B2C e-commerce businesses have set the customer experience bar high for B2B e-commerce business. They are struggling with cost-of-living increases, supply chain shortages, and current economic uncertainties but now the pressure is on them to deliver more Amazon-like experiences as customers expect their physical and digital interactions to be more personalized. B2B businesses must have a reactive CX outlook and the technology to match these new expectations.
B2B e-commerce is now the most effective sales channel for B2B companies according to a recent McKinsey & Company Global B2B Pulse survey. The survey finds that “B2B companies winning market share have not only digital self-serve channels such as their own websites, but also broader e-commerce offerings.”
B2B companies must make sure their digital e-commerce strategies have a much broader reach than just a website. The key to success is improved buyer engagement, a unified commerce approach, and a flexible Content Management System (CMS).
Principal Digital Strategy & Transformation Consultant, Digital Commerce, Columbus UK.
1. Personalized digital experiences will engage customers
When a website features more than 5,000 products, many with similar functions, customers require guidance to locate their desired items. Let’s say a customer only engages with 20% of a company’s products, and that 20% only shows half of the feasible options for meeting their requirements. The customer would miss out on a wide range of options, and the retailer would miss out on opportunities to upsell, offer more expensive options, or simply secure the sale.
In many cases, this issue is exacerbated by a lack of data integration between new and old platforms, making it more difficult to provide customers with accurate, up-to-date information, and offer tailored buying experiences.
Enhancing buyer engagement is pivotal for businesses. This engagement often leads to increased Customer Lifetime Value (CLV), which represents the total value a customer brings over time. Crucial contributors to a higher CLV include efficient marketing and sales strategies, fostering repeat business, and cultivating a strong brand reputation through positive reviews. As satisfied customers share their commendable buying experiences, it promotes customer retention and drives growth.
To solve issues with low engagement and to increase CLV, product merchandising and analytics are critical. These allow B2B e-commerce businesses to make their entire product range browsable and searchable, and offers buyers the widest range of products to meet their needs. For this reason, many e-commerce businesses now leverage AI technologies for real-time updates, customized recommendations, and personalized content.
2. Outsourcing is outdated – flexible CMS allows for quicker reaction to market changes
Many companies outsource website design and website optimization to third parties – but herein lies the problem. Delays can occur when e-commerce businesses choose to use a third-party as even the smallest changes can take time and financial resources to enact, let alone account for web-page redesigns or content optimization.
E-commerce businesses need a CMS that is flexible to deliver improvements over time, and is responsive to market changes. If a product suddenly surges in popularity across the market, or its function changes, businesses need to be able to prioritize it in their product search engines accordingly. Having to wait for developers to complete changes alongside their other competing priorities, and footing the associated costs can all be bypassed by investing in a high-quality CMS.
3. Fulfil customer preferences by embracing a unified commerce experience
To create truly unified commerce and improve digital customer experiences, e-commerce businesses need to optimize their website for smartphone use, or even consider launching an app. Harnessing smartphone-friendly buying features via a well-designed website and mobile application should be a top priority for many retail businesses.
This is especially important as the McKinsey Global B2B Pulse survey found the number of buyers using mobile apps to look for detailed specifications, samples, and pricing, more than quadrupled from 2019 to 2022.
Additionally, a unified commerce strategy allows e-commerce businesses to understand customer needs across different channels and tailor experiences accordingly. Businesses that improve usability and standardize appearance across all devices will help transition in-store customers to online customers, and even create omnichannel customers.
But some e-commerce businesses have a disparate unified commerce strategy, often caused by a lack of smartphone-friendly browsing. Businesses need the professionals and software to seamlessly commit to investment in smartphone optimization.
E-commerce businesses can bolster their brand with quality digital transformation
Digital transformation strategies that incorporate a flexible CMS will personalize digital customer experiences and improve buyer journeys. E-commerce businesses that work with a digital consultancy will also be able to own their content, adopt customer centric experiences, and fulfil customer demands. Thus, giving them the tools to deliver on customer expectations and alleviate pressures on in-house IT systems.
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This post originally appeared on TechToday.