As B2B Trade and Finance offerings become more commoditized, the subjective, sometimes quite personal considerations of business customers are increasingly important in purchases. To discover what matters most to B2B buyers, the consulting firm Bain analyzed scores of quantitative and qualitative customer studies. All told, it identified 40 discrete “elements of value,” which fall into five categories: table stakes, functional, ease of doing business, individual, and inspirational. The elements range from strictly objective those related to pricing and specifications, for example to more subjective ones, such as reducing the buyer’s anxiety and enhancing his or her reputation. Understanding this full range of rational and emotional considerations, and tailoring the value proposition to the ones customers prize most, is critical to avoiding the commodity trap
Evolving B2B Commerce
Leveraging advanced industry and technical expertise with leading-edge technologies, OpenXccess implements efficient and innovative solutions, streamlining business processes, unifying digital experiences, and accelerating transformative change. OpenXccess’s human-centric, hands-on approach and proven methodology build sustainable solutions and enduring relationships for ongoing success.
Personalised, Predictive, Powerful Delivering Digital Transformation Success
What is B2B e-commerce and why does it matter?
B2B e-commerce utilises online platforms to carry out transactions between businesses. B2B hasn’t relied on e-commerce to the same degree as B2C. As a result, most B2B organisations haven’t felt the same pressure to prioritise their digital sales channels. When it comes to creating exceptional customer journeys, many B2B companies are a step behind. Businesses can’t afford to stumble in today’s climate, even if e-commerce still accounts for a relatively small slice of the B2B sales pie. According to a Forrester report, 73% of today’s sellers use an e-commerce or online sales portal – with an average of 27% of revenues coming from these channels. This is set to increase suddenly and drastically, as 83% of businesses say they plan to increase e-commerce sales in the next three years. The companies that are focusing on growing their e-commerce platform will be well prepared to face the future: cross your fingers for the other 17%.
An omnichannel experience offers users seamless interactions across a range of connected channels, which can include social media, websites, brick-and-mortar shops, chatbots, emails, and more. In multi-channel experiences, these various channels operate in silos, but an omnichannel strategy unites them to provide a more holistic journey. Creating an omnichannel strategy is all about breaking silos, unifying data, and putting the customer at the heart of everything. Simply put, it’s about connection. This has long been the focus of B2C, but it's evident that it’s the future of B2B as well. According to the Forrester report, a third of B2B sellers have already implemented an omnichannel strategy and most of the remaining businesses are now taking steps to do so. For B2B organisations looking to future-proof their organisation while also gaining a competitive advantage, this is the perfect time to create an omnichannel strategy.