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7 Reasons Why B2B Marketers Need To Embrace eCommerce

B2B eCommerce sales are growing exponentially:

B2B eCommerce sales are now more than twice the size of B2C eCommerce and are expected to achieve $559 billion in sales in the US by the end of 2013. Source: Forrester Research.

B2B eCommerce marketing is also growing, but not fast enough to keep up with the market:

This year, 31% of B2B marketers are “strong” or “complete” adopters of eCommerce, compared with 25% who said they were “strong” or “complete” adopters in 2012. By 2014, 40% of B2B marketers expect to be considered committed to eCommerce as a means of marketing and selling. Source: BtoB Online

The majority of online spending still happens on third-party websites:

Only 13% of business buyers with a budget of $500 million or more purchase directly from a supplier’s website, even though 50% of buyers in this budget range spend 90% of their budget or more online. This means they’re spending 37% on third-party websites, such as Amazon Supply. Source: Acquity Group

How can B2B companies increase direct purchases from their website? Learn best practices from B2C companies:

For the 63% of respondents who do not plan to increase online spending in the next year, the main reason is they do not see any major advantages to ordering electronically. B2B companies need to offer more compelling content, research tools and fully functional eCommerce capabilities on par with popular consumer brands. Source: Acquity Group

After all, buyers’ expectations have changed because of B2C retail practices

80% of respondents agree that customer expectations have changed due to B2C retail practices.  Personalization, online catalogs and SEO continue to be the top three B2C practices that influence revenue the most for B2Bs.
 Source: Oracle

We get that security is a main concern for corporate mobile commerce….

Security concerns are one of the main reasons that mobile isn't as prevalent on the corporate side as on the retail end of business. The concern is valid as it’s necessary to ensure that mobile devices connected to corporate networks are protected, and the data is secured.  As companies begin to have better defined BYOD policies, the use of mobile devices in a corporate setting should rise. Source: Bank Systems & Technology

But eCommerce remains a huge growth opportunity.

In 2013, 28% of respondents said that they have over half of their revenue now coming from the online channel and only 5% predict no growth in their online business this year.  This means there is still a large percentage of buyers that can be moved online and there’s still time to streamline processes and sales, which will be key to furthering B2B online success.  Source: Oracle

eCommerce, mobile marketing, online marketing, Tech Marketing Smarts Blog