B2B (Business to Business) market is expanding day by day than ever before.
With a steep rise in trend where people want to run their own eCommerce store, it is going to keep the markets captured for the long haul.
A whopping 93% of business to business buyers prefer to buy online once they decide what to buy.
And B2B eCommerce market is likely to be worth $1.1 trillion, unlike the B2C (Business to Customer) sector which is worth $480 billion by the end of 2019.
This increases prospects for B2B deals.
To keep your Magento 2 B2B store relevant, it is vital for it to have all the essential functions. B2B sites constantly interact with other business owners.
Hence high compatibility with other business owners is a must for any B2B store.
B2B customers do not need a push, they already know what they want.
Instead of sifting through wholesalers, they prefer a place where everything is compiled for them.
You have to keep in mind that B2B shopping experiences are completely different from that of B2C.
Unlike B2C customers, B2B customers ease of use and cleaner data presentation than just clearer pictures.
Dealing with fellow business owners require a completely different approach. For e-commerce store owners, it calls for special functionalities on their website.
On that note, let’s take a look at 7 essential factors a Magento 2 B2B site must-have for that out-of-the-box platform.
1. Hide Price
To increase conversion and boost sales, it is important to hide the prices from the common masses. Unless merchants are wholesalers, they shouldn’t be able to see the prices.
Moreover, when the rates are hidden, it prompts wholesalers to sign up or log in.
However, the default Magento 2 Community doesn’t offer this feature by default. It hides the price of the product and ‘Add to cart’ button from guests.
The information is only available to users who are logged in.
Why should you hide price from customers?
Most people wonder about the psychology behind hiding prices from customers. There is fierce competition in the market.
Hiding prices eliminate your competitors spying on your prices and adjusting theirs accordingly.
When you directly display the price on your store, the customer is likely to compare the price of that particular product on all other stores.
This robs you of the opportunity to highlight the benefits you have to offer to increase the value of their money.
Moreover, displaying the price of a product that has high economic volatility can cause more harm than good.
Another good idea is to hide your prices from customers who haven’t registered.
If they are serious buyers, they are likely to register. When customers who have intentions to buy can only see the price, the conversion increases.
2. Request Quote
A successful B2B site offers users the opportunity to request a quote.
This opens the scope for negotiation and increases the trust of customers.
The e-mail containing the quotes goes to the sales representative of the company. Admin then chooses whether to offer a negotiated rate and forward the pricing information to quote seekers.
However, the admin cannot make any amends in the quote unless there is an action from the consumer’s end.
Likewise, buyers won’t be able to request quotes before the admin responds to the previous one.
Why should B2B stores have an option for requesting quotes?
It is necessary to include the request quotes feature to take your store a step further.
One of the most vital techniques that have existed in our society for years is bargaining.
The seller might think that this practice can affect their revenues negatively. However, if done tactfully, both the parties can avail the benefits of a mutually discussed price of commodities.
When an admin approves a quote, they have high chances of converting into real orders.
When you give the buyers a chance to negotiate, they are less likely to leave heir cart abandoned. You can expand your business and drive new customer enquiries.
Moreover, every customer gets a customized experience which makes them feel valued.
Make sure you add a button to request a quote somewhere in quick sight.
3. Multiple Wishlists And Fast Orders
A convenient shopping experience is one of the key factors that help in increasing the customer base.
Instead of having just one list for people to select and keep their products, a successful Magento 2 B2B store should have the option for multiple wishlists.
If customers wish to purchase the products in bulk and for different parties, multiple wishlists can help.
If there are no multiple wishlists, buyers can get confused after adding products in the cart. Eventually, they might leave the cart abandoned.
Why do you need to this?
In today’s fast-paced world, time is money.
No one likes to spend a lot of time shopping online especially if the customers themselves are business owners.
For instance, when a customer inputs a product’s name, it should be displayed along with other similar products.
When a customer clicks on a product, it should display the title and a clear image of the product.
The Magento 2 Configurable Product extensions are some of the Magento 2 extensions for e-commerce that can prove to be of great help in this case.
4. ERP Integration and Reorder
An ERP system is responsible for handling all business-related activities including purchasing, supply chain, invoicing, stock management, and inventories.
ERP integration in a B2B store helps in the smooth facilitation of different operations.
It aids in exchanging data periodically and in real-time. It also defines various processes and enables hassle-free functioning of entities.
ERP integration also facilitates continuous monitoring of different activities along with initiating effective communication.
It contributes to a well-managed ecosystem.
Why to get Reorder option?
Most of the wholesalers need to order the same products over and over again.
But it wastes a lot of time if buyers have to scroll through the list again and place different orders.
To save time, an efficient Magento B2B store should have the Reorder option.
This way buyers can just reorder what they purchased previously and avoid a lot of unnecessary clicks.
In addition to this function, it is a wise move to offer store credits to regular buyers.
This will keep them hooked to your store.
Magento 2 Store Credit extension enables users to use store credits during transactions and retain them in case of refunds.
5. Simple Interface Facilitating Ease Of Use & Mobile-Friendly Website
Mobile devices, being the highest used to access internet, driving the trends.
People like to shop when they are on the go.
Business owners have noticed the upcoming trend and they are adapting to it.
As for the products they sell, they need a wholesale marketplace that is available to them on the go.
Hence, the very basic necessity of your Magento 2 B2B store is to be mobile-friendly with a simple and easy interface.
If the design of the store is complicated, no matter how productive you are, the buyers will run straight to your competitors.
Keeping the interface simple is one of the most important Magento 2 features for b2b e-commerce.
The design of your website should be such that even the non-tech geeks face no difficulty using.
After all, time is precious and no one wants to get stuck immediately after opening your site.
The product filters should be clearly visible and the checkout process should involve the least possible clicks.
You can use Magento responsive themes to accomplish the goals.
6. High-Resolution Product Images
Nothing entices the buyer more than eye-catching images on an e-commerce website.
Since the buyers can’t physically examine the item, the picture has to say it all.
Make sure you use a high-resolution images of all the products on your Magento 2 store.
Upload the images only if you are fully satisfied with the result.
However, too much editing can backfire if the product looks completely different in reality than in the images.
All in all, keep the quality high and the picture realistic.
Apart from the features mentioned above, there are some other important functionalities that contribute to a successful B2B e-commerce store. Let’s take a look.
1. Tracking Orders Without Logging In
Most of the buyers find it a hassle if they have to login every time they wish to track an order. Therefore, it is important to provide them with the facility to track their items without logging in. You can ask for a tracking number and the tracking should be super easy after that.
2. Ordering Sample Products
Wholesalers buy in bulk. However, if your store is new, first time buyers are likely to hesitate initially. To make a mark in the B2B sector, offer sample products until you gain a good reputation in the e-commerce market. When buyers are satisfied with the quality of sample products, they are likely to repeat their order and buy more stuff.
3. Ratings And Reviews
Did you know that even one bad review can compromise your sale? If you have a rating and review system, it increases the trust level of your buyers. If the ratings are mostly positive, your sales can skyrocket. It will bring more customer feedback and if you maintain the quality, the ratings will rise eventually. Having a reviews and rating system on your e-commerce store lets the buyer know that you care about their opinions.
The integration of these features in your B2B store increases brand loyalty.
Moreover, besides increasing the customer base, you can retail your clientele and build better trust.
It simplifies the overall order process and makes it easy for other business owners to place orders.
They already have a lot on their plate such as managing their own enterprise. When you offer them convenience and credibility, they turn to your store for their bulk needs.
This, in turn, generates more revenue.
The B2B vertical is experiencing a steep rise at an astounding rate. By the end of 2019, the B2B market is likely to experience tremendous growth.
This makes the integration of the above features in a Magento B2B site even more essential for your business to skyrocket its sales and revenues.
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