Adding digital commerce helps companies to improve customer retention by addressing top frustrations. If the buying process is too slow, or the customer feels they are losing control, they might get irritated and search for alternative suppliers. The buyer and their process have changed and with a few clicks online your buyer will find lots of other suppliers. If you are not visible online, you will not attract new clients and your current clients will probably leave. E-commerce giant Magento has researched that 40% of B2B customers get very frustrated if the sales reps are not responding fast enough to their questions and inquiries.
But after implementing digital commerce capabilities, Magento customers were able to increase their customer retention rates by 5%, and profits were increased between 25% and 95% depending on the size and situation of the individual merchant. Introducing digital capabilities will improve the productivity of your sales team. They do not need to personally take in orders anymore and can focus on consultative selling. The data is easily accessible in the system and will provide them with information to help them selling, which leaves more time and room to focus on big accounts and personal relations.
Sure, at first digital commerce is an investment. But it is an investment in the future of your company. Digital commerce will also reduce costs you will probably have now. B2B businesses will need less manpower because of the possibility to offer self-serviced ordering, streamlined quote management, and easier, remote assisted selling. ‘Self-service B2B commerce websites have a much lower average cost per sale than offline models,’ claims a research report by Forrester Research. Forrester further concludes that digitalization is reducing the number of customer calls, the cost of ordering and the overall cost to serve customers. According to the research, Coca- Cola has experienced an 85% cost reduction per interaction in B2B sales.
Also, investing in e-commerce means you can retire your catalog. This will lead to cost savings because you do not have to print it and ship it anymore. If you abolish the entire catalog and use your online portal instead, you save the design costs on top of that. Another advantage of not working with a printed or PDF catalog is that updating your product feed is easy and discontinuing products does not cause any confusion. Bringing new products to the markets is done by an easy update and customers don’t miss relevant information anymore. Besides that, your way of working will be much faster, less time-consuming and all your data is stored in one place. This means that all your employees can work in the online portal instead of their systems and own files. With that, you can easily change prices and play with the market a bit. If the demand for a product is rising, then you can start experimenting with the prices or offer certain clients a discount by giving them a special code.
If you use your way of working all those things are not possible or when possible, it will take a lot more time and also the paperwork you will get out of it is immense. By using an online portal your business will be more efficient and also save costs in the work process and it will boost your sales and profit because you can attract more clients and create a better User Experience for your current clients. Want to know how to start with your digital transformation? Read it in this whitepaper!