Buyer’s Guide for B2B commerce solutions: Introduction
In the increasingly digital-focused business arena, B2B commerce solutions have become essential. As companies and organisations search for ways to streamline their operations and optimise their results, these solutions have become pivotal.
When selecting the best B2B solutions supplier should involve rigorous industry research alongside a solid awareness of your company’s needs.
Go deeper with GlobalData
Within our expert buyer’s guide, we will offer industry insights, professional acumen and advice to buyers and users looking for B2B commerce solutions.
Using our specific insights and researched recommendations can help buyers and stakeholders make informed decisions that matter.
Professionals who are benefitting from our Buyer’s Guide
Our expert Buyer’s Guide is carefully written and specifically designed to benefit businesses that utilise B2B commerce solutions.
As B2B commerce companies become more important and influential, more and more industries and sectors are using and relying on the services and products they provide.
Sectors including manufacturing, wholesale, distribution, logistics, and retail are just some of those heavily invested in B2B commerce solutions.
With careful attention to the range of recommendations outlined in our guide, these businesses can make strategic and informed decisions when selecting suppliers for their B2B commerce needs.
Key considerations for choosing B2B commerce solution suppliers
Industry expertise
Demonstrating a deep and current understanding of the B2B commerce solutions landscape is a primary requirement for all B2B companies.
Possessing and actively using industry knowledge that addresses the specific challenges and requirements faced by businesses in your given sector should be something all companies showcase.
Only with this level of expertise will your vendor be able to provide tailored, bespoke and innovative solutions that align with your unique business needs and company requirements.
B2B commerce solutions scalability and flexibility
Put simply, all B2B commerce companies should provide platforms and solutions that are both scalable and flexible.
Accommodating your business growth and evolving needs is key, and ensuring this capability is present from the onset is an important consideration.
Functionalities to consider include the capability to process increasing transaction volumes, the ability to support multiple sales channels across various parts of your operation, and the ability to seamlessly integrate your B2B commerce solutions with other business systems and platforms.
Integration capabilities
B2B commerce companies who offer integration-focused B2B commerce solutions are often leaders in this sector.
Having solutions that allow full, technically simple and user-friendly integration with existing enterprise resource planning (ERP), customer relationship management (CRM), and inventory management systems is critical.
When utilized fully, B2B commerce solutions can enable a range of important functions. These include real-time data synchronization, streamlined buying and sales processes, and enhanced overall operational efficiency that benefits the bottom line.
Customisation options
Customisable B2B commerce platforms are, in real terms, the only option worth considering for any B2B commerce solutions.
Every business enterprise requires the ability to use software and platforms that can be tailored to their unique needs.
From corporate branding to user interface preferences and inventory control to sales marketing campaigns, specific business requirements are crucial, and solutions should be agile.
Though they should not be limited to this list, B2B commerce solutions should include a range of options, such as personalized pricing control, advanced product catalogue control, and a wealth of customer-specific workflows that are real-time and agile.
Mobile-focused user experience delivery
We are living in an increasingly mobile-driven age, and online commerce, or e-commerce, is one of the most agile and dynamic parts of this digital ecosystem.
In the past, a mobile-specific site or platform was considered optional, but in today’s landscape, it is a primary focus of B2B commerce companies and their clients.
As well as the basic usability requirements, i.e., intuitive navigation, desktop site reflecting capabilities, and ease of use, mobile sites should be marketing and sales-focused.
Enabling both customers and sales representatives to access the platform on any and all mobile devices should include the ability to place orders, track shipments, and manage accounts conveniently.
As with a desktop site, B2B commerce solutions for mobile devices should be seamless and full-service.
B2B commerce security and compliance
Online security and compliance are buzzwords within the IT industry. Regardless of the sector, it is essential to ensure that any supplier’s B2B commerce solution adheres to the highest industry-standard security protocols. In addition, it should also meet with the highest local and global compliance regulations.
Relevant features to research include but are not limited to, the provision of secure payment gateways, high-end, agile data encryption, and a range of user access controls designed to protect sensitive customer and business information and data, as per regulatory requirements.
Analytics and reporting
With consumer and company data increasing in volume by the day, a robust analytics system is key. It is essential to only consider B2B commerce companies with a product providing a range of agile reporting capabilities within their platform.
Most enterprises are competing with almost innumerable competitors, and gaining valuable insight via data can make a significant difference. B2B commerce solutions should be focused on data surrounding customer behaviour, overall sales trends, inventory management and all sales-related issues.
Part of any business optimisation strategy is, or at least should be, giving stakeholders the ability and power to make both real-time and historic data-driven decisions.
Ultimately, these options and capabilities will allow you to make decisions and take actions to streamline, improve and optimize your business operations and activities.
Customer support and training
As the online world of commerce and retail becomes increasingly customer-focused, the need for superb customer support and training services also rises.
When researching and ultimately selecting B2B commerce companies, it is essential to look at vendors that offer initial platform training as well as available ongoing support.
In terms of standard platform provisions, you should be looking at a range of options that include, at the very least, 24/7 support, a wide range of business-specific online resources, and suitable training programs tailored to your specific needs and staff requirements. Always keep in mind the functionalities that will be needed for each of these.
Industry-leading B2B commerce solutions
Part of any procurement process should be an in-depth look at what elements are required and which of these is provided by the various suppliers you are considering.
Below you will find our list of current B2B commerce components as a general guide to the must-have elements for your chosen solution:
- B2B e-commerce platforms
- Order management systems
- Inventory management systems
- Customer relationship management (CRM) software
- Enterprise resource planning (ERP) systems
- Payment gateway solutions
- Catalog management systems
- Sales force automation tools
- Pricing and quoting software
- Supply chain management systems
- Content management systems
- Analytics and reporting tools
- Mobile commerce solutions
- Integration middleware
- Digital marketing and SEO tools
Latest technological advancements in B2B commerce solutions
As the B2B commerce solutions industry constantly evolves, many of the iterations and changes are driven by technological advancements. Some of the latest trends include, but are not limited to:
- Artificial Intelligence (AI) and machine learning for personalized customer experiences and predictive analytics.
- Internet of Things (IoT) integration for real-time inventory tracking and supply chain optimization.
- Blockchain technology for secure and transparent transactions.
- Augmented Reality (AR) and Virtual Reality (VR) for immersive product experiences and virtual showrooms.
- Voice commerce for hands-free ordering and voice-activated customer support.
Conclusion
Selecting the best and most appropriate B2B commerce solution is a critical decision for any buyer and business.
As well as representing an important part of digital marketing strategies, B2B commerce companies can make a genuine impact on the success of your business.
Using the range of key factors discussed and outlined within our Buyer’s Guide, it should be easier to make truly informed decisions and select the right vendor.
Each business has bespoke, specific targets, requirements and company goals. Being aware of and informed about all the latest technological advancements made by B2B commerce companies and the solutions they provide can help organisations remain competitive in the ever-evolving and ultra-competitive business arena.
References
- “10 Key Considerations When Choosing a B2B E-commerce Platform” – https://www.bigcommerce.com/blog/b2b-ecommerce-platform/
- “Top 10 B2B E-commerce Trends in 2021” – https://www.digitalcommerce360.com/article/b2b-ecommerce-trends/
- “The Future of B2B E-commerce: Trends and Technologies to Watch” – https://www.salesforce.com/blog/future-of-b2b-ecommerce/
