In the world of B2B ecommerce, cutting edge online services are becoming increasingly important. The market is growing rapidly, and customer expectations are skyrocketing.
In January 2019 Forrester released a report predicting that the industry would reach $1.8 trillion by 2023. In light of this predicted expansion, the most successful B2B businesses will be those that understand their customers’ growing needs and are aware of competition from new and established rivals.
Today’s evolving market can be problematic for businesses using an in-house model, as they may not have access to the opportunities provided by the latest technology and most up to date processes. For this reason, many B2B companies are partnering with teams of B2B ecommerce experts to supplement or enhance their internal teams. To find out more about how this could help the growth of your business over the coming years, take a look at some of the benefits below.
Offer new services before customers ask for them
It’s all too easy to assume that your online services provide everything that your customers are looking for. But as buyer expectations continue to grow, how do you know they’re not looking elsewhere for the solutions that you’re not currently offering?
For B2B suppliers to stay on top, it’s vital that services never stand still. It’s also important that brands fully understand their customers buying processes and take the time to evaluate feedback regularly.
When customer feedback reveals gaps in the services currently on offer, it’s incredibly important that companies are able to introduce the changes quickly and cost effectively to meet demand, which can be difficult when reliant on old software and in-house personnel.
Buying into an established roadmap allows you to have a defined set of new functions which are tailor made for your industry.
Better time-management with automation
Outsourcing saves time. And what growing business wouldn’t benefit from a few more hours in the day?
Using industry experts provides the opportunity to delegate a whole range of different processes, giving your internal team more time to focus on important tasks and providing a better experience for customers.
A great partner will also be able to assist you in unlocking the power of automation through better processes or improved workflows, both of which can provide your team with more time to assist your customers. We have seen massive improvements with our customers using automated assistant ‘bots’ within the chat screens for example which are available 24/7.
Improve potential with scalable systems
In competitive B2B markets, scalability is crucial. For businesses to survive and thrive while competition grows, software needs to be able to scale quickly, efficiently and cost effectively.
If the requirements of a key account grow, it’s essential that your business is able to cater to this need. If not, it’s almost certain that the customer will look elsewhere. In B2B businesses, where the loss of one account can easily cost a company £100,000 – £1m + per year, companies shouldn’t leave this to chance.
Consider how your current services would fare in light of a new demand from a key account. Would your existing software be able to deliver this new demand? What would the cost of this change be, using your current system? How long would it take for you to implement the required changes to be able to support your customer?
If your answers to the above questions reveal any limitations in your current software, it’s well worth investigating alternative solutions to future–proof your company.
Access to the right talent without breaking the bank
Staffing is one of the largest expenses in any business, and sometimes even the most experienced and talented teams come up against something that doesn’t quite fit their skill sets.
In the current UK market a good developer should expect to be paid £55k+ and even graduates are commanding a salary of £26k. Add a Product Manager, Technical Support team, Dev Ops and hosting charges to the mix and you can quickly reach a triple figure cost to support your internal dev team.
Working with a dedicated expert team is an effective way of reducing this cost and allow you to tap into resource as and when you need it.
Utilising an expert partner for ecommerce provides endless opportunities for B2B businesses to save time, cost and provide a better service to their customers.
Get in touch, to learn more about what an industry leading B2B platform can do for your company.