Wholesale organizations are increasingly using B2B e-commerce platforms as the foundation of their multi-channel sales strategy since US B2B e-commerce sales are expected to reach $1.8 trillion by 2023, according to Forrester, while only making up around 17% of all B2B sales.
Manufacturing and wholesale are the two sectors driving the majority of the industry growth, with spending on wholesale e-commerce platforms outpacing B2C software investment by a factor.
And it is obvious why. The majority of manufacturers and wholesalers continue to rely on antiquated systems and manuals that are difficult to access and do not provide the seamless purchase experience that B2B customers have come to expect.
Top Business Factors
The dynamics of distribution channels are changing quickly, and the retail sector is becoming more fragmented, which is affecting the business models of wholesalers. Manufacturers and wholesalers must offer distinctive multi-channel consumer experiences in addition to price and availability competition.
The top 6 business variables influencing the quick uptake of wholesale e-commerce platforms are listed below.
Sell Whenever You Want and Generate Cost Savings
Wholesale e-commerce is the most efficient substitute for in-person sales in the difficult days when the outbreak was disrupting our personal and professional lives.
It enables your consumers to make purchases whenever they want, year-round, regardless of the weather. All they need to do is go to your web or mobile site and place their order.
Wholesalers may lower rising order processing expenses brought on by manual order input, sales order mistakes, backorders brought on by insufficient inventory, and ineffective customer service using a B2B wholesale eCommerce platform.
According to SAP, a leader in enterprise resource planning, employing B2B e-commerce software can reduce order entry and service costs, which can be as high as $150 per order, to as little as $25.
Focus on Strategic Sales.
Building B2B relationships still strongly rely on your field sales agents, especially in the food & beverage, beauty, healthcare, and other FMCG verticals, despite the push toward automation.
Your salespeople may concentrate more strategically on establishing and maintaining connections with high-profile, high-value clients thanks to the international B2B marketplace that caters to all of your B2B wholesale customers.
To boost sales rep effectiveness, omnichannel commerce platforms that also offer in-person sales automation give representatives cross-channel visibility into a customer’s buying habits and preferences, best items, slow-moving products, and unpaid balances.
Reach Out to New Retail Customers.
Your desire for expansion is mirrored by your desire to increase your B2B customer base. You may reach more potential customers in your current and new markets by using an online self-service B2B sales platform that displays your product catalog to visitors and provides easy-to-use B2C-like signup, e-catalog browsing, and customer-specific payment choices (domestic and abroad).
Strengthen and Deepen Current B2B Ties
The advantages that wholesale e-commerce platforms offer go beyond simply facilitating the acquisition of new clients. Wholesale trade is essential to sustaining and growing current business alliances, for instance, if you are operating in the Chinese B2B platform, maintaining relationships is one essential priority.
Two examples of how to boost business with your existing clients are customizing upsell and cross-sell campaigns to customers and offering them price breaks to buy online (instead of through their reps). Additionally, the availability of self-service ordering in between visits from sales representatives boosts total sales volume and client loyalty.
Promote the Use of Your Platform
Existing B2B customers can be difficult to switch over to a new self-service online platform, but the advantages of an e-commerce platform frequently speak for themselves.
The best practices for boosting B2B e-commerce adoption include paying sales representatives for online sales, coordinating the goals of the sales and marketing teams, using sales representatives as change agents, informing business customers of the benefits and providing them with convenient support, and using trade promotions to lead business customers through the purchasing process.
Enhance Client Satisfaction & Experience
Last but not least, platforms for wholesale e-commerce can have a big positive effect on client satisfaction, resulting in increased consumer loyalty to your company. A better customer experience can ultimately increase your B2B sales.
This is due to real-time visibility into product inventories, pricing, and shipment status, quicker order delivery, fewer calls to customer support centers, and anytime, anywhere accessibility for self-service ordering.
The best wholesale distributors and manufacturers are already using wholesale e-commerce software to boost sales and give their consumers a unique shopping experience. The future of manufacturers and wholesalers who have not yet decided to join the e-commerce revolution is at stake.