B2B eCommerce Trends in 2020 and Beyond
We are living in uncertain times with never-before experience and disruption in almost every industry. B2B eCommerce is no exception and is witnessing a huge transformation. The COVID-19 pandemic has enforced many B2B companies to rewrite their processes to compute with digital transformations they’ve been delaying.
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With both sales executives and customers working from home, manufacturers are facing a competitive threat from market leaders like Amazon. Merchants are thus coping with rapid changes across every category that will match the “new normal” of consumer spending. No doubt B2B eCommerce Trends in 2020 are pressurizing the manufacturers, retailers, or marketers to optimize their digital journey.
Here are the top 6 B2B eCommerce trends in 2020 which is expected to continue in the uncertain future.
1. Progressive Web Apps
So why are PWA’s a major eCommerce trend in 2020? The future is mobile-first and PWA is one of the best ways to deliver a mobile-first eCommerce site. By 2021, mobile commerce is expected to be more prevalent and will contribute to 73% of eCommerce sales.
PWA has the look and feel of a native mobile app. By using PWA’s the merchants deliver highly-engaging, highly-converting, and mobile-friendly user experiences to a larger audience on the mobile web.
eCommerce web developers consider PWA’s as the fastest, low-cost, and low-risk alternatives to native web apps that can be used to extend the capabilities and profitability.
2. eCommerce Automation
Automation helps in doing many of the tasks with less human intervention thus eliminating repetitive and time-consuming tasks that hit productivity. This reduces human errors and offers the best shopping experiences for customers.
One of the most important automation tools is AI and ML. 41% of the B2B companies are already into the game of AI/ML in 2020 to offer a better customer experience while managing the resources efficiently. A good example of AI and ML is customer support. Companies have started using chatbots to answer their general queries or provide them with basic information about their order. This enhances the customer experience to a great extent.
Most of the eCommerce web developers actively implement innovative AI/ML technologies to help you discover hidden opportunities and offer a relevant experience to the customers.
3. Dynamic Pricing Strategies
Optimizing your product prices has become more important than ever. To thrive in this highly-competitive market, B2B companies need to study the competitor’s pricing strategy, analyze the buying intent, demand for the product, and act upon in real-time.
Dynamic pricing helps to keep the prices flexible so that the company can push up their prices or lower them based on the situation. This can drive optimal sales and profit.
It’s more likely that dynamic pricing will continue to be something to strive for in 2020 and beyond.
4. Omnichannel Presence
B2B eCommerce in 2020 is all about the multi-platform, multi-device journey. It is said that the average B2B customer uses six different interaction channels along their path to purchase. Due to this pandemic, B2B buyers are switching from single-channel purchases to omnichannel and online-only purchases. This makes the B2B companies adapt to the Omnichannel presence.
Your prospects can be on any platform like social media, online stores, or even brick-and-mortar stores. Therefore, you need to be active and consistent across all channels. You should deliver a platform-specific message at the right time with the right action to create an integrated and seamless experience for the customers.
You don’t need to be on every channel and that’s not a good idea. Do the research and find out on which channel your customers are most active and which channel can deliver you the most value.
5. Self-Service Functionality
B2B buyers are smart and they expect self-service on almost all B2B eCommerce platforms. B2B companies believe that this could give them a more B2C like personalized service. Furthermore, by letting the buyers do their own research they can increase the buyers’ confidence in their buying decision.
A McKinsey & Company report found out that there is an increasing trend of B2B buyers favoring self-service due to the pandemic and B2B companies have started investing in this. B2B companies believe that personalizing online experiences can elevate their sales and give room to grow.
A few examples are product recommendations, custom catalogs, account-specific storefronts, and dynamic pricing.
6. B2B Voice Commerce Will Continue to Grow
As voice assistants and search commerce usage surges in the B2C, it is bound to become a B2B eCommerce trend in 2020 and beyond. This technology is in its infancy and the current voice assistant devices like Amazon’s Echo and Google Home are able to handle transactions for simple products. And it needs a powerful product configuration engine to let the customers customize their purchases.
While voice technology has much more to do to facilitate B2B transactions, it is worth keeping a close eye on for B2B companies to increase conversions and optimize the user experience. So, don’t forget to get eCommerce web development services that can optimize your website for voice searches.
eCommerce platforms are rapidly evolving. Your success in B2B eCommerce in 2020 depends on the impeccable customer experience you offer while being cost-effective. Besides customer experience, implementing the right technology, and adapting to the latest trends is a key to success in B2B eCommerce in 2020 and beyond.
As a B2B eCommerce retailer or marketer, start investing your time and resources to adopting some of the B2B eCommerce trends mentioned in this article to help you stay ahead of the game.