B2B Investing More Into E-commerce
Increasingly we are seeing a shift, with B2B companies investing in e-commerce-friendly strategies. As buyer behavior changes, it is apparent there is a significant opportunity within the digital world for B2B brands. In fact, since 2020, nearly 65% of B2B brands have begun to offer their products online, surpassing the number who sell in person. Curious to find out why? Here are a few reasons:
B2B Buyers Prefer Digital Interactions
A common misconception is B2B buyers prefer to purchase products in person. Studies have found that two-thirds of corporate buyers will intentionally choose digital or remote engagement with a brand as opposed to in-person, and this is true for every stage of the purchasing journey.
Basic E-commerce Websites Won’t Cut It
It’s vital to treat e-commerce as a full-service channel in the B2B world. Around 80% of companies have indicated they are holding their e-commerce platform to the same standard as any other channel or selling endeavor for their business. This includes offering quality products, services, pricing, performance guarantees, competitive shipping and delivery times, and more.
It’s Not Just For Repeat Purchases
The notion that buyers are afraid to make an initial purchase online is no longer the case. Research has found that around 35% of B2B shoppers are willing to spend $500,000 or more in a singular transaction online, with that figure continuing to grow. Furthermore, 15% of corporate purchasers have said they are comfortable making purchases of more than $1 million online. These numbers are a strong indicator that B2B e-commerce is not just here to stay but that it’s positioned to grow at an incredibly rapid rate.
Want to learn more about how your B2B business can grow its e-commerce sales? Let’s talk.
Improving Online Sales with Social Media
The future of e-commerce rests in the power of social media. Platforms like Instagram, TikTok, Facebook, YouTube, Twitter, and even LinkedIn have taken over as the primary source of where consumers seek inspiration and make purchases. For your business to stand out from the competition, you need to take full advantage of what these platforms offer. Here are a few strategies to get you started:
Don’t Overlook Hashtags
On any platform, hashtags are a powerful way to start or join a trending conversation. Their trackable nature allows you to access a wider audience and see how people are engaging with your content. Hashtag best practices include:
- Using hashtags that are unique to your campaign/business
- Take advantage of trending hashtags
- Don’t use hashtags when responding to your followers; only in captions to boost brand engagement
Offer Coupons
Use social media to promote coupons that entice your audience to purchase your products. Research has shown that nearly 60% of consumers will abandon their cart due to additional costs being too high. Coupons can help to counteract those higher prices, sweetening the deal and giving them more incentive to press “order now.” Examples of coupons you can offer include:
- Percentage discounts
- Money off codes
- In-store credit
Be Mobile Friendly
Social media is typically accessed through a mobile device, so making sure your content is mobile-friendly is paramount to it performing well and catching your audience’s attention. You can optimize your content for mobile in the following ways:
- Focus on simple objectives, such as building brand awareness or promoting a sale
- Post at high-engagement times
- Direct users to landing pages that are optimized for mobile devices
These are just a few simple strategies to get you started. Keep an eye out for our next newsletter for more ways you can use social media to your advantage.
President’s Day Reminder
President’s Day is next month! There are countless ways to take advantage of the holiday, from special promotions and discounts to using the sale as an opportunity to clear out your inventory. For assistance with your preparations, reach out.
