B2B
According to 99 Firms, B2B e-commerce will hit $1.8 trillion by 2023. They have also stated that over 80% of B2B buyers visit a website before making a purchasing decision. Wow! It puts a new perspective on B2B portals and the associated customer experience and their criticality to growth plans. One final compelling statistic is that mobile is expected to be used for 70% of the queries in 2020. By all means, you should consider your B2B customer experience and the technology and marketing initiatives to support your growth plans.
B2C
According to eMarketer, B2C e-commerce will surge by 18% in 2020 whereas brick and mortar will decline 14%. The net gain is that e-commerce will increase to almost 15% of total retail sales (20% if excluding gas and auto sales). Of course, household essentials lead the way with the impacts of coronavirus. Orerlo projects e-commerce at 16.1% in 2020. No matter which statistic becomes a reality, the bottom line is e-commerce is surging! According to 99 Firms, global retail e-commerce will hit $4.13 trillion in 2020 with over 2 billion digital buyers. Not pocket change! An eye-opening statistic is that by 2040, 95% of all purchases is expected to be via e-commerce. Undoubtedly, you should jump on setting your e-commerce strategy.
Technology
There are many e-commerce system options available. Executives are realizing the importance of their B2B and B2C e-commerce strategy. Our most proactive clients have been pursuing e-commerce technology for quite some time. In some situations, it helps to start with a strong foundational base, your ERP system. In other situations, clients cannot wait for ERP and decide to hook into ERP down-the-line. Of course, all the ERP software suppliers have jumped on the B2B/B2C bandwagon (at least in terms of preferred software partners) which adds a layer of complexity to ERP selection. With these powerful statistics, it isn’t an area you can afford to miss. There are several mainstay names such as Magento and Shopify, as well as some simpler options and intriguing newer names to the scene. Of course, similar to ERP selection, what is best “depends” on several key factors.
According to 99 Firms, credit cards are the most preferred form of payment for online with shoppers around the globe. Thus, credit card software and payment processors are also of relevance in ERP selection projects. The second most preferred form of payment is electronic payment, led by PayPal. Do you know what makes the most sense for your situation?
At a minimum, start thinking through your B2B and B2C roadmap. Start with your growth plans, understand your customer preferences and build a roadmap to support a successful path forward. If you are interested in a B2B/ B2C assessment and/or B2B/ B2C software selection, contact us.