Magento eCommerce for B2B Success Today, eCommerce is an extremely altering environment, and the key highlight is the involvement of new industries in this revolution. As per the experts, this industry has also embraced new selling patterns and forms in the last few years. Now, eCommerce seems to provide a real shopping experience for any commercial sphere, which includes even B2B sales channels. Although many market leaders consider B2B a new platform in online retail, its perspectives are projected to be very promising at the same time. As per Forrester, it is predicted that B2B eCommerce market will almost reach twice as B2C with the sales size of $1.1 Trillion against $480 Billion in 2019. Also, the study showed that currently approx. 86% of the companies which include internet retailers, selling to the customers who once used to buy the products offline. Now, online store owners are looking forward to providing ideal shopping experience. It is important to note that users of B2B portals are the Business Partners, Retailers, Resellers, or even individuals who act as ‘Contact Person’ for any business. The requirement of the B2B segment is very different regarding functionality and complicated too in most of the situations. Now, the real subject is choosing the most suitable platform for B2B customers that can act as an ideal highway straight from a catalog to the final checkout. Undoubtedly, Magento is turning out to be one of the most flexible eCommerce platforms for B2B success. Role of Magento in B2B In 2014, Oracle and IBM were the top providers for the top 500 internet retailer list surveyed in the USA along with Canada. If we see on the IT top 50 lists, we will find out that Magento supported 34 merchants out of the list that was double the number of the merchants in the year 2013. Initially, Magento has gained popularity in the B2C market and been continuously involved in building a supportive eCommerce environment for B2B as well. In the USA alone, B2B eCommerce is expanding bigger and taking a charge among others. Some recent studies also show that B2B online sales are expecting to touch $6.7 trillion by 2020. It also means that almost 48% of the B2B customer will replace 50% or more of their online order in the next two years. Therefore, the area of scope for B2B eCommerce is getting friendlier on Magento platform. Due to so many complexities involved and to meet the requirements of growing B2B segment, most of the organizations believe that B2B eCommerce has got the right platform in the form of Magento eCommerce. Magento B2B Marketplace In today’s scenario, B2B customers’ requirement is more and those B2B websites which fail to deliver the requisite results ultimately have to face their demise very soon. B2B involves multiple ordering of products in a huge number and is generally between business to business. Companies in today’s scenario require speed, and unlike the B2C market, the B2B market needs high efficiency utmost. Nowadays companies want quick and convenient order and B2B eCommerce websites based on Magento platform allows quick searches in context with products. Also, those websites which have auto-suggest
options and rapid payment options will lower down others in the B2B race.
Reasons why Magento is useful for B2B Project: 1 Flexibility - The Magento is an open-source eCommerce platform that facilitates you to gain complete control of your online portal and further, leverages B2C functionality in a B2B environment which in turn supports the sales team. 2 Marketing – Another good point about Magento is the different varieties of functions that are available to benefit you in driving decent traffic to your site. 3 Lead Generation and Nurturing – Every business requires a lead, and one needs to nurture it effectively to further, convert it into sales. Various personalization capabilities provided in Magento could assist in moving customers through the buyer’s journey. 4 Affordability: Magento’s lesser cost of ownership makes it a reasonable eCommerce selection. Magento helps you meet unique B2B features needed in eCommerce Receive and Manage Quote Requests With the release of Magento 2.2, now it gets easier to manage multiple quotes and customer negotiation as it comes as a default functionality of the platform. The new Magento 2.2 features, in fact, ease your B2B customers with a functionality to request quotes straight from their shopping carts. The customers can include the supporting comments along with their quote requests if required and track their statuses once issued. Moreover, the merchant can easily monitor the quote requests raised to websites and customize it through a quote management panel if required. Shared Buyer Accounts and Catalogue Control The management of account roles and buyer permissions can also be applied to the Magento 2.2 platform easily. Thus, different limitations can be established between individual buyer accounts like the product listings of an account which can be accessed. Consequently, catalog control turns out vital for eCommerce websites that sell to B2B buyers. Make Payments on Credit With Magento 2.2 platform, payment on credit option is possible. Using Magento, now it is possible for merchants to configure their store’s credit options and successfully achieve the buying conditions for their B2B customers. You can very well adjust the credit payment settings such as credit restrictions for chosen countries. Also, Magento merchants can observe customer credit data and specify limits between those individual accounts. Encourage Instant Purchase The new Magento platform also facilitates B2B customers to make orders just by entering one or more stock keeping units (SKUs). Once input, the Magento platform can help to validate the SKU and alert customers about the availability of the specific inventory. Also, customers will have the option to upload CSV files in quick time and complete their ordering processes. At the same time, merchants can create requisition lists for the
products that got ordered or bought from their store most often. Limitless demand lists can be generated and later allocated to selected customers to streamline the orders. Today, distributors and manufacturers have started to favor the Magento platform because of its ability to provide and curate consumer-like experiences for their buyers. And at the same time, it is offering the flexibility to these distributors to customize any facet involved further, even to match business requirements. Without any second thought, Magento development services perfectly comply with different B2B needs and by utilizing its native functionality in addition to unique extensions, the platform can be handy enough to meet the requirements enforced by the B2B segment to eCommerce platforms.