B2B Commerce: Establishing its Mark in the E-Commerce Realm!
Before starting off, it is essential that we know what exactly B2B Commerce is.
One of the imperative aspects of E-commerce terrain is B2B Commerce or Business to Business E-Commerce. Business to Business as the name suggests is an interchange of goods and services between businesses.
The B2B business may involve a manufacturer and wholesaler or wholesaler and retailer to exchange the business dealings.
So what better than B2B Commerce. B2B provides a common arena for multiple business sources (the manufacturers, wholesalers, retailers and not forgetting, the consumers).
We must be aware of the Kelloggs cornflakes, yes, the mandate breakfast for almost every living being nowadays.
Kellogg’s, which is one of the oldest renowned cereal brands since 1906, is switching its foot into the B2B world. This would instigate Kellogg’s to conduct business and involve with the distributors and wholesalers, directly.
As stated by Chris Hood, switching to B2B shall help Kelloggs spread horizons in different markets and reach out to wholesalers and distributors increasing the sales and the conversion rates.
In light of the above, some of the strengths of the B2B E-Commerce are as follows:
It’s Beneficiary Factors:
- Paves a way so as to conduct strategic real-time, online sales and marketing in order to meet the latest e-commerce trends.
- Allows the businesses and its sources to study the consumer’s buying behavior.
- This study can prove to be beneficial as it can help generate real revenue for a store as businesses can provide the right and priority products to the customers at the right time.
- B2B also initiates product cross-selling or upselling so as to redirect its customers to different pages and deviating its customers to make multiple product purchases from a single website.
EDI: Adding its Core Essence to B2B Commerce
Technology, be it of any kind, has always been about amalgamating the features and properties of different other technologies, making it more proficient and reliable.
Similarly, B2B EDI or Electronic Data Interchange is one such technology which makes transactions between the businesses much easier and smooth.
Having said this, let’s put some light and discuss what EDI is.
EDI or Electronic Data Interchange as the name suggests provides a platform to the businesses or organizations to transpose the business papers or reports, electronically using the EDI standards.
The term electronically simply means that the reports are directly sent from one computer system to another. It has the following benefits:
- Minimal or no paper consumption,
- Low cost, therefore, pocket-friendly,
- Speedy transfer of documents,
- Precision in document delivery.
- A hassle-free process
Faster Processing with EDI
Suppose, a buyer makes a purchase and supplier has to manage the after-purchase activities such as order confirmation for buyer’s purchase, buyer’s calls, buyer’s emails etc, manually.
Nobody has that much time today. If a business entrepreneur invests time in performing tasks manually, other businesses shall take his place.
In the same scenario, using an EDI software would transmit the purchase order details directly to the supplier’s computer system.
The supplier’s computer shall prepare a receipt for the purchase order and send approval for the confirmation for the order, electronically to the buyers.
EDI: Helping Hand for Businesses!
All the successful business entrepreneurs acquire strategies that lead to process things faster so as to generate real revenue.
Switching to B2B is always a good choice as it provides an opportunity for businesses to establish connections.
At the same time, B2B, when incorporates with EDI, produces results which shall benefit these organizations terms of revenue, cost savings, hassle-free business dealings, and accurate and speedy transactions.
Such kind of business strategies have and will always prove to be a boon to the E-Commerce World.
Organizations which focus on the customer’s demand and are able to serve their customers digitally, increase the customer’s expectation. This shall help them serve their customer’s in a better way.
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