Introduction
B2B e-commerce is one of the fastest growing markets today, with a CAGR of around 18.30% expected in the coming years. Any B2B company that wishes to remain relevant in today's market must have a well-designed and functional website. The technological revolution has given rise to numerous avenues for hosting a site, but it is a huge mistake to think of B2B e-commerce as just another sales channel. Before implementing a technology suite, an executive must consider a plethora of factors.
Let's take a look at some of the factors that are critical to the growth of your online presence.
Choosing the Best B2B E-commerce Technology Suite
👉 Hosting the Platform
While in-house platforms provide greater control over your data and backup, they are significantly more expensive than using cloud-based software. This is due to the fact that they necessitate an initial investment in hardware as well as ongoing costs for server maintenance. Cloud-based platforms provide ready-made solutions at a lower overall cost.
👉 Complexity
The goal of B2B e-commerce is to create an experience similar to B2C, but the two are very different. A B2B platform requires several features that a B2C organization does not require. Complex promotions, dynamic product catalogs, customer-specific pricing, and delivery management are examples of these. It is critical that you understand the complexity of your organization, but it is also critical that the features provided by your suite match it.
👉 Integration
B2B e-commerce is a huge success because of its integration with various applications that serve different purposes. Integration with your cloud-based platform can simplify and implement Customer Relationship Management (CRM), order management, Enterprise Resource Planning (ERP), product information management, and pricing engines.
Before deciding on a technology platform, consider the integrations you require and how you intend to implement them.
👉 Scalability
Selecting a low-cost platform that meets your basic needs may appear appealing, but if your organization is looking to grow, a shaky solution isn't sustainable. Because of the increased traffic load, your network's server requirements will grow as well.
👉 Personalization
A critical aspect of B2B e-commerce is providing each customer with a unique experience. Long-term relationships have been the foundation of any B2B business's success, and online platforms strive to improve these relationships in order to make customer management easier.
Tools such as Configure Price Quote (#CPQ) and customer-specific catalogs can help you attract new customers and retain existing ones. You must determine the level of personalization your organization wishes to provide and ensure that your technology suite is capable of delivering it.
👉 Business Case
Creating a business model will help you decide which platform to use. This model should include hard data such as site traffic, order value, and order conversion rate, as well as soft data such as subjective assumptions about your business. .
Conclusion
Implementing an e-commerce platform is a significant step forward, and it is critical to make the best decisions for your specific business. These are just a few of the things you should think about before deciding on a technology suite.
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