Online enabled commerce
All these requirements are finding their way into how B2B buyers expect to be served by their potential suppliers. We are already in the “age of the customer”. As many as 70 per cent of B2B buyers will have done research on products and suppliers before they appear on any potential vendor’s radar.
The consumerization of B2B purchasing now has us in a situation where three out of four B2B buyers consider buying from a website more convenient than buying from a salesperson, and a whopping nine out of ten prefer online buying when they have made the purchase decision.
In addition, product searches are predominantly taking place online. The conversion rate of B2B online buyers is more than twice the rate in B2C. The worldwide total sales through B2B e-commerce is estimated at close to 7 trillion US dollars by 2020. It is a wise business decision to start exploring ways to tap into this huge potential. At the same time, you can cut the cost of a sale by up to 90%.
No matter if your business is in manufacturing, wholesale or the forest industry, it is equally important to create a seamless commerce experience that merges the online and offline worlds. When you enable selling products online, you will increase your share-of-wallet while increasing the buyers’ convenience and reducing churn.
Tieto Industrial Experience is a set of digital solutions that enables efficient B2B e-commerce, order and product information management, and setting up consumer web shops. Running on SAP’s Hybris software and other leading key technologies, these solutions provide seamless integration between the Open Catalogue Interface and the punchout system. Your customers are able to get instant information on your current assortment, pricing and availability.
When you make buying easy, you will increase your sales and expand to new customer groups and market areas, offering even mobile customer applications. You will get new capabilities for combining products and services in new distribution channels, making use of your entire third-party ecosystem.
Thinking of online not as a channel but as a service product leads the way to innovation and the opportunity to disrupt yourself by creating new online service models. You could bundle online service to product and service sales and exploit the possibilities of the Internet of Things to support business growth at a lower transaction cost – all the while giving your customer a superior experience of dealing with your company instead of someone else.