B2B eCommerce – How Entrepreneurs Can Take Advantage Of This Growing Marketplace?

The B2B eCommerce industry is expected to reach over $1.8 trillion in sales by 2023, according to Statista. The sector is evolving at an incredible speed as audience expectations change with more niche players, new payment options, new approaches to marketing, personalized experiences, digital channels, etc.

B2B eCommerce platform involves online transactions in which both involved parties are businesses. It is the name given to the software-based solution responsible for facilitating such transactions. It’s the platform’s responsibility to present the company well and provide the required information to increase B2B sales.

If you are an entrepreneur wondering what they need to take advantage of this growing market, you must understand that you are not creating an online shop. You need to address the specific requirements of B2B buyers and deliver the best online experience. And it all starts with the right B2B eCommerce platform.

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A few features of the right platform include flexibility to provide a personalized and customizable shopping experience to B2B buyers, scalability to help the protocol scale in the future, reliability for PCI compliance and user data protection, and lastly easy to use allowing users to optimize their offerings and increase conversions easily.

Factors To Consider When Choosing The Right B2B eCommerce Platform

First, you need to consider if the platform will be hosted on-premise or cloud-based. For the former, the solution is installed at your data center and connected remotely through an internet connection. This solution allows you to maintain the server on which the eCommerce platform is based with the help of the internet.

On the other hand, a cloud-based solution will be hosted and maintained by the cloud service provider. You will be able to access the data, programs, and applications over the internet. You need to understand here that the service provider is responsible for taking care of the data center, security, and networking functions.

The second key factor is if the solution is out-of-the-box, meaning you will get a template option to build your website. Choosing a platform with this solution means you will not have to start your website from scratch. Great platforms will provide the user with highly configurable out-of-the-box solutions with all the essential functions that every B2B eCommerce seller needs.

Some will incorporate advanced SEO, marketing support, and built-in CRM, whereas others will have a powerful workflow engine for easy customization, which drives revenue. Other factors to consider include website maintenance.

For example, if you opt for the on-premise B2B solution, you will have to maintain your website, manage and pay for your servers, deal with broken software code and fix any site-related problems that may occur. If you go with cloud-based platforms, then you don’t have to worry about any of those issues.

Also, you have to consider PCI security, which guarantees that customer payment card information is secure as they make purchases and the overall acquisition cost. Hosted solutions will cost more for the reasons stated above, while a cloud-based solution is much cheaper since it requires monthly fees for hosting, security, maintenance, and support.

Viable B2B Platforms To Consider Today

Magento

This is one of the best open-source B2B eCommerce platforms that helps business-to-business companies enhance their customer experience and purchasing process. It is an all-in-one platform that offers built-in B2B functionality. This platform can help you achieve even the most challenging business goals. Some of the top companies using it for website development include Ford, Liverpool, Vizio, and Landrover.

Vitro Commerce

This is a leading B2B eCommerce solution that has been trusted by some of the leading companies around the world, including the likes of Bosch, Heineken, Hyundai, Volvo, LavAzza and many others. It is flexible to cater to all business types, from start-ups to enterprise businesses. Some of the perks include a fast launch that helps you grow your revenues instantly. Most importantly, it’s a next-gen solution that caters to growing businesses.

Shopify Plus

Another leading eCommerce platform that currently powers over a million online shops. The solution is currently trusted by some of the biggest brands globally, including the likes of Tesla, Adidas, Motorola, L’Oreal, and many others.

The perks include the ability to launch multiple websites from a single backend, dedicated storefronts for global eCommerce, 24/7 e-store performance, the ability to handle over 8,000 orders per minute, and many more. Entrepreneurs looking to take advantage of the vastly growing B2B marketplace can consider any of the above solutions to help them build their eCommerce apps.

However, it’s not an overnight task, as you will have to dedicate time to research and make a substantial investment. By consulting with leading B2B eCommerce protocols, they will be able to understand your business requirements and help you make your B2B eCommerce a success.

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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