B2B Optimization Suite
B2B Optimization Suite
Despite being slower to adopt ecommerce than B2C brands, B2B businesses are currently looking to digital means to boost sales. With stats reporting that the B2B online retail market will reach over a trillion dollars within the next three years, it has become increasingly important in the world of ecommerce for your online store to have B2B capabilities. Influenced by the success of Amazon Business, the B2B buyer demographic has been changed.
Benefits of B2B Sales
Getting into business to business sales is beneficial for many reasons, the first being that the size of the industry is twice as big as B2C. The two industries generating this massive market growth are manufacturers and wholesalers. These are two industries which buy large quantities of products in bulk, therefore spending more money per transaction. The average order value of a B2B transaction is around $491 as opposed to B2C which is only $147. It is clear that getting into B2B sales will result is a greater profit than restricting yourself to B2C transactions.
Another reason to get into B2B is to stay ahead of the competition. If you are waiting to get into the B2B market, there is already one of your competitors ten steps ahead of you, making money off of business to business transactions. This will put their business ahead of you, growing in sales and growing their reputation. It is important to expand your business and be the company people think of when they are looking to purchase products within your industry.
Moving Away From Pen and Paper
With this sort of growth, you will be linked with new buyers in the B2B industry. Studies show that close to half of B2B buyers are millennials, nearly double the number from 2012. And while a Generation X buyer may have preferred the pen and paper experience that a sales rep can provide, millennials expect that same personalized experience through a digital channel, such as your ecommerce site. 80% of B2B brands have said that they prefer to make use of ecommerce sites along with any other channels available.
The B2B Optimization Suite and WSNYC
Coming to you from Web Solutions NYC is the B2B Optimization Suite, created with Magento in mind. This suite includes 2 modules which work together to provide your B2B consumers with a clear and easy way to make purchases through your ecommerce site.
The first of these is the Sub Accounts Module. It allows for the creation of sub accounts by your clients which will be greatly beneficial to the businesses ordering from you. These sub accounts will be set with their own individualized permissions, allowing Master account users to decide what exactly their team members have access to. Users will have the ability to enable or disable access to quote requests, set purchase amount caps, and place orders from approved RFQs. Enabling business buyers to empower the internal team members cuts down on the time it takes for most senior employees to simply accept their work.
The second half of this suite is the Request for Quote Module. This module ties in with the features of the sub accounts in order to make the ordering process quick and easy for all members of the buying team. Clients can request pricing quotes, and admins can approve, decline or modify the request in the customer-facing account menu. This module includes the ability to change or remove an order cap on any account by a store administration, as well as to enable request for quote function for certain customers or certain products. The front end order placement can be made directly from an approved quote.
Getting in Touch
Web Solutions NYC is a team of Magento certified developers who built this module to fit seamlessly with the Magento platform. Seeing the many problems that would arise from the use of third party extensions as well as the increasing need for B2B capabilities within ecommerce site, this module was created. Get in touch today to learn more and discuss how this module can help your business to succeed! Click HERE to get in touch!