Wednesday, March 29, 2023

B2B Commerce: Five Trends That Will Mark This 2023

B2B electronic commerce, called Business to Business, has achieved great growth globally, due to the health crisis; leading businesses to continuously adapt to the demands of the sector through digital media tools, in order to build trust among their customers, position their products and increase sales.

MarketWatch financial data and analysis portal highlighted that the market size of the global B2B market could reach 13,630 billion dollars by 2027. In addition, it will have an annual growth of 8.5%, that is, an increase of up to 90% over products bought online.

Considering the business customer rather than the B2C (Business to Consumer) customer, Ecomsur reveals five trends that will mark B2B e-commerce this 2023, with the aim of being ready for new challenges.

1. Real-time pricing. It is important to be aware of the financial situation, market conditions, customer needs, and also the cost, so that the customer is willing to pay for the product or service.

In this sense, real-time pricing will provide the ability to manage amounts simultaneously for users through all channels (online and offline). It is expected that in the coming years, B2B companies will also be able to manage personalized prices in real time.

2. Improve customer experience. This trend that originates from B2C, but is no longer characteristic of it, is about observing the purchase process -through data collection – in several contact points of omnichannel users, in order to measure how this behavior affects business results.

Today, a unified commerce can improve this experience by managing all business information from a single platform, so that the entire process is homogeneous. Thus, shoppers will be able to combine orders online with the office, offline, or even in the tourist stores, while waiting for their invoices to be automatically renewed.

3. Diversity in payment methods. In the next two years, most B2B and e-commerce transactions will involve automated payments, making it more convenient for both parties. For this 2023, this trend is expected to continue with a large selection of options, such as: credit cards, checks, purchase orders, mobile wallets, among others. It’s important to note that an easy solution system can also improve the internal processing and customer experience.

4. Enhanced digital media. In this 2023, B2B companies must look beyond the traditional way of working and develop digital tools using, for example, CRM (Customer Relationship Management in English), with which they can implement effective marketing mechanisms and manage relationships with established customers. and in the same way.

When this happens, they begin to expand their areas of commerce and their offerings; adapting to the changing needs of the market and consumers.

5. Omnichannel promotion. According to a study conducted by McKinsey & Company, B2B buyers seem to have the ability to connect with the business through various channels: face-to-face, digital and digital self-service, depending on the situation.

If a brand wants to stand out from the competition, omnichannel is essential with a strong strategy that helps it meet its goals. The key is to have multiple ways to connect with customers, but all form a unique experience. That is, to save information, requests, orders and any communication that is used in all social media.

Business to Business e-commerce, like Business to Consumer, must adapt to the needs of users, which can achieve the highest level of personalization, relying on new technologies, essential to grow in the market.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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