Why Now Is the Time for B2B E-Commerce
There’s a dirty word in the world of B2B marketing. A word that strikes fear in the hearts of B2B marketers and sales people everywhere. It’s a word many are afraid to say, but not me.
I’m talking about e-commerce. (See? Told you—not afraid.)
Many B2B companies—and marketers, for that matter—are hesitant about e-commerce. How will it impact my business? How do I implement it? Whose feathers will I ruffle in the process? What will be the repercussions if I spend money on an expensive system and it fails?
Here is what that can look like. Self-service portals with contract catalogs, account pricing, and PO terms. Punchout into systems like SAP Ariba and Coupa using cXML or OCI, plus EDI and marketplaces like Amazon Business.
These are important questions, and yes, there are a lot of those complications to consider. But this article makes a compelling case for B2B e-commerce by talking about how a luxury sunglass maker deployed an e-commerce portal for their 2,000+ wholesale clients and saw sales increase by 35%.
And guess what? It’s not just sunglasses; it’s building products, too. I can go to BuildDirect.com and order a pallet of vinyl siding right now. On the industrial side, Grainger is closing in on about 40% online sales—and with Grainger, we’re talking billions of dollars. Whatever your industry, you can no longer say e-commerce has nothing to do with you.
As more and more Millennials move into B2B buyer roles in the next 5 years or so (and yes, there are many who already are in buyer roles—my business partner Renae wrote about that here) it will be important for B2B companies to have some sort of e-commerce system in place. The companies above are proof that there is not only customer demand for these systems, but lucrative and untapped sales opportunities to be had by adopting them.
One quick reality check. Since 2016, Millennials have been the largest generation in the U.S. labor force, per Pew Research Center. No wonder buyers expect fast search, clear pricing, and self-service checkout at work.
And for B2B companies hesitant and worried about the complications surrounding a B2B e-commerce portal, perhaps now is the time to work out those kinks. Because this issue is not going away, and I predict it will very quickly change from “something to do tomorrow” to “something that should have been done yesterday.”
Good news, the tools have grown up. Adobe Commerce, SAP Commerce Cloud, Salesforce B2B Commerce, and BigCommerce now support quotes, company accounts, approval flows, PO and net terms, and ERP integrations. That cuts many of the risks you worry about.
Granted, I’m not a fortune teller. I don’t read palms, tea leaves, or crystal balls. But this is less an act of looking through the fog to predict a far-away future than it is looking both ways before you cross the street—it’s not down the line; it’s right in front of us.
So say that “dirty word” and say it often. I promise no one will tell your mom.
