It’s not a secret that eCommerce is the basis of B2B strategy. From growing income to increased satisfaction and client’s loyalty, companies see a chance for growth thanks to digital channels.
WHY ONLY 26% OF B2B COMPANIES FULLY IMPLEMENTED BEST PRACTICES?
Magento Forrester Group was requested to conduct a study “what does it mean to be a leader in B2B eCommerce” and its aim was to answer that question and to ensure practical steps to be taken in order to take its B2B operations from good to perfect. The study doesn’t leave any doubts that digital channels have a key meaning for the creation of B2B commerce experience, which generates a higher client satisfaction, they improve their competitive position and increase revenue growth. It also provides a framework for assessing digital opportunities and tips for creating and maintaining best practices to improve purchases, merchandising and empower buyers through self-service functions.
What does it mean to be a B2B eCommerce leader?
As part of the study, a survey was conducted among 300 global decision-makers and directors of e-commerce. The survey took place in March 2018 and the following conclusions were drawn as part of it:
B2B companies base mainly on eCommerce in order to increase client satisfaction, income, and productivity targets. Almost half of the study participants stated that B2B actions in the sphere of digital commerce help to gain, serve and maintain clients. Nearly 80% of the “digitally mature” companies surveyed report that their current set of B2B e-commerce technologies was “very” or “extremely helpful” in improving their overall satisfaction and income.
The leaders are looking for reliable, flexible and complete technological solutions. High performance, reliability, completeness of the solution and the ability to handle both B2B and B2C requirements are the most important criteria when choosing B2B eCommerce technology options. Over half of the participants faced the challenges associated with finding partners to integrate solutions within the existing technological infrastructure.
Organizational maturity and leadership in trade correlates directly with the increase in customer satisfaction and retention. Only 26% of the surveyed companies have fully developed their B2B e-commerce business, which means they have established four or all five best organizational practices measured in the study. These best practices are from having a dedicated eCommerce team to achieve a multi-functional fit to the eCommerce strategy of the company. Companies with the most mature leadership and resources are more likely to improve the path to purchase, increase customer satisfaction and retention, improve competitive advantage and ultimately increase revenues.
No more than 50% of companies implemented all best practices.
MAGENTO CAN HELP
Magento supports companies in achieving their digital business aspirations. Magento as an open platform, supported by a global ecosystem, provides companies with flexibility and scalability, enabling the creation of a unique e-commerce experience also based on the cloud, order management, and business analysis capabilities. Magento ensures the practical implementation of B2B strategies to enable traders to implement initiatives throughout their organization. Providing this new research is the latest example of how Magento helps companies to improve their businesses and become leaders in the B2B trade.