By Hari Mishra, Co-Founder of NONA Lifestyle
Nov 28, 2022 / 11 MIN READ
Digitalization has picked up the pace with the pandemic outbreak. Simultaneously, Covid-19 also expedited the growth of the e-commerce sector and customers, have started relying on digital platforms for shopping.
Over the course of time, B2B customers including wholesalers, retailers, manufacturers, and other sellers, are also on the lookout for tech-based experiences, similar to what is happening in the B2C domain. To meet their customers’ expectations with the evolving market scenario, B2B e-commerce players have started embracing digital adoption.
Digitalization is the Need of the Hour for B2B E-Commerce
In the fast-paced world, coordinating with wholesalers, retailers, business vendors, and logistic partners can be time-consuming for B2B e-commerce players. In the pre-pandemic era, this communication was dominantly happening face-to-face. However, in the post-Covid times, fewer than a third of prospective buyers prefer in-person interactions and they primarily rely on online communication. It is also expected that by 2025, 80% of B2B sales communication will happen through digital channels. This implies that the future of B2B sales is in fact, digital-first engagement with customers. This also puts forth the need for a robust digital model that will transform the logistics, supply chain, and order fulfillment process. All in all, it will revolutionize the way B2B e-commerce functions.
The Benefits of Digital Transformation
Digitalizing B2B operations can transform and benefit e-commerce players in a myriad of ways:
- Streamline Operations
The first and major benefit of incorporating technologies for B2B e-commerce is enhanced and efficient operational processes. You can bid goodbye to manual errors and even reduce redundancies. With technology taking over operations, leaders can spend their time on valuable aspects such as business growth, product development, strategy, etc.
- Competitive Edge
The B2B e-commerce industry is highly crowded and the competition is fierce. Customers usually spend only 17% of their time meeting with B2B e-commerce players when considering a purchase. The in-person meeting time is reducing and virtual selling through digital modes is expected to surge and even take center stage. This is why B2B e-commerce players need to embrace digital tools to meet their customers’ buying preferences. For players to have an edge in this digitally-driven world, digitalization can be a unique proposition.
- Flexible Approach and Remote Working
If anything, Covid has taught us one important lesson- to be flexible and agile in our approach. We have understood that we can function despite being separated by distance in a remote setup. And for this, we need the assistance of technology. With a robust tech infrastructure, B2B e-commerce can function remotely yet effectively. This way, they will be prepared for any unforeseen event and sustain operations without being impacted by any external factors.
- Customer Acquisition
The aim of any business is to ensure customer satisfaction by providing them with quality experiences with the macro-level objective of increasing sales. Customers are 34% more likely to buy and 32% more likely to renew contracts with B2B e-commerce players that provide high-end customer experiences. With the assistance of digital channels, B2B players can effectively cater to the needs of the existing consumer base and acquire new customers as well.
- Higher Visibility
In the B2B domain, customers expect their orders to be delivered timely. New-age technologies help businesses have a panoramic view of their operations. With digitalization, logistics planning can be done proactively. This ensures higher visibility with real-time data and transparency in the end-to-end operations, thereby ensuring customer satisfaction at all points.
- Data-Centric Model
A data-driven approach is what B2B e-commerce platforms need for bridging the B2B-customer experience and gathering better insights into the operations. Additionally, delivery process automation, driver-manager collaboration, etc., can also be facilitated with technology. Furthermore, ETA analysis, route tracking, orders, supply chain and management, and autocorrection of data can further help accelerate the delivery process.
- Enhanced Productivity
The foundation for efficiency in any business lies in not wasting essential resources. To enhance productivity, AI and analytical-driven solutions are the go-to solutions. They provide real-time resolution for any issues that might occur in the supply chain, thereby improving the decision-making power of B2B platforms. In fact, technology can also help detect inaccurate locations and solve the same in real-time further facilitating the quality and timely delivery of products.
- Better Management of Operations with Automation
Streamlining sub-functions is the key to better management of overall operations. For this, automation is the best possible choice one could go for. Automating important tasks leads to a reduction in manpower effort and its associated costs. Simultaneously, the technology offers additional benefits including carton optimization, loading strategies, 3D visualization, etc.
In fact, automation facilitates optimization that is necessary for B2B e-commerce platforms to operate efficiently in today’s tech-savvy times. The technology can help upscale processes such as scheduling, reducing workload, manual errors, time size recommendations, etc.
- Walking on the Sustainability Path
As the sustainability trend is making inroads into various sectors, the supply chain segment is no exception. B2B e-commerce players realize that delivery of products can be time and energy-consuming. To reduce their carbon emissions, many of them have already started walking on the clean, green path with the help of 3D printing, virtual fashion, augmented reality, Innovative eco-materials, and automated manufacturing. They are using EVs and adopting AI-based software and are finding other solutions that can help them contribute to net zero emissions by 2070.
- Tech Integrations are Helpful
Integrations with technologies have become imperative for B2B e-commerce success. Enterprise Resource Planning, Customer Relationship Management, and Product Information Systems are all new-age solutions that help B2B e-commerce platforms manage and automate back-end operations related to the product, customer servicing, accounting, HR, etc. These advanced technologies can further help in inventory management and even update your customers in real time on stock availability. They not only reduce operational costs but even increase scalability and improve the overall customer experience.
- Transparency in the Supply Chain and Hassle-Free
Technological advancements have reached a point where today, all processes right from the time of sourcing the raw material to the delivery to the customers, everything is managed digitally. Even manual mapping of orders is fading away and live tracking is available. This helps ensure transparency, visibility, and credibility in the entire supply chain. Furthermore, real-time inventory and capacity mapping are also facilitated by technology that further helps in the hassle-free procurement of products at the customers’ end.
To Sum Up
With the evolving landscape, treading on the path of digital transformation has become vital for B2B players. The digitalization process comes with promises of unprecedented growth opportunities, profit generation, and improved operations. It is through disruptive technologies that B2B e-commerce can improve productivity and even introduce innovations. All in all, they will help transform operations holistically, thereby paving the way for rapid growth. It is expected that due to digitalization, the Indian B2B e-commerce market is expected to reach $60 billion by 2025 and have a progressive future.
Digitalization has picked up the pace with the pandemic outbreak. Simultaneously, Covid-19 also expedited the growth of the e-commerce sector and customers, have started relying on digital platforms for shopping.
Over the course of time, B2B customers including wholesalers, retailers, manufacturers, and other sellers, are also on the lookout for tech-based experiences, similar to what is happening in the B2C domain. To meet their customers’ expectations with the evolving market scenario, B2B e-commerce players have started embracing digital adoption.
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