B2C e-commerce companies have set the customer experience bar high for B2B e-commerce companies. They are struggling with the rise in the cost of living, supply chain shortages and current economic uncertainties, but now the pressure is on them to deliver more Amazon-like experiences as customers expect their physical and digital interactions to be more personal. B2B companies must have a reactive CX vision and the technology to meet these new expectations.
According to a recent McKinsey & Company Global B2B Pulse study, B2B e-commerce is now the most effective sales channel for B2B companies. The research shows that “B2B companies that gain market share not only have digital self-service channels, such as their own websites, but also broader e-commerce offerings.”
B2B companies need to ensure that their digital e-commerce strategies have a much broader reach than just a website. The key to success is improved buyer involvement, a uniform commercial approach and a flexible Content Management System (CMS).
Principal Digital Strategy & Transformation Consultant, Digital Commerce, Columbus UK.
1. Personalized digital experiences will engage customers
When a website contains more than 5,000 products, many with similar features, customers need guidance to find the items they want. Let’s say a customer uses only 20% of a company’s products, and 20% shows only half of the viable options to meet their needs. The customer would miss out on a wide range of options, and the retailer would miss out on opportunities to upsell, offer more expensive options, or simply secure the sale.
In many cases, this problem is exacerbated by a lack of data integration between new and old platforms, making it more difficult to provide customers with accurate, timely information and tailor-made purchasing experiences.
Increasing buyer engagement is critical for businesses. This engagement often leads to a higher Customer Lifetime Value (CLV), which represents the total value a customer brings over time. Critical factors that contribute to higher CLV include efficient marketing and sales strategies, promoting repeat customers, and cultivating a strong brand reputation through positive reviews. When satisfied customers share their commendable purchasing experiences, it improves customer retention and drives growth.
To solve low-engagement issues and increase CLV, product merchandising and analytics are critical. It allows B2B e-commerce companies to make their entire product range searchable and searchable, offering buyers the widest range of products to meet their needs. For this reason, many e-commerce companies are now leveraging AI technologies for real-time updates, customized recommendations, and personalized content.
2. Outsourcing is outdated – flexible CMS ensures a faster response to market changes
Many companies outsource website design and website optimization to third parties, but herein lies the problem. Delays can occur when e-commerce companies choose to use a third party, as even the smallest changes can take time and financial resources to implement, let alone take into account the redesign of web pages or the optimization of the contents.
Ecommerce businesses need a CMS that is flexible to make improvements over time and that is responsive to market changes. If a product suddenly rises in popularity in the marketplace, or its function changes, companies should be able to prioritize it accordingly in their product search engines. Having to wait for developers to complete changes on top of their other competing priorities, and paying the associated costs, can all be avoided by investing in a quality CMS.
3. Satisfy customer preferences by embracing a unified trading experience
To create truly unified commerce and improve the digital customer experience, e-commerce companies should optimize their website for smartphone use, or even consider launching an app. Leveraging smartphone-friendly purchasing features through a well-designed website and mobile application should be a top priority for many retail businesses.
This is especially important as the McKinsey Global B2B Pulse study shows that the number of buyers using mobile apps to search for detailed specifications, samples and pricing has more than quadrupled between 2019 and 2022.
Additionally, a unified commerce strategy allows e-commerce companies to understand customer needs across channels and tailor their experiences accordingly. Companies that improve usability and standardize the look and feel across devices will help move from in-store customers to online customers and even create omnichannel customers.
But some e-commerce companies have a disparate, one-size-fits-all commerce strategy, often caused by a lack of smartphone-friendly browsing. Businesses need the professionals and software that can seamlessly invest in smartphone optimization.
E-commerce companies can strengthen their brand with high-quality digital transformation
Digital transformation strategies that include a flexible CMS will personalize customer digital experiences and improve the buyer journey. Ecommerce companies that partner with a digital consultancy will also be able to take ownership of their content, embrace customer-centric experiences and meet customer demands. This gives them the tools to meet customer expectations and relieve pressure on internal IT systems.
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