B2B eCommerce Trends to Grow Your Business in 2024

The eCommerce industry continues to expand as companies look for innovative ways to maximize their online presence. According to online polls, nearly half of online businesses anticipate needing more sophisticated website designs and solutions in the coming year. This includes B2B solutions for enterprises that need to stay on top of current trends in their specific area of eCommerce.

B2B companies have typically been behind their B2C counterparts regarding high-end website design, shipping automation, and personalized shopping experiences for their customers. Too many think it's perfectly fine for their websites to have an "industrial" look to them, that the site doesn't have to entice customers because those customers are less susceptible to marketing manipulation than a B2C customer is.

In this, they're very wrong. Their customers are still human and can be swayed by a more familiar, comfortable, and easier customer experience. This is true whether for their existing customers or when they're trying to encourage new customers to use their site. That's why it's important to stay on top of trends in B2B eCommerce in the upcoming year.

What Is B2B eCommerce?

B2B is the kind of eCommerce where one company is selling to another at any step before the items is sold to consumers. The sales could be raw materials, components of larger items, or finished items that the ultimate business will sell at retail.

More Information Is Involved

B2B eCommerce is often a more complex and comprehensive process than B2C eCommerce, as customer expectations include detailed product information and specifications to support their decision-making. For instance, a business may need to know the exact dimensions of a product or the exact quantity of components in order to calculate their costs accurately.

Sales Take Longer

Sales cycles are typically longer due to multiple organizational stakeholders needing to review the proposed transaction. Therefore, businesses looking to engage in digital sales must have access to reliable and up-to-date technical data about each product in order for meaningful price comparisons. Helping each level of stakeholder self service on your site can go a long way to facilitating a sale.

Higher Purchase Volumes

Many organizations make bulk purchases of materials or products that are used as part of their regular operations, such as office supplies or industrial components. As such, these entities are able to leverage economies of scale by purchasing large quantities at discounted prices which makes it much easier for them to manage inventory levels more efficiently.

Complex Calculations

Because B2B transactions involve more stakeholders than just the buyer and seller, they tend to be significantly more complicated than B2C transactions, as companies must factor in numerous additional elements, including taxes, import fees, shipping costs, warranties, and service contracts.

COVID's Affect on B2B eCommerce Trends

COVID-19 has had a dramatic impact on B2B eCommerce trends, including an increase in the number of buyers and sellers relying on digital platforms to complete transactions. Companies are quickly adapting to the new normal by embracing digital tools to streamline B2B procurement processes, improve inventory management, and promote communication between buyers and suppliers.

Data suggests that since the outbreak of COVID-19, B2B eCommerce orders have been increasing as businesses shift their focus from offline channels (in-person sales) to online channels (self-service). With more companies now requiring employees to work remotely, it’s vital for them to be able to purchase and manage supplies digitally instead of relying on traditional in-person sales.

Additionally, supply chains have seen significant disruption due to the pandemic. To combat this issue, many businesses have turned to digital solutions such as artificial intelligence (AI) and machine learning (ML), which can help with forecasting demand and tracking inventory levels more accurately than traditional methods.

Top Trends in B2B ECommerce Trends for 2024

So, how are things changing in 2024? B2B ecommerce tends to change slower than B2C; many companies feel that their customers will just deal with out-of-date platforms. Sure, this can be true, and sticking with traditional models for B2B is fine...until another company comes along and does everything better than you. This could be with a better website, improved customer relations, or knockout marketing strategies.

In order to stay ahead, it's important to investigate trends in B2B ecommerce that your competition might be ignoring. Here are some trends to watch—and act on—in the coming year.

Security in B2B eCommerce

By 2024, security in B2B eCommerce will need to be more robust than ever. With increasing investment in cyber-security and encryption technology, businesses will find it much easier to protect their networks and transactions from potential hackers. Forward-thinking companies are investing in advanced tools like biometrics, firewalls, and two-factor authentication to keep customer data safe.

As hacking techniques become more sophisticated, businesses must also stay updated with the latest security measures to keep their customers' data secure. Furthermore, many companies are investing in artificial intelligence in eCommerce, AI-powered systems to help identify suspicious activity and automate threat response processes.

Dynamic Pricing and Price Negotiation Options

Dynamic pricing and price negotiation options in B2B eCommerce will continue to grow during this digital transformation. Companies will use algorithms to adjust prices in real time based on market conditions, demand levels, competitor prices, and customer preferences.

Customers will also have more control over the pricing process through different negotiation tools. These tools allow customers to set the maximum acceptable price for a product so that vendors can acquire the item at a better rate than would otherwise be possible. Customer service teams can also get involved to provide manual quotes and negotiate in real time.

Also, online automation solutions are becoming increasingly popular with companies looking to streamline processes on a B2B procurement platform. All of these advancements in eCommerce technology support dynamic pricing strategies and direct customer engagement, giving businesses more opportunities to maximize their profits with new and existing customers.

Customer Analytics to Improve User Experience

AI and customer analytics will play an even larger role in optimizing the user experience in eCommerce in 2024. Companies are already using data collected from customers to personalize the shopping experience and offer tailored recommendations.

AI systems are getting exponentially better at predicting shopping trends and identifying popular items quickly, guiding potential customers to products that fit their preferences and increasing customer loyalty. By analyzing customer behavior, businesses can adjust prices in real-time using dynamic pricing algorithms. This allows companies to maximize profits while still providing competitive deals for customers.

By utilizing customer analytics and leveraging AI technologies, businesses can gain a deeper understanding of their users’ needs and focus on the most valuable marketing channels.

Mobile Optimization for Business Buyers

Another major trend impacting the B2B space is mobile optimization for increased self service. As mobile shopping grows exponentially, businesses must ensure that their websites can provide an optimized user experience across all devices. Optimization for mobile devices allows customers greater freedom regarding their shopping habits, as they are no longer limited to completing purchases exclusively on desktop browsers.

Companies should also consider implementing features such as voice search and artificial intelligence (AI) into their mobile sites, as these technologies can help further improve user experiences and provide actionable insights into customer behavior and preferences.

Better Marketing for New and Existing Customers

Marketing in B2B eCommerce is shifting towards personalization and automation. Businesses are leveraging AI-powered technology solutions to customize the buyer journey, tailor offers to individual customers, and build predictive models that can improve customer acquisition and customer retention.

Automation tools like chatbots and digital marketing automation platforms are helping businesses automate processes and improve self-service to help segment leads, nurture prospects, and optimize campaigns. This allows them to focus their resources on creative workflows—such as social media platforms—and strategic decision-making.

Increased Personalization in All Digital Channels

The needs of businesses change as they start to see those who purchase from them as both customers and partners. One trend that is making waves in the B2B space is personalization for these buyers. Personalizing customer experiences has become increasingly important for companies looking to keep up with the ever-changing landscape of eCommerce. Beyond ensuring that customers receive an individualized experience, personalization helps establish trust between buyers and sellers by creating meaningful relationships throughout the buying journey.

Companies are collecting customer data and using AI to detect shopping behavior and preferences, therefore delivering a better customer experience. This technology can offer tailored product recommendations to individual customers, helping them find items that are specifically suited for them.

Additionally, businesses will employ dynamic pricing algorithms to adjust prices in real time based on market conditions and customer buying patterns. With AI-driven solutions, companies can match the right products with the right customers while making sure they receive competitive deals. All of these technologies will help businesses create an engaging and personalized online shopping experience for their users.

High-Quality End-to-End Service to Improve Customer Loyalty

2024 will see an improvement in high-quality end-to-end service in the average B2B eCommerce store. AI technologies will be used to monitor customer satisfaction and detect issues rapidly. Companies can use predictive analytics to forecast customer needs and optimize the supply chain in order to ensure that the right products are delivered on time.

AI chatbots will be available 24/7 to improve self-service, providing customers with instant support and solutions whenever they need it. Businesses can also use natural language processing (NLP) technologies to analyze customer feedback and gain insights on better serving their users. Overall, AI technologies will help create a more efficient and satisfying shopping experience for customers in eCommerce.

Larger Order Sizes

Increasing order sizes and delivering them in an efficient manner is becoming one of the most important aspects of growth for eCommerce platforms. Companies are able to automate purchasing decisions by analyzing customer trends and predicting future orders.

Businesses can also use predictive analytics to track usage patterns and better forecast market demand. These companies can offer personalized promotions to customers in order for them to increase their spending on items. AI-driven solutions can also optimize B2B inventory management and facilitate real-time monitoring of order fulfillment processes.

All these advancements will help create a more efficient and successful B2B eCommerce platform that encourages businesses to buy in larger quantities and save money in the long run.

Omnichannel Sales

With AI-powered technologies, companies now have a unique opportunity to offer their customers an integrated omnichannel experience. From desktop and laptop, tablet to phone, overnight shipping to buy-online-pickup-in-store—businesses can use customer data like buying behavior or conversations across channels for personalizing offers that fit the user's needs perfectly and increase customer loyalty.

Also, predictive analytics enable them to identify extra products valuable for cross-selling in order to increase profit margins, creating a seamless customer experience from start to finish. When you offer multiple channels—including mobile shopping you're simply making it easier for customers to buy from you.

Manufacturers Launching Their Own Marketplaces

Emerging trends show that businesses are launching their own marketplaces within the B2B eCommerce space to take advantage of other companies shopping online. These companies can use AI-powered technologies to streamline their supply chain management operations and improve the experience for current customers by offering personalized interfaces for their websites. Manufacturers can also leverage predictive analytics to anticipate customer demand better and keep an accurate inventory of products.

Additionally, AI-driven solutions can help manufacturers develop a deeper understanding of customer preferences, allowing them to create effective marketing campaigns targeted toward specific user segments. These platforms can allow manufacturers to build flexible pricing models and offer discounts based on real-time conditions in order to maximize ROI.

Creating a marketplace eCommerce solution is an excellent way for companies to save (and make) money without having to share their online sales revenue with preexisting marketplaces. If having your own marketplace is something you're considering, we'd like to talk to you about that.

Payment Options and Methods

By 2024, businesses in the B2B space will offer more efficient ways of accepting payments. AI-powered technologies can be used to automatically generate invoices and process payments, freeing up resources that would otherwise be spent on manually entering details. Additionally, businesses will also use virtual payment terminals to accept payments in different currencies and payment methods, such as debit and credit cards.

AI-driven technology will be able to identify fraudulent transactions and eliminate them with minimal human intervention. With the help of machine learning models, businesses can also provide personalized payment options based on customer preferences while ensuring secure online transactions.

Working with Clarity

Too many business eCommerce websites fall behind trends in B2B—such as having a B2B sales portal— and resting on their laurels and just going about business as usual. Unfortunately, ignoring these trends can lead to stagnation, which fails to bring in new clients looking for a better customer experience.

We'd like to help you create a plan to revitalize the B2B experience for anyone who visits your website, uses your eCommerce platform, or interacts with your company in a digital way. Clarity Ventures offers a complimentary discovery process to plan your B2B eCommerce development and take advantage of the trends in eCommerce stores that we've discussed in this article. As you compare solutions, make sure to get in touch with us today to get the process started!