What’s the Future of Global B2B eCommerce?
A lot has changed the last few years in B2B marketing. Now about 85% of B2B marketers say that lead generation is their main goal for the next six years.
This goal contrasts sharply with what the goal was the last five years, which was boosting web traffic. It was considered the most important metric of all.
Of course, there’s no way to know what that will happen in the future. But everyone in the B2B industry needs to keep an eye on the trends and movements of B2B if they want to succeed in the future.
This post discusses the future of B2B eCommerce worldwide. We also discuss what B2B firms need to do if they’re going to succeed in the world of B2B eCommerce?
Here’s five trends to keep your eye in B2B eCommerce:
- eCommerce will increase in the future
This industry is going to do only one thing in the future: grow. That’s because the number of businesses worldwide is growing. So don’t expect the eCommerce rate to slow down.
We’re seeing more companies go online as more people become entrepreneurs, the emerging markets in Asia and Africa joining the fray, and new startups in far flung nations like Estonia come into being.
All this activity adds up to more B2B eCommerce. And while that means there’s going to be a bigger B2B pie, it doesn’t mean things are going to get any easier. If anything, they’re going to get more competitive.
- Spending on digital eCommerce platforms will rise
The rise of B2B eCommerce platforms has been sudden and determined. While there are multiple reasons why more B2B firms are investing in them, the main reason is automation. Many conventional tasks that take up so much of the day can be automated to improve efficiency and productivity.
Another reason eCommerce will grow is to provide a centralized location for collaboration. The world of B2B practically runs on collaboration. As content marketing expert Joe Pulizzi says, “In fact, 61% of the most-effective B2B marketers meet daily or weekly with their content marketing team either virtually or in person.”
In addition, more and more companies are seeing the benefits of digital commerce platforms, but the growth is also a nudge to the makers of these platforms to give B2B firms what they want.
- Dynamic product pricing will prevail
B2B companies often have to compete on price. They have to price high enough to make a profit, but not high enough to turn people away. It’s always a difficult balance to strike.
As a result, the future of B2B eCommerce is going to see more algorithms being used to define pricing. As B2B influencer Douglas Burdett says, “That which can be measured can be improved.”
Along with analytics, businesses are going to use algorithms to configure the right prices for their offerings. These algorithms chart everything from website activity to purchases made from competitors, and there only going to get more advanced and accurate over time.
- Online buying will become more important
If you have a team that conducts offline purchases, you could see it shrink. Most businesses, when surveyed, said that they will conduct more of their purchases online. Hence, they have less need for people to handle offline purchases.
The convenience of buying online is pushing businesses away from their traditional buying channels. This trend is going to put a strain on companies used to conducting in-person negotiations and running cold calling campaigns.
If these companies don’t adapt to this new reality they could soon collapse. So don’t get left behind. Adapt your strategies to the online world, improve your website, and enhance your company’s online user experience.
- Predictive sales will change the industry
Lead generation and sales qualification are two areas where brands have to be proficient if they’re going to close more sales. The problem is that too many businesses are still relying on smooth-talking sales people and cold calling. The future of eCommerce in this industry will completely eliminate these brands.
Predictive sales, where decisions can be made on leads before ever contacting them, will define the industry in the future. This trend will create a big spike in strike rates and a big drop in the number of leads contacted originally.
No longer will companies be focusing strictly on the quantity of leads generated. Instead, they will be looking at the quality of leads produced.
Last Word – Be Ready to Adapt
What drives long-term success in B2B sales is the ability to adapt. B2B companies must be adaptable. Otherwise, they’re going to be eaten alive by progress.
Anticipating the emerging trends in eCommerce keeps you one step ahead of the competition. So note the trends discussed above and think about whether you’re taking advantage of them.
If you’re not, you need to start doing so now. You still have some time before these trends kick in, but now is the time to start making changes to create a competitive advantage. Otherwise, your company won’t survive the future.
What do you think is the biggest B2B trend that’s going to impact global eCommerce?