Top Emerging B2B eCommerce Trends in 2024

1. Top Emerging B2B eCommerce Trends in 2024 successive.tech/blog/b2b-ecommerce-trends/ B2B Commerce, a space that has been in the market for a long time, is now under evolution. Same as B2C, which has gone through the digital transformation process, the B2B business model is going digital and utilizing the abilities of the latest technologies to upgrade the shopping experience of B2B buyers. According to a study conducted by Forbes, there has been a 250% increase in mobile-based B2B orders, as of the last three years. This explains how digitalization and automation in the B2B eCommerce domain are rising and gaining popularity. Furthermore, in the process of adopting digital transformation, various trends are playing a crucial role. Below, we will discuss these trends in detail. So, keep reading! What is B2B eCommerce? A Deep Dive into Business-to-Business Online Commerce B2B eCommerce, also known as business-to-business eCommerce, is a business model in which the online buying and selling of products and services occurs between two businesses. For example, a furniture-making company sells its products to other businesses, such as wholesalers or retailers. 1/6

2. Such business models comprise various activities: Procurement Supply chain management Wholesale distribution Vendor relationships While B2C (business-to-consumer) transactions involve buying and selling between businesses and end consumers and are usually small-volume transactions, the B2B eCommerce model covers large-volume transactions where manufacturers sell in bulk to wholesalers/retailers. B2B transactions cover negotiated contracts, bulk ordering, invoicing,and pricing structures. Since the entire process is pushed online, a B2B eCommerce portal is utilized to streamline these transactions. Such portals include marketplaces, procurement portals, and trading networks. These portals help in automated inventory management, order management, shipping and fulfillment, and real-time tracking. Emerging B2B eCommerce Trends: An Overview 2/6

3. 1. Personalization Even B2B customers demand and expect personalization in their shopping experiences. Studies show that 69% of B2B buyers will choose and pay more for a personalized experience. Hence, implementing personalization and providing a tailored experience has become crucial to win customers and build long-term loyalty in the modern B2B eCommerce space. 2. Gen AI Gen AI has been a hot topic ever since it was released. In the coming years, the B2B eCommerce domain will adopt this technology trend to improve its operational efficiency and overall B2B buyer experience. Leveraging the core capabilities of Gen AI will help businesses conduct an analysis of their operations and identify areas of inefficiency. After that the AI model will generate suggestions. Businesses can implement those suggestions and improve their B2B operations. Furthermore, B2B businesses can utilize Gen AI chatbots that can help with comprehensive customer support even when a human is not available to address B2B buyers’ issues. This will help in improving customer experience. 3. Smart Payments and Automated Invoicing Limitations in payments pose a major challenge. Hence, the concept of smart payments is adopted in B2B eCommerce solutions to enable B2B buyers to choose their preferred mode of payment and complete the transaction seamlessly. eCommerce platforms, such as BigCommerce, offer smooth integration with multiple payment gateways. The BigCommerce development company can utilize this platform to make it easier to set up a custom payment process. Also, check out our blog dedicated to building custom payment process in eCommerce stores. 4. Mobile and Voice B2B eCommerce Mobile commerce and voice-based eCommerce transactions are not just limited to B2C now. With the open adoption of digitalization by the B2B business model, they both have become noteworthy B2B eCommerce trends. As mentioned above, there has been a significant rise in the number of mobile B2B buyers. Additionally, voice commerce has also become a notable trend. Now, B2B buyers can make payments simply by using their voice commands rather than older methods, such as typing and clicking. Various B2B eCommerce solutions utilize voice assistants such as Alexa, Siri, 3/6

4. and Google Assistant to enable voice-based B2B transactions. 5. Multivendor Management B2B businesses have to manage multiple vendors and their inventories, and doing so from multiple platforms can be complicated. Hence, investing in a multivendor eCommerce platform, such as BigCommerce and Shopify, can be the ideal solution. These platforms can provide tools and features to help B2B businesses set up a multi-vendor marketplace that can manage all their existing vendors, onboard new vendors, and streamline inventory management, order management, shipping and fulfillment, and commission calculation processes. 6. Omnichannel Selling Omnichannel selling strategies have become one of the major B2B eCommerce trends eCommerce businesses swear by. For example, Flipkart Wholesale. It is a B2B model where retailers can either make bulk orders online via the website or visit their experience stores to make an in-person purchase. Key B2B eCommerce Challenges 1. Maintaining B2B customer relationships Maintaining stronger customer relationships is equally important in B2B eCommerce. 84% of B2B buyers say they will choose to make purchases from a supplier with whom they had a great relationship. Since the lifetime value of B2B customers is higher than that of B2C customers, it becomes more crucial to build a good relationship. However, transitioning offline B2B relationships to the digital mode can be a challenge. Additionally, building new relationships online can also be difficult since the competition is high, and B2B buyers usually find it challenging to trust new businesses. 2. Choosing the right B2B eCommerce platform Technology plays a very important role in setting up a B2B eCommerce business. You need to indentify your goals and vision and consult a professional eCommerce development company that can help in choosing the right platform. Various B2B eCommerce platforms are available, including BigCommerce, Shopify, Adobe Commerce, and WooCommerce. However, the development team will evaluate each platform’s capabilities and then recommend the best platform that aligns with your business requirements. 4/6

5. 3. Data and Cybersecurity Another prevailing challenge in the B2B eCommerce space is limited security measures implemented in the online store. Since B2B operations are more complex, it require extra security measures to protect confidential data from unauthorized access. Even the market has witnessed that most customers be it B2C or B2B, prefer to conduct transactions with an online store that is more secure and implements security in every aspect of their buying journey. Hence, it is important to invest in such B2B eCommerce solutions that can offer effective security measures and protect your data at all costs. You can also check out our blog on essential measures for eCommerce security in the digital era. 4. Complex Procurement Process Usually, every operation in the B2B model is complex, including the procurement process. Procurement refers to the process of acquiring products and services that support business operations such as raw materials. This process is often tightly controlled and includes multiple documents such as contracts, invoices, and purchase orders. On the other hand, B2B buyers expect flexibility in how they order and make payments. Hence, the absence of flexibility and automation in the procurement process becomes a challenge as the B2B buyers have no control over procurement processes. 5. Operational Costs While there are no rental costs required in the B2B eCommerce space, operational costs, such as inventory and shipping costs, are still a concern for businesses. Often, the product pricing and shipping costs are not properly calculated which leads to loss on the seller’s end. Hence, when investing in B2B ecommerce website development, it is important to calculate and reflect the product pricing and shipping properly to ensure the price is competitive but also profitable for the B2B sellers. Looking to build your online presence? Read our blog on why eCommerce website development is important for your business. 6. Data Siloes and Omnichannel Limitations Even though the operations are moved to the digital space, the data is still unsynced. In B2B eCommerce, the data is gathered and moved through multiple resources, and each of them is not in sync, which creates difficulties in tracking and analysis and complexity in operations management. 5/6

6. Moreover, there are multiple data siloes that hinder the B2B business’s capabilities to adopt omnichannel selling strategies. This limits B2B business growth and opportunities to expand business reach. How Successive Digital Can Help Implement These B2B eCommerce Trends? With over a decade of expertise and knowledge in eCommerce, including B2B, B2C, and D2C, we continuously aim to study the ongoing market trends and implement them in the best possible way for our client’s eCommerce store. We also utilize the capabilities of the latest technologies and eCommerce platforms to build a custom solution that can generate optimal outcomes for our client’s business. Conclusion B2B eCommerce is rapidly evolving. The domain is leveraging the latest technologies, customer-driven selling strategies, and B2B eCommerce trends, such as omnichannel, to build a more personalized and consistent shopping experience across multiple touchpoints. So, if you want to develop a B2B eCommerce store, implement these trends and hire a reliable eCommerce web development company to handle the development and deployment process. We at Successive Digital have over a decade of expertise in building B2B eCommerce solutions. Looking to set up your B2B eCommerce store? Let’s discuss your project. 6/6