You have probably heard of the term “B2B Commerce” and found yourself asking the question, “What's that?" If so, you’ve come to the right place. B2B commerce stand for business-to-business commerce, and it’s the means of selling products or services, from business to business, using the internet via online sales. B2B commerce has become a vital and essential part of the global economy.
With the expansion of the internet, making a purchase has become even easier. We are no longer limited to purchasing in brick-and-mortar stores or through a catalog/call center. Now, with just a few clicks, customers can instantly purchase pretty much anything from any retailer across the world. In the B2B world, buyers pretty much know exactly what it is he or she needs to purchase. As a buyer, they are extremely busy, and in many cases may be juggling multiple roles within the company so their time is extremely limited. B2B commerce and the help of the internet, allows business to provide a better, more customized, user experience which saves the customer time and hassle. B2B commerce, when done correctly, can provide the business time saving functions (like product search) to help them find and purchase exactly what they need, in the least amount of time. They are able to view their inventory reports and then make instantaneous purchases, or even set up programs with their B2B suppliers that automatically tracks and reorders inventory, making the buying process even easier. The entire system from initial point of contact with the customer, through the closing of the sale, is automated and done virtually, which eliminates the possibility of manual input errors and improves shipping processes and time.
Take the automotive industry for example, there are tons of automotive ecommerce solutions that work and are beneficial to all parties involved, no matter what type of automotive business they are. For example, the owner of car dealership may purchase new inventory online from an automotive auction or other dealer via the internet, just like an automotive supply store may choose to purchase their inventory wholesale from another automotive business.
Another benefit of B2B commerce is the reduction in operating cost. As we mentioned before, buyers are wanting to make more orders virtually, at their convenience, and less purchases through brick and mortar stores. This means it is possible to function solely as an ecommerce business and not have to worry about the expenses and costs associated with operating a brick and mortar store.
This will also allow you access to a wider variety of customers that you may not have access to. Brick and mortar stores limit your customers by geographic location. Where as, if your business functions solely on the internet, you can reach everyone looking for your product who has access to the internet. You can connect with and find more businesses and customers than you may have had before.
The internet and B2B commerce allows for improved efficiency for both parties, because everything is done virtually, and is therefore a lot faster and more accurate, giving you access to new customers and business networks that you may not have been able to reach or access, otherwise.