The massive opportunities in eCommerce are too big to ignore. Global Business-to-Business (B2B) eCommerce sales are estimated to reach over $6.6 trillion by 2020, surpassing Business-to-Customers (B2C) valued at $3.2 trillion by 2020 (Frost & Sullivan). This numbers reflects a shift in B2B buyers preferences, 93% of B2B buyers say that they would prefer to buy online, because a self-serve experience direct from a vendor is quicker than traditional methods (Forrester).
In turn, organizations are rushing to build better, digital customer experiences that mirror the B2C experiences consumers have come to expect. B2B buyers now want both self-service and full-service purchasing options to make purchases at their convenience, track new orders, view their order history, and manage their credit without having to speak with a sales rep.
Therefore, companies are aiming to deliver a more personalized, targeted experiences that revolve around speed and efficiency. The ability to deliver on these expectations, and provide the right services and offerings, helps to drive customer loyalty. But that’s not all. In a recent guide, Magento highlights 3 benefits of taking your business online:
- 1. Optimize your customer experience to foster loyalty through efficient buying experiences
- 2. Reduce expenditures and improve cost efficiency
- 3. Position your organization for growth and competitive success
Companies that successfully transform their business to support the consumerization of B2B will see market share increase. McKinsey & Company estimates that B2B digital leaders see five times more revenue growth than those not focused on digital transformation strategies.
Digital commerce holds the key to your business growth. With the right platform and strategy in place, your organization can experience not only more revenue growth, but also a deep and direct relationship with customers. For more detailed information on how digital commerce can benefit your business, download the Full Guide here.