What’s the News:
As micro, small and medium enterprises (MSMEs) come out of the Covid-19 impact, it is important to know how to use the tools of online business to get the best benefits for business-to-business from a changing world.
Post-pandemic, government portals like GeM (Government e-Marketplace) are seeing a growth of small business-to-business sellers taking their business online. Over 29 Lakh sellers and service providers are registered on GeM, selling everything from Electronics to Handicrafts to Medical supplies. With B2B e-commerce valued at $7.72 trillion worldwide, this can only mean that the market for online B2Bs is growing now, and growing fast.
If you’re just starting out in B2B eCommerce, here is how you can achieve online success
1. Choose the Right Model: B2B businesses have to decide the best model of eCommerce for their business
- In the supplier-oriented model, businesses will list their products online through their own or collaborative websites and make them available for buyers to purchase. This model gives businesses full control over their inventory and business practices.
- In the intermediary-oriented model, B2Bs will sacrifice some control over their business to sell through large platforms. This model will help businesses reach a larger buyer base at the risk of high competition.
2. Create a Great Customer Experience: It is important for B2Bs to stand out from the competition. 64% of B2B buyers say that they cannot tell the difference between one B2B brand’s digital experience and another’s. Having a unique online website and customer experience can contribute to online success.
3. Use Data and Analytics to Get More Purchases: B2B (business-to-business) businesses must work with data from their online business and use it to improve inventory, predict demand, or increase product offerings. Using data to understand bestsellers, where your customers are from, what time they shop, or how much they buy can help B2Bs price and stock their products and so improve online business revenue.
4. Digitize Better to Get Better Results: Small Business-to-business businesses can make online selling work for them by taking small steps towards digitization. This includes transforming paper billing to online billing and invoicing, tracking transactions and payments online, and managing customer data using online tools. This way, B2Bs can keep transactions organized, which will lead to a better buyer experience as well as more access to loans or benefits via government welfare schemes.
At MarketCentral we believe that there is no better time for B2Bs to get online than now. In the next seven years this segment will triple in size. With MarketCentral’s digital commerce platform, you can take all the steps towards digitizing your billing, analyze data, and also create a business website that lets you have full control of your business online. With tools for email marketing and business networking, creating a better customer experience comes easy with MarketCentral.
Build the foundation of your online business now with MarketCentral.