We have seen the stats from the Forrester reports; B2B ecommerce has grown to be twice that of B2C and are expected to reach $559 Billion by the end of this year (very excited to see if they were correct, by the way!). Those statistics have flooded the B2B ecommerce world- here are some new ones for you!
Earlier this year, Oracle conducted an online interview that spoke to current B2B ecommerce trends providing some insight into the investments companies are making in their ecommerce platforms, why they are successful, and more. Here is what they found:
1. ecommerce, once established, is a successful way to do business:
• 28% of respondents said that they have over 50% of their revenue coming from the online channel
• 31% of respondents said direct sales are still driving most revenue but online is growing in importance
• Only 5% of respondents predict no growth in their online business in 2013
2. B2B organizations have realized the true importance of customer experience
• 13% of respondents focused most on investing in customer experience in 2012
• 57% of respondents said customer acquisition is a top metrics used to measure success
• 42% said customer retention is their most important metric
• 62% of respondents said they have a customer experience initiative in place
Note: Many of those organization will find B2B ecommerce to be helpful in enhancing customer experiences through customer self service, specific pricing, the ability to order online 24/7, and improved customers service (to name a few)
3. Some are concerned about channel conflict but most people are only mildly concerned and feel the risk is necessary for the greater good B2B ecommerce will do.
• Channel conflict is a concern, but a necessary one said 41% of respondents.
• 11% said it is a major concern but necessary step
• 35% said they are not having problems with channel conflict and are seeing 50%+ of revenue from their online channel
4. The B2B ecommerce world is heavily influenced by the standards set by B2C online selling. Modeling your B2B ecommerce storefront to look and feel like a B2C site is a sure-fire way to be successful; especially with features such as personalization, online catalogs, and SEO.
• 80% say customer expectations are a result of B2C retail practices
2013 has been a huge year of discovery and growth in the B2B ecommerce space, the above statistics further prove what Forrester told us in their reports; Business to business ecommerce is here to stay and it can significantly improve your business, your customer service, and your bottom line.