If you are looking for solutions for B2B eCommerce challenges then this article is for you. Here we discuss the 5+ major issues of B2B eCommerce challenges and how you can overcome them in simple ways.
Historical, B2B businesses are mostly run and grow only with some personal relationships and face-to-face interactions. At that time, these businesses do their business only with their favorite offline choices or business brands. But after the pandemic, almost all types of companies now want to grow their business through the internet.
Thus, many B2B eCommerce businesses have come into existence as this time is the best for sifting your company through an online medium in this digital era. Previously, there were lots of studies conducted that support the B2B ecommerce business. For example, according to bigcommerce– currently, B2B marketers have shifted their business module with 55% of the ratio of their budgets to web initiatives, with 96% of larger organizations completely revamping their go-to-market strategies to emphasize digital medium.
But also after this excellent resolution, there are many challenges a B2B eCommerce currently faces. So let’s discuss those 5+ most common B2B eCommerce challenges that every B2B ecommerce business has to face during its growth. Moreover, we also discuss how you can overcome these challenges to protect your B2B online business. So, let’s start.
5+ Major B2B eCommerce Challenges With Solving Strategy
As we know, various B2B eCommerce businesses exist, but there are some issues that every type of business has to face. These issues are not negligible because these are very major stumbling blocks that can destroy your business. So read this list carefully and know how you can overcome these problems. And if you are planning to start your B2B eCommerce business, you can prepare your business to defeat these challenges.
1. Finding new Customers: B2B eCommerce Challenge
Finding the right market online is difficult for B2B ecommerce businesses. As we know, the B2B ecommerce business category includes other companies or enterprises who want to hire a supporting hand for their brands. These businesses want to increase their customers so they can sell more products or services to get a high profit.
But now, finding this type of business that can take your services is challenging. And the reason is the lack of relatable platforms and their chosen mindset. In most cases, clients can compare one business’s products with others worldwide. In that case, the market was comprehensive and not beneficial for small businesses.
As you see in these stats from Statista– a younger age group can only trust the online space to trust their data. That means only young business owners can try online resources for their business.
Image source: statista.com
To find the customer, you need to do good market research and find the loophole where you can grow your business. Always try to offer a unique solution to your audience at the initial level. And most importantly, never pitch your offer without research. Firstly know about your client, then provide them with your offer that solves their business blocks.
2. Cyber Data Security: B2B eCommerce Challenge
Another B2B e-commerce challenge is your online store’s adequate data and security measures. Your B2B eCommerce business needs to store data such as customer names, contact information, order history, and payment methods. Consumers trust your business to collect, store and use this data carefully. According to BigCommerce, 77% of ecommerce businesses use more advanced cyber security to protect their ecommerce data files.
You can train your staff on how to keep your data safe. And also, you can implement a safe data storage plan with robust and secure software. Software always needs maintenance, frequent password changes, and updating that eliminates some changes of hacking.
3. Shipping and Costing of Product: B2B eCommerce Challenge
As we know, B2B e-commerce businesses don’t need to pay heavy rent for a retail space, but they do have inventory/goods and shipping costs to consider. Pricing your product is a vital part of success and one of the main challenges of a B2B e-commerce business. You want to be competitive, but you also want to make a high profit. That’s why you need to maintain these two factors very wisely.
While determining product price and shipping costs, you need to analyze the product manufacturing costs, Inventory storage costs, and shipping costs. These costs are mandatory for any business so if you want to profit from your business, you should optimize all your expenses. Apart from this, shipping costs of returning products also reduce your profits to build a good shipping chain. This shipping chain helps you in delivering your products to your clients.
4. Selection of Right Technology: B2B eCommerce Challenge
Whether implementing a wholesale B2B e-commerce business model or selling products directly to consumers through a B2C module, the right technology is critical to your success. Integrated e-commerce software keeps your inventory organized and ensures a great customer experience with your brand. As your business and online sales grow, so can the technology you need to support your business growth adequately. It’s essential to consider how easily and cost-effectively the chosen technology stack can integrate with your future technology needs.
Always keep updating your knowledge about your software and how you can easily fulfill orders quickly through the order management system. And while choosing the software, you should ensure that all your staff members can easily access and use the software effectively. So, you can get good accuracy of inventory data and statistics.
5. Increasing sales and long-term growth
Implementing these strategies can increase sales and allow you to build a large customer base. However, sustaining this growth over the long term is essential to your business’s longevity and can be one of the main challenges of B2B eCommerce.
Analyze the inventory costs and try to cut where you are getting overpaying. You should keep your eyes on the order returns and reduce this rate because it can affect your financial condition. A good analysis strategy can help you in building steps for your growth.
6. Manage complex Demand B2B Buying Process
When we compare B2C and B2B, we find that B2B buying and B2C buying are very different games. And the reason is that B2B has longer buying processes, extensive product lines, customer-specific terms, more decision makers, bulk orders, and high industry complexities.
Thus, B2B companies experience more complex online challenges than B2C retailers. To meet customers’ expectations, distributors, and manufacturers, need to accommodate all solutions in their e-commerce stores.
In the B2B ecommerce industry, you need to build your brand on a niche that helps you provide all the necessary products in your online store for your B2B customers. Once you crack one industry area, you can add more categories with complete solutions in your e-store. This strategy not just helps you in managing the complex demand of your customers but also builds a good reputation in the market.
Conclusion of B2B eCommerce Challenges
Nowadays, B2B customers are tech-savvy Gen Xers and Millennials. And they want the fastest, most effective, and simple solution that solves their problem in growing their business. But as we see above, the high age businessman does not significantly rely on the web for their business solutions.
Thus, the nature and experience of B2B e-commerce are very different from B2C, so they need some new strategy to build a strange brand in the industry.
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