B2B ecommerce OVERVIEW OF B2B ECOMMERCE DEVELOPMENT GLOBALLY AND IN ASIA AND WHY B2B ECOMMERCE IS THE NEXT FRONTIER IN ECOMMERCE Organizations need
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1 B2B ecommerce OVERVIEW OF B2B ECOMMERCE DEVELOPMENT GLOBALLY AND IN ASIA AND WHY B2B ECOMMERCE IS THE NEXT FRONTIER IN ECOMMERCE Organizations need to rethink their strategies and align their business vision with B2B growth 1
2 Today s Presenter Cris D. Tran Consultant, Digital Transformation Frost & Sullivan Asia-Pacific Cris Tran is a Consultant with the Frost & Sullivan Asia Digital Transformation Practice Cris focuses on monitoring and analyzing emerging trends, technologies and market behavior in Mobile, Fintech, and ecommerce in Asia Pacific Cris is also the frequent subject matter expert on international magazines like Forbes Asia, Channel NewsAsia, and The Straits Times. Cris also leads business development for Frost & Sullivan in Vietnam with his advanced knowledge about the market 2
3 Understand about ecommerce
4 What is ecommerce and B2B ecommerce? Online Electronic Commerce (ecommerce) Business 2 Business (B2B ecommerce) ecommerce is the sale of consumer goods to the general public through the internet. It includes sales generated through pure ecommerce websites and through sites operated by store-based retailers. Payment may be done through any mode including postal check, direct debit, standing order, or other banking options. B2B ecommerce implies that both sellers (suppliers) and buyers are business corporations who are making transactions via internet. B2B ecommerce includes a broad range of intercompany transactions, including wholesale trade as well as company purchases of services, resources, technology, manufactured parts and components, etc. Image Source: Freepik 4
5 How B2B ecommerce Differs?
6 What are the uniqueness of B2B buyers? (in comparison with B2C buyers) B2B Buyers B2B buyers are more focused on the logic of the products There is no personal emotion involved in the purchasing decision of a B2B buyer B2B buyers focus on how your product or services saves their time, money and resources B2C Buyers B2C buyers are more focused on the benefits of the products B2C buyers decision is more emotional B2C buyers will focus on the result and benefit that your product or service will bring to them Image Source: Freepik
7 What are the uniqueness of B2B ecommerce Model? (in comparison with B2C ecommerce model) B2B B2C Market Broad & General Small & Targeted Goals Product Driven Relationship Drive Buying Process Short & Simple Multi Step & Complex Users Consumers Sales Reps, Brokers, Dealers, Others Order Total Typically One-Time Typically Repeat Orders Stock Status Typically In-stock Often not in Stock or Limited Order Creation Manual or Disconnected Automated Order Creation in ERP Pricing Strategies Standard Pricing Complex, Specific Pricing by Customer Payments Typically Bank Card Typically on Account Credit Sales & Credit Card Fulfillment Often 3 rd Party Warehouse Typically Internal Warehouse Shipping Common Carriers Common Carriers, LTL, TL, Other Image Source: Flaticon
8 The Rise of B2B Globally and in Asia
9 The Rise of B2B ecommerce and how its evolving in Asia Globally In the US: B2B ecommerce sales projected to reach $1.13 trillion by $780B $1.13T Asia Electronics $6.7T Who is leading the charge? Utilities Petro Petroleum Pharmaceutical Electronics Electronic goods are projected to be one of the fastest growing B2B ecommerce product segments over the next five years Clothing Image Source: Flaticon Source: Frost & Sullivan
10 B2B ecommerce Development in Asia The important insights you need to remember More Mobile Humans are a fundamentally mobile species. So it is natural that we would adopt technology that enables mobility. Of all potential technologies in B2B marketing, mobile devices hold the most extraordinary significance. Smartphones really not phones at all but more personal computers (mpc) have shifted from scarcity to ubiquity. Yet, this ever-present technology is quite new. Mobility should be an operational and cultural norm for B2B firms Implications: Enabling greater mobility is a must for enabling B2B organizations to engage their customers and partners, any time and place More Social People are social beings. And people are also becoming more social, or more specifically, they have rapidly adopted platforms that enable virtual social interactions at scale. For many businesses with significant B2B and B2BC components, an increase in social behaviors is translating into more collaboration internally and externally. Social is forcing an evolution to social business Implications: Experimenting with these platforms offers opportunities to enhance and deepen the interaction between your employees, sales reps and business partners Image Source: Flaticon Source: All trends
11 B2B ecommerce Development in Asia The important insights you need to remember More Informed More Multichannel People want to be informed about what they buy and with whom they partner and now consumers are armed with better digital tools (e.g., customer review sites) to make informed evaluations. All the players have become significantly more informed and informative. This information has become, in just a short period of time, a critical aspect of the B2B experience. Implications: Brands must learn to engage customers much earlier, when they are defining needs and doing online research to narrow consideration sets Buy online and pick-up in store was a holy grail of sorts. This is a good goal and not to be ignored. What s really interesting is how these channels can come together simultaneously, overlaying each other in real time and space, Creating new experiences never before seen. We call this blended multichannel. Longer term, the core idea for businesses is that all platforms from the sample orders site to sales rep collaboration to product research and thought leadership must function and be optimized for portability across many devices and many contexts Implications: In the B2B environment, we can imagine a range of blended multichannel experiences. Prioritize which environments you see could have the most benefit. Image Source: Freepik Source: All trends
12 Why is there the need to B2B sales to move online?
13 Why is there the need to B2B sales to move online? The people who buy products for businesses are also consumers, and they re used to ecommerce in their daily lives. Savvy marketers learned long ago that advertising and other communications for the B2B market had to be as high quality as consumer marketing to get noticed. People already understand the advantages of ecommerce in their personal lives, and many are wondering why their B2B suppliers haven t made their jobs as simple as their personal shopping. Unlike the earlier days of the Internet, when many B2B marketers were forced, because of industry complexities and specifics, to develop their own ecommerce systems, platforms are now available that make the switch to ecommerce (or an upgrade to a better system) simple and fast. These systems are specialized, and designed to be customtailored to wholesale sales. NuORDER, for example, provides a B2B ecommerce platform that allows sales reps to create custom presentations, produce catalogs with targeted product assortments for specific accounts, and take orders. The company stresses that it is a sales platform not a modified marketing function and that it can be integrated with companies current inventory, fulfillment, and accounting tools. The technology is there for almost any size of company to embrace online sales. Few could argue that traditional purchasing methods are as efficient as ecommerce. Paper is eliminated, as are delays. Errors from multiple handling of orders are reduced. Information is available to buyers 24 hours a day, and buyers can make their purchases anywhere on the shop floor, on the road or even at home via mobile platforms. Independent research has indicated that B2B ecommerce platforms like NuORDER can increase sales by an average of 17 percent through shortening the sales cycle, improving accuracy and opening up new markets and customers. Time may be short for companies to make the switch to ecommerce, because in most industries, there are companies who are using the speed and efficiency of online sales to capture business from less-agile competitors. Buyers already know ecommerce from their consumer experiences, and they welcome new simplicity in their work lives. So will B2B marketers learn from the lessons of slow-to-react consumer marketers who lost market share to online? Or will they use the systems they now have at their disposal to shift to a faster, more versatile system of sales? Source: NuORDER
14 Why is B2B the next frontier for ecommerce in Asia?
15 Why is B2B the next frontier for ecommerce in Asia? Benefits Reduce Cost
16 Why is B2B the next frontier for ecommerce in Asia? Increase Operational Efficiency and Reduce Costs B2B e-commerce helps improve efficiency and reduce costs by automating previously manual, laborintensive 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. Source: Oracle
17 Why is B2B the next frontier for ecommerce in Asia? Improve Customer Retention Making it easier to do business. B2B e-commerce makes it easier for companies to implement streamlined purchasing, payment, and inventory processes while providing unique product assortment, pricing, and business flows. Improving responsiveness and service. If a customer needs assistance during or after the purchase, e-commerce platforms help companies respond quickly and effectively through self-service, real-time chat, or voice services. Organizations can resolve issues quickly, and recognize each customer as an individual to create a stronger, more profitable customer relationship. Building the brand. By using an online channel to strengthen relationships with customers, B2B companies have the opportunity to directly influence customers and establish a brand preference. Integration between e-commerce and social media such as communities can reinforce the brand and increase influence with end users. Source: Oracle
18 Why is B2B the next frontier for ecommerce in Asia? Grow the Business Speed time-to-market for new products. E-commerce solutions can streamline the product introduction cycle. Reduce risks and costs of entering new markets. Opening a new sales channel over the internet allows some B2B suppliers to market their products to new geographies or industries at a fraction of the cost of establishing a direct presence in the targeted market. Leverage the existing sales force. E-commerce allows the sales force to offload routine activities so they can focus on building relationships, uncovering new opportunities, and nurturing complex deals that require more personal interaction. Offer customers their preferred channel. Many customers prefer not to interact with a sales representative. Moreover, a good e-commerce site brings in additional customers regardless of whether those customers want to transact solely in the online channel. Source: Oracle
19 Lessons to take from B2B ecommerce from across the globe
20 Takeaway #1: Personalization Drives Sales B2B clients today want to be treated as individuals, not as companies or account numbers. Therefore your goal should be to provide a unique experience for each client based on their previous order history, their negotiated pricing terms, shipping locations, approval workflow and other relevant factors. To do this, B2B companies must deploy familiar B2C personalization tactics that: Deliver unique workflow, content and offers based on client role Leverage B2C-like pricing promotions (web-based clearance sales, flash sales, shipping incentives, etc.) to create demand and attract deal-seekers Offer cross-sell and upsell recommendations based on purchase history Much of this personalization can be automated can save B2B vendors and their customers an significant amount of time because it empowers and promotes selfservice, eliminating the need for customers to call in with every question or issue Case Study Source: Magneto
21 Takeaway #2: Ease of Use and Transparency Are Essential B2B buyers are busy, and their time is precious. If they don t have a convenient and transparent buying experience with a vendor, they will shop elsewhere particularly as more and more B2B businesses offer B2C-like ecommerce experiences What exactly qualifies as convenient and transparent? That likely depends on your customers individual needs and expectations. At a high level your business should strive to deliver: Simplified and expedited logins to streamline the path to purchase. Today, many B2C sites limit the login process to as few steps as possible Total price and inventory transparency. B2B companies that stock product effectively will enjoy a competitive advantage, as B2B clients will expect real-time answers and make decisions based on inventory position queries. Robust search capabilities. Because of the generally immense product catalogs of B2B businesses, robust search capabilities are essential in ecommerce. Case Study Source: Magneto
22 Takeaway #3: Omni channel Experiences Empower Customers Mobile integration offers important benefits for B2B businesses because it enables customers to place and manage orders from a range of devices at their convenience. Case Study The goal is to empower customers to shop how, when, and where they want. If they want to place an order on a Sunday evening from their ipad, your ecommerce site should give them that flexibility. Harnessed effectively, this Omni channel experience can represent a significant opportunity for B2B companies to leapfrog their competition. Source: Magneto
23 Takeaway #4: Product Selection, Content and Merchandizing Are Differentiators Like B2C shoppers, B2B customers have an insatiable appetite for content. From extensive specifications to how-to videos and detailed FAQs, your customers want to self-educate and research before making purchasing decisions. One way to enable this is to develop deep catalogs of products that present an opportunity to differentiate based on selection This delivers content and merchandizing that help customers make faster, smarter decisions. Investing in selection provides an opportunity to highlight depth and expertise and to drive more commerce from product recommendations To be effective, your ecommerce platform should give you the ability to highlight specific products, such as bestsellers or related products, for specific customers, and deliver content in the proper context Case Study Source: Magneto
24 Takeaway #5: Online Channels Are an Extension of Your Sales Team, Not a Replacement for It One of the most obvious differences between online B2B and B2C ecommerce is the involvement of a sales team. In B2C, field sales reps are largely unnecessary mostly because of lower price points and smaller volume orders. While B2B businesses might also service low volume, one-off customers, sales reps are still necessary to manage larger, more complex customer accounts. ecommerce should be viewed as a supplement that helps you engage and grow your customer base and drive business efficiency. Think of it as a self-service model that empowers customers to buy products and sales reps to sell projects Ultimately, one of the primary goals of online commerce is to migrate offline customers to more cost effective, self-serve, online only environments. ecommerce portals accomplish this by removing the need for sales reps to manage low volume customers, reorders and replacements, which frees them up to focus on acquiring and retaining higher-margin and volume customers. Case Study Source: Magneto
25 Questions & Answer 25
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28 B2B ecommerce Thank You 28
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