will be sold through auctions to pay off the company’s debts.
When the clearance auction happens, there are deep discounts on the prices you can get for various items. Buying products at a low price is a great investment opportunity, especially for people who know how and where to sell products and make big profits.
However, you need to be careful about the way you go on about liquidation auctions. It is necessary to:
- Do your due diligence and execute thorough research.
- Target businesses from within your own industry.
- Check the local laws.
Ever heard of Punchout?
Have you ever heard of PunchOut? The PunchOut technology is a way for corporate purchasing agents to buy from a supplier’s eCommerce websites without having to leave their procurement app.
So, to put it simply, the PunchOut website is simply a touchpoint of a seller’s eCommerce website that can be accessed from the buyer’s e-procurement platform to help them manage the entire procurement process within their own e-procurement system.
It has the ability to communicate with the purchasing system via CXML and submit pending purchase orders to the buyer’s purchasing systems so that the buyer doesn’t need to enter product catalog information into the purchasing software. Something like coupa punchout would be ideal for this.
So, wouldn’t it make sense to try and make an integration between your B2B eCommerce business and PunchOut? This would help you accelerate sales and boost growth too.
Think about building a buyer-focused FAQ
B2B buyers are more aware and cautious than B2C buyers and they tend to have more questions about specific products. As a result, it is essential to have an in-depth FAQ section that can answer many of the most common questions from consumers.
It is certainly useful to include product characteristics, specifications, requirements, uses, and so on. But since this is one of the most useful pieces of content for buyers, it is also necessary to establish a database of questions asked by buyers and answer those questions.
So, it’s important to have the answers and make them readily available to your customers. That’s where a good FAQ section comes into play.
As a B2B company, when you create a buyer-focused FAQ, you improve your chances to create a better user experience, improve your website’s SEO performance, and increase your conversion rates while at it.
Start thinking about those B2C standards for your B2B business
In some aspects, B2B retailers are quickly beginning to look like B2C companies. This is due to the fact that B2B buyers are customers too, and they value the ease of use that a common retail website offers.
According to a Forrester study on the role of millennials in the B2B industry, 73% of them are driving B2B purchasing decisions. This means that meeting the digital needs of these people is essential.
Modern B2B shoppers are digital natives who want to be able to complete online purchases efficiently. Companies must meet these requirements to continue to receive sales income or even boost those figures. (VirtoCommerce is a good example of this. Platform ideal for enterprise and complex e-commerce solutions.)
This industry transformation is the reason why Magento turned to a new B2B technology in 2019, helping B2B brands in developing more modern and accessible eCommerce experiences for their customers.
Personally reach out to your top customers
You know that your business’s lifeline is maintained by the most loyal customers you have. Without their purchases, things would become very difficult very fast.
So, wouldn’t it be wise to pay special attention to them? Make sure that these individuals are very pleased with the products and customer service they get.
As a retailer, you should take your time and reach out to your top customers personally. Give them a quick call to make sure that they have found everything they need, ask them for comments and any kind of productive feedback. Also, consider offering additional complimentary items that would work well with their current order.
When you add this personal touch, you’re telling them that you are ready to go beyond the basic B2B eCommerce marketing and customer service.
Keep in mind that the B2B eCommerce realm will gain considerable traction in the years to come. So, keep investing in your business and keep improving its processes. In the end, it will be worthwhile. By following these tips, you will increase your chances of winning it big when the business conditions become better.