Friends of Commerce’s Post

A recent survey by Digital Commerce 360 and Forrester reveals that B2B buyers are increasingly satisfied with their online purchasing experiences. 85% of buyers rated their experience as excellent or good, with 36% giving an excellent grade. Key Findings: 🔸 Over 50% of B2B buyers make digital purchases daily 🔸 57% prefer manufacturer's ecommerce sites, followed by consumer sites (45%) and Amazon Business (43%) 🔸 Faster process (48%) and more complete product information (25%) are top reasons for shifting purchases online While there's still room for improvement, B2B companies (manufacturers, distributors, wholesalers) have made significant strides in meeting the expectations of digital-first customers. As buyers do more research online and place more frequent orders, providing a seamless user experience with robust product information and efficient ordering tools will be crucial for success. Implications for B2B Companies: ✅ Investing in a user-friendly ecommerce platform with comprehensive product information can boost your conversion rates by 35%. According to a study by the Baymard Institute, streamlined checkout processes and detailed product descriptions significantly reduce cart abandonment, leading to more sales for your business. ✅ According to Moz, 93% of online shopping journeys begin with a search engine. Optimizing your website for search engines can put your products in front of millions of potential buyers actively looking for what you offer. ✅ Streamlining your ordering process to make it faster and more convenient for buyers is key. B2B shoppers abandon carts at an alarming rate – up to 69% (Baymard Institute)! By improving your ordering process, you can significantly reduce cart abandonment and boost sales. A faster, more convenient checkout experience keeps customers engaged and happy, leading to more completed purchases. ✅ Boost customer satisfaction by offering personalized experiences and tailored recommendations on your B2B ecommerce site. Understanding and addressing buyers' specific needs through relevant product suggestions based on their past purchases, industry trends, and browsing behavior can transform them into loyal customers. ✅ Stay ahead of the competition by continuously gathering customer feedback and iterating on your eCommerce strategy. This data-driven approach enables you to adapt to evolving customer needs, ensuring your online store remains easy-to-use and relevant. By focusing on these areas, B2B companies can capitalize on the growing trend of digital purchasing and build long-lasting relationships with their buyers. More questions? Visit the Channel Software website for more information. #B2Becommerce #ecommerce #manufacturers #distribution #b2bbuyers

🌟 Intrigued by the changing landscape of eCommerce business models in 2023? Dive deep into the intricacies of B2B, B2C, and more in this insightful article! 🛒 Key Takeaways: - The projected impact of eCommerce on global retail sales. - The importance of choosing the right eCommerce business model for success. - An exploration of six major eCommerce classifications, from B2C to B2B2C. 🚀 Stay ahead in the digital realm by understanding the diverse eCommerce strategies shaping modern business landscapes. Ready to enhance your eCommerce game? ✨ https://lnkd.in/erMfXY2p

🔎 Key Insight from the 2023 B2B E-Commerce Buyers Survey A recent study by Digital Commerce 360 unveils some compelling trends in the B2B e-commerce landscape. According to their 2023 B2B E-Commerce Buyers Survey, over half of the buyers (50%+) are engaging in daily digital purchases for their organizations. Moreover, a notable 57% express a preference for manufacturer’s e-commerce sites, as opposed to other platforms such as Amazon Business or consumer sites. 🚀 Implications for Marketplace and E-Commerce Operators This trend underscores the critical need for Marketplace and E-Commerce operators to streamline their business identity verification processes. A seamless onboarding experience is essential for nurturing both business buyers and sellers, ultimately fostering growth within their ecosystems. 🌐 Discover How Mesh is Pioneering in This Arena At Mesh, we're committed to frictionless multi-factor business identity verification. Learn more at Mesh and see how we helped one of the world leading Marketplaces deliver 35% more connections between business sellers and buyers. #b2becommerce #marketplaces #onboarding #customerexperience #identityverification #kyb https://lnkd.in/gbZ5GQrA

3 reasons ecommerce companies fail to scale without first-order profitability (despite high customer retention) Cash flows Market uncertainty Scale effects on loyalty As the famous saying goes -  Revenue is vanity, profit is sanity but cash is king. Without turning a profit on the first purchase, you are putting a lot of financial pressure on your cash flows. You can't increase the budgets faster You can't reinvest in tools or talent faster You can't place bigger purchase orders More than that, it puts up a financial risk as the whole thing lies on a future promise With things like, Competition coming up with a better product Spending more to attract your customers Product needs or trends slowing down Uncertainty like covid can put the whole promised land of future profits in jeopardy. Also, current loyalty does not corelate well to future loyalty. Once you scale, you start attracting a less effective audience. Loyalty metrics go down with new scale The goal should be to maximize profits on the first purchase You can maximize first-purchase profits using --> Higher Average order value --> More organic channels like email/SMS --> Improving conversion rate --> Higher product prices --> Better gross margins Scale with profitability. That's possible. #ecommerce #dtc I am Rahi Jain I use my PCC (Product, Customer, Communication) framework to maximize customer lifetime value for ecommerce brands by 10-30% in 30 days.

No more excuses! It’s time for great industrial e-commerce. Many industrial e-com platforms and sales models are outdated and should no longer be treated as a single solution. In this report John Fremont explores how when all elements of industrial commerce work together, complexity gives way to seamless operations and growth. Complicated product and service orders can be streamlined and the new class of #digitalfirst buyers who expect modern features and functions will become converts. Download the research now: https://dxc.to/3GbuRnN #MillennialShoppers #IndustrialEcommerce #DXCLeadingEdge #CRM #Salesforce

Reading the latest news, I came across an article discussing how customer preferences are compelling brands to re-evaluate their e-commerce platforms. As someone who transitioned into e-commerce/B2B a few years ago, I can attest to how powerful the customer is and their influence on a successful site. The article emphasizes a few areas: - Importance of quality customer experience and personalization - Payment methods - Overall platform It's fascinating to consider how customer preferences are driving e-commerce changes.  What are your thoughts on this? I'd love to hear your insights. Check out the full article here: https://lnkd.in/gvdNUNXY

Great insights in Digital Commerce 360's recent article showing the results of a survey of >100 manufacturers. Top challenges? A lot are worrying about e-commerce! They're worried about the effectiveness, sophistication, and reach of their e-commence efforts. It's mostly bar charts - so its easy to read and digest. Check it out! One interesting note: relatively few respondents were worried about selling directly to the end customer. ! Do they not worry or do they not sell??? #ecommerce #technology #sales #webdesign #manufacturing #b2b

Digital Commerce 360's 2024 Ecommerce in Manufacturing and Distribution Report affirmed much of what we already know: creating better customer experiences, providing greater value, driving deeper loyalty is what brands are focused on (and what customers demand). Now, ramping up those digital growth strategies and delivering on the e-commerce front is where all the attention is. #ecommerce #digitalcommerce #b2b #b2bbuyers

In 2023, while overall sales in manufacturing remained static, ecommerce surged by 17%—a clear signal that the future of B2B transactions is digital. This growth highlights a rising preference for digital purchasing among customers. As traditional sales channels stagnate, e-commerce offers manufacturers a chance to tap into new markets and increase revenue without physical constraints. Digital platforms provide deep insights into customer behaviors, allowing manufacturers to tailor marketing strategies and product offerings more effectively. Integrating e-commerce streamlines operations, reduces costs, and improves service through automation and real-time data. Embracing these digital strategies early is crucial for manufacturers to stay competitive and adaptable in a rapidly evolving market. As a manufacturer, you should: 1. Assess your current technology and infrastructure - are you ready for a digital shift? 2. Map out the digital purchasing journey of your customers to identify key touchpoints. 3. Choose ecommerce solutions that integrate into the tech stack where you’ve already heavily invested. 4. Equip your staff the keys that allow them (and your org) to thrive in a digital-first environment. 5. Continuously analyze performance and be prepared to pivot. Kudos to Digital Commerce 360 for putting together their 2024 B2B Market and Customer Experience Report.

5 Benefits of E-Commerce for Manufacturers 1. You can access new markets and reach a wider range of customers - Did you know that nearly half of all B2B consumers prefer searching for information online? With 62% favouring online access, having an e-commerce strategy is essential to establish a robust online presence. Utilize digital marketing alongside e-commerce to maximize success. Here are some key considerations: - Understand customer preferences to optimize your website, products, and messaging for search engines and consumer discovery. - Tailor your products to target new markets without conflicting with existing partners. - Offer distributors exclusive options like finishes or colours to avoid direct competition. 2. You gain better visibility - Gain better visibility over inventory levels and streamline workforce productivity. Integration with your commerce platform ensures customers don't purchase out-of-stock items, simplifying operations and enhancing customer satisfaction. 3. Customers can see your full range of products - Break away from traditional catalogues and empower customers to easily explore your full range of products through intuitive search filters and suggestions, enhancing their experience and increasing product visibility. 4. Customers can customise products by themselves - Allow customers to personalize products according to their preferences, eliminating the need for assistance from sales or customer service teams. This saves time for both customers and employees and enhances overall convenience. 5. Quick Market Penetration - Implementing an e-commerce strategy provides valuable market insights, facilitating faster product development. By centralizing processes and information, you can eliminate redundancies and access accurate data quickly, ensuring timely product launches. #ecommercestrategy #digitalcommerce #shopifymarketingtips #shopifybusinessmarketing #onlinestoretips #seoforecommerce #customerengagementstrategies #mobilecommercetactics #conversionrateoptimization #userfriendlydesign #designefficiency #creativitytips #ecommercestrategy #onlinestoretips https://lnkd.in/d-_Kc8b4