As Australian businesses pivot to online purchases, B2B vendors should stop winging it and start concentrating on the long-term opportunity eCommerce presents, writes Marcus McNamara, Head of APAC at Sana Commerce.

It’s a truth universally acknowledged that the COVID pandemic has changed the way customers do their purchasing, consumers and businesses alike.

The former have intensified their ongoing love affair with online shopping, dropping a record $52.24 billion in the 12 months to October 2021, according to the NAB Online Retail Sales Index: October 2021. That’s around 24.8 per cent higher than the 12 months to October 2020.

And business buyers are not far behind. More than two-thirds of enterprises are spending more time and money online than they did pre-pandemic, according to a Sana seven-country survey from late 2021. That additional spend is far from chump change: it’s an increase of 45 per cent on average.

Taking the B2B customer journey online

These higher spending business buyers are also using B2B (business to business) web stores well beyond the point of purchase. For many, they’re now the primary point of call across every stage of the customer journey, from initial recruitment to ongoing retention.

Almost 90 per cent of enterprises stated that they identified new suppliers via the web, while 74 per cent used organisations’ web stores to gauge their suitability as potential suppliers.

Proceeding to purchase online is now the modus operandi for 79 per cent of respondents, while 72 per cent said they were happy to place repeat orders via the net.

Clocking the opportunity to grow sales and profits

It’s a significant shift away from the in-store and in-person selling models that B2B businesses historically relied on to generate sales – and it’s happened far faster than market watchers would have anticipated, pre-pandemic.

But have those B2B businesses recognised the monumental opportunity this shift represents, for players that are prepared to invest time and resources into optimising the way they engage with customers and prospects online?

In a great number of cases, the answer is ‘not yet’.

We see many B2B sellers whose foray into eCommerce has a decidedly piecemeal flavour to it. Typically, these businesses don’t devote the same amount of energy and effort to their eCommerce endeavours as their consumer-focused counterparts have long done – and it shows.

A full 50 per cent of B2B eCommerce sites are not fully meeting customer expectations, while 94 per cent of B2B buyers say they’re still encountering some type of customer convenience challenge.

Optimising your eCommerce offering

For B2B sellers that are interested in upping their game – and their sales and profits – taking a more strategic approach to eCommerce is the way to go.

If you’re one such, here are three ways to get smarter and more successful.

1. Understand and use data

If you’ve been in business for some time, you may think you have a reasonable idea of how your customers tick. Selling online can enhance that understanding immeasurably.

Using customer journey analytics, you’re able to track every customer visit, interaction and transaction, and you can use what you learn to personalise customer experiences and assess the effectiveness of marketing campaigns.

Take things a step further by combining your eCommerce data with your enterprise data and you’ll have yourself a detailed, 360 degree view of each and every business that buys from yours.

2. Smarten up your check-out

Many online sales fall over at the check-out. Optimising yours so it’s seamless, slick and serves the particular needs of B2B buyers, can increase your conversion rates by north of 35 per cent.

Some ways you can do so include offering acceptable payment terms and additional payment mechanisms – unlike consumers, many B2B buyers still look to settle their accounts with a bank transfer, rather than a credit card or digital wallet solution.

Provide clear details about your return policy and offer transparency around shipping costs, and you make the decision to proceed with a purchase much easier to make.

3. Harness the power of personalisation

If your enterprise has historically relied on in-person selling, chances are you are already familiar with the power of the personal touch. It’s the same online.

Using data analytics to explore customers’ purchasing histories can allow you to introduce them to additional products and offer tailored product bundles that meet their specific needs.

Personalisation technology also makes it easy to alert a customer when stock levels of their frequently purchased items are running low, advise them of your restocking schedule, and offer pricing that reflects the importance of their account to your enterprise.

Underpinning your eCommerce efforts with tomorrow’s technology

Investing in the right tools makes it easier to optimise your eCommerce operations.

An ERP-integrated eCommerce solution can help you to create a more professional online presence and deliver the responsive, high-quality service B2B buyers expect and demand.

As they collectively pivot to online procurement, it’s must-have technology that will enable you to make the most of the opportunity.

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