Debunking Common B2B eCommerce Myths

The digital landscape has given an excellent opportunity to B2B businesses for growth and expansion through eCommerce platforms.

It has enabled B2B owners to think out of the box and explore new channels of sales and business growth.

However, running a successful B2B eCommerce business isn’t easy and it’s made even harder by a few myths in the field of eCommerce marketing. In fact, these misconceptions are one of the biggest roadblocks that eCommerce stores face.

So, let’s debunk these myths!

In this blog post, we’ll discuss the most common eCommerce misconceptions and how to deal with them.

Myth 1: You Can’t Serve Both B2B and B2C Customers

A lot of times brands do not realize that they can cater to B2B customers as well. While, of course, there’s so much to think about when it comes to making a decision to be a B2B or B2C supplier, there is actually a way to do both.

You do not necessarily have to be a supplier to sell B2B. There are a lot of brands that sell both B2B and B2C.

Moreover, you don’t even need to build a separate eCommerce site to be B2B and B2C supplier. Rather, you can simply optimize your website for B2B clients and give them designated login access. Your B2B clients can log in to your website to have unique access to different price structures and/or larger quantities of products.

Myth 2: B2B Customers Do Not Prefer to Order Online

Today’s tech-savvy generations have different buying behaviors than the previous generations.

Reports reveal that 73% of millennials are involved in the B2B buying process today.^[i]

And millennials tend to research online and prefer self-service. They seek online reviews, and recommendations to check the credibility of a brand they want to invest in.

75% of B2B product purchases are already made online and concludes that B2B buyers want to make even more purchases online.^[ii]

Moreover, several reports show that video conference has become the most preferred mode of communication in B2B decision-making processes.

Online chat is also becoming mainstream. Thus, it’s pretty clear that these components are crucial aids for B2B customers and facilitate online interactions.

Myth 3: eCommerce Requires Price Transparency

The biggest myth that holds back B2B business owners from going online is that the product prices need to be made available to the public in the eCommerce model. For store owners, it means low margins and fierce competition.

However, that’s not true. A variety of eCommerce solutions allows you to show your product prices only after a user logs in.

This means you can show customized prices to different customer groups only after they log in.

The key takeaway here is to find a balance between automated price personalization for prospective B2B customers and negotiated prices for the buyers who are ready to purchase.

Myth 4: Online Ordering Is Cold

Traditionally, phone calls, dinners, visits, and trips were an indispensable part of a B2B business.

Therefore, an online store can seem cold. However, it doesn’t have to be. With millennials taking charge of B2B buying decisions, buyers are looking for a streamlined and personalized digital purchasing experience.

According to a report, 55% said, when all the factors are equal (e.g. Price, quality), “a digital buying experience takes precedence to choose a vendor.”^[iii]

The 24/7 availability through an online chat box allows customers to communicate efficiently and effectively at their convenience.

The biggest advantage of this type of customer service is that it is easy to set up and is desired by customers.

Myth 5: An Online Store Negates Custom Ordering

The possibility of custom orders is usually high for B2B eCommerce businesses and wholesalers.

But fulfilling custom orders aren’t usually an eCommerce norm – or so some marketers have you believed.

The truth of the matter is there are a lot of similarities between an online and a physical store. Even though they differ significantly in a physical sense, when it comes to a customer experience, there are a lot more commonalities than meets the eye.

Custom quoting tools, unique variants, and segmented customer groups allow your customers to send in a PDF quote 24/7. You can then evaluate the quote and get back within regular business hours if you can fulfill the order and want to do business with them.

And once they become your customer, you can add them to your unique customer group so that when the customer reorders, they won’t have to go through the quote engine again. Instead, they can just click and check out the items they want to purchase.

To Summarize

Myths often misrepresent the facts and figures related to B2B eCommerce. And debunking and ignoring these myths become easy when you have got your facts right.

These facts allow you to make an informed decision and make the most of your B2B eCommerce business.

Ready to Take Your B2B Business Online? Contact Us!

References:

[i] Forrestor- Millennial B2B Buyers Come Of Age
[ii] Sana Commerce- 2022 B2B Buyer Report
[iii] Demand Gen Report- The B2B Millennial Buyer Survey Report