Business to business transactions involves selling one product or service to other businesses. These products or services can then be used by the business or sold on and remarketed as B2C depending on the business model.
Just as B2C businesses have found their markets have moved online with 23.3% of all retail sales being conducted online in the UK, the same is occurring in the B2B world.
B2B in eCommerce
As a result of growth online, a recent survey found that 48% of companies now conduct 50-74% of all corporate purchases online. The biggest factor driving this growth is the ease of making purchases online.
Time is money for businesses of all sizes and with B2B sales accounting for £1.7 trillion of the UK’s business turnover and around £21.78 bn corporation tax, making the move online isn’t just vital for a business’ survival but for the economy as a whole.
B2B is no longer a ‘niche’ but instead makes up over 50% of FTSE 350 companies. B2Bs must understand the needs of their customers and make sure those needs are met.
B2B Business Challenges to overcome
Of course, taking a B2B business online requires forethought in order to overcome some of the most common challenges.
1. Providing adequate information
B2B buyers require more in-depth information before buying a product or service. Because B2B items have a higher ticket price and can be sector-specific, the buyer needs to know it’s correct.
Creating a platform with all the information they need allows the buyer to make the decision right away instead of contacting you – the supplier – for more information.
Creating detailed FAQs, user manuals, and instructional videos to place on your website and social channels is a must.
2. Multiple products or brands
Depending on your B2B model you may have one generic product that requires subcategories for ease of navigation. Most marketers face challenges in B2B marketing for not providing subcategories of models.
Ensuring your site is easy for customers to find and purchase different products is essential. You’ll also want to ensure the eCommerce site you use is scalable and can meet your own business’ growing needs and demands.
3. Complex payment terms
B2B payment terms are often complex and tend to work on a credit basis. With this in mind, you should ensure your site is set up to accept various payment types, whilst also making it easy for account managers to chase up payments.
Ensuring your eCommerce site can adapt to growing challenges may require the knowledge of an expert. Taking advice from an eCommerce agency will help keep you on the right track and help your B2B grow.
4. Buyers need many more ways to pay
Providing flexible payment terms to B2B customers can help you win new clients and keep existing customers happy. This gives the best benefit of eliminating financial risks, enabling you to grow your business with immediate capital, enhancing customer loyalty, and much more.
The above-described benefits can help you to offer credit to new customers at the earliest. Thus, this is one of the biggest challenges for most B2B businesses that marketers need to overcome soon.
The Final Thoughts
The above-listed are the top business-to-business (B2B) challenges that you need to overcome as a marketing individual or an agency in the long run. However, if you come to any issues while reading the article above, you can mention them in the comment section below and we will get back to you at the earliest.