5 Potential Benefits of B2B eCommerce

Today we are more connected online than ever before for communication, shopping, work, research, or entertainment. With this increased online engagement, the volume of e-commerce has increased massively. For B2B companies, e-commerce is not only about online purchases; e-commerce solutions are becoming a pivotal part of a company's operations and overall strategy. Here we cover five benefits of infusing e-commerce in your B2B business strategy.

1. Grow revenue. The growth opportunity for B2B e-commerce sales revenue has increasedtremendously in recent years and will continue to do so. According to Forrester Research, the B2B e-commerce economy will reach $1.2 trillion and account for 13.1% of all B2B sales in the US by 2021 (ref). Such massive growth expectations represent a prime opportunity for businesses to enter B2B e-commerce to maximize their sales revenue and growth.
2. Lower costs and increased efficiency - As companies grow, they often reassess their business strategy to find original workflows that need to be updated and streamlined. With e-commerce software, B2B companies can automate manual order processing, consolidated order entry, and centralized processing to increase operational efficiency. As a result, they have dramatically reduced costs while also increasing revenue. Throughout hundreds of implementations, we have seen that a wide variety of business processes can be set up online, resulting in lowering overall costs.
3. Accelerate order fulfillment - With cloud-based e-commerce systems, B2B sellers accelerate their order fulfillment when selling online using a modern, cloud-based e-commerce platform. Using such service reduces errors in order placement, improves inventory tracking, and ultimately enhances customer relationships with timely service and delivery. B2B sellers can now promise accurate, fast, and transparent delivery to their customers.
4. Reach new customers anytime, anywhere. - The boom of e-commerce presents unprecedented access to more shoppers who can be targeted and easily reached globally anytime and anywhere. B2B e-commerce provides access to new stores, divisions, geographies, product catalogs, and more - making selling easier than ever before.
5. Manage suppliers efficiently - By using a B2B e-commerce platform, B2B manufacturers can manage and control several supplier relationships at once. Instead of using extra FTEs, spreadsheets, phone calls, and faxed order forms, businesses can electronically keep track of orders and inventory through e-commerce automation, which will save time, money and reduce human error.

Virto Commerce provides an innovative, open source B2B e-commerce software solution. We have implemented our robust e-commerce technology, services, and expertise in over 100 deployments for companies worldwide. Built for flexibility and scalability, Virto Commerce supports our clients in a wide range of solutions to manage business challenges like multiple stores, channels, pricing models, order platforms, customer loyalty, and more. Our clients get to market faster, build stronger customer relationships, and rapidly increase global online sales.

Learn more at virtocommerce.com