B2B Ecommerce and The Revenue Opportunities It Offers
B2B ecommerce is diversified – it impacts both the costs and the revenue elements of your business. It’s key that you know and understand the specific opportunities of your business related to these elements before you invest in B2B ecommerce platform.
Knowing what you expect to get out of your ecommerce platform will impact the type of software you choose, the metrics you track, and the way you launch your marketing campaigns.
In addition to the revenues generated by the opportunity cost, here are other ways to earn extra income from the B2B ecommerce solution.
1. Income from more time per day
One of the great effects of B2B ecommerce is the return of a lot of time, which has previously been wasted on manual ordering and other time-consuming activities.
Whether your business loses customers because you can’t keep track of the volume of orders at busy times, such as trade shows, or sellers can’t visit enough accounts in one day, a slow process can prevent you from receiving more orders, as well as faster cash flow.
For example, the more your customers can place reorders on their own, the more time your sales representatives will have to devote to acquiring new customers and buyers.
2. Revenues from new customers
There are many reasons why B2B ecommerce distributors and manufacturers and distributors are starting to expand their customer base.
Whether it’s inactive customers who haven’t placed orders from you for years, but who finally return when you go online or the fact that you can finally serve customers in new areas and regions that you haven’t been able to reach in person.
We can conclude that new customer revenue is a huge part of the B2B ecommerce. And not only in your own market, the possibilities of having new customers offshore allows you to expand your market range, thus, gain more revenues. For example, if you decide on selling your products in Australia, you must choose an e-commerce platform that allows you adapt to your new market and clients’ needs, in order to become a b2b ecommerce leader in Australia.
3. Revenues from improved product discovery
By giving your customers convenient access to your products and product catalog, they search, discover and purchase items they have never had before.
For some businesses, their paper catalog or excel order form was not easy enough to use to encourage complete navigation.
For others, the sales team only have time to show a fraction of their product range in person.
Self- monitoring allows buyers to find the products they want, and we constantly hear that this leads to larger orders and new product experiments.
According to one research, on average, orders placed online are 10 to 20 percent larger than orders placed manually. Isn’t that fascinating?
4. Revenue from new marketing opportunities
B2B ecommerce opens up a whole range of marketing opportunities that were previously not available to B2B vendors.
These include email marketing campaigns, marketing initiatives aimed at encouraging new customers to subscribe to your B2B ecommerce software, the ability to sell free product samples through a B2B ecommerce solution, and much more.
Such marketing opportunities contribute to the acquisition of new customers, sales and customers who order new products – and of course all contribute to increased sales and revenue.
You should make sure the software you are using has the features and user experience that will make the revenue-driving business opportunities possible.
These opportunities should help your business orient your maintenance of the B2B platform and will make a huge impact on ROI.
We hope that these four examples showed you how you can benefit from implementing a B2B ecommerce solution. Now, all you need to do is find a proper platform, a platform that can meet your budget and your business needs and help you improve your operations.
These four powerful revenue opportunities come from B2B ecommerce and it is time to take advantage of them.
Questions or comments?
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