B2B market place is the upcoming and growing market in this century. Today’s business-to-business (B2B) organizations are looking with renewed urgency for ways to improve efficiency, reduce costs, and retain existing customers. At the same time, they must make the right investments to drive more sales and improve customer satisfaction. As online commerce continues to grow overall, customer expectations for B2B e-commerce are also changing rapidly. Companies serving business buyers are realizing that the old ways of doing business are no longer sufficient. B2B companies that wish to grow and become more profitable are looking to adopt e-commerce.
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The Benefits of Adopting Modern B2B E-Commerce
Today’s e-commerce platforms enable companies to improve service, grow the business, and reduce costs. Although specific industries will benefit in somewhat different ways, most B2B organizations achieve the following benefits from adopting a modern B2B e-commerce platform:
• Improve operational efficiency and lower costs.
• Strengthen relationships with existing customers.
- Grow the business.
- Deliver the right information to partners, distributors and resellers,and customers.
- Provide a familiar,B2C-like customer experience.
Increase Operational Efficiency and Reduce Costs
B2B e-commerce helps improve efficiency and reduce costs by automating previously manual, labor- intensive processes, and providing customer self-service options. The online channel automates a wide variety of processes that include approving buyer registration, delivering buyer-specific online catalogs, displaying contract-based pricing, and automatically enforcing contractual terms and conditions.
By offloading some tasks to customers and eliminating unnecessary or repetitive tasks, sellers gain the option to reduce headcount to lower back-office support costs, grow revenue without adding headcount, or refocus workers to higher-value-added activities. In addition, the online channel reduces communications costs for phone and faxing services, while more automation minimizes errors and rework.