Innovation and technology have changed the entire landscape of the global economy. The invention of the internet has resulted in the complete digitalization of the process of purchase and sales. This has also impacted the global B2B business scenario. No longer are products purchased physically or with the help of a phone call. Everything is now carried out on various online B2B e-commerce platforms.
There are about 4,383 million Internet users (which is 56.8% of total World population) in March 2019 in the World. The Internet consumes 24 hours per week of an a human’s time on a daily basis. Therefore, it goes without saying that the internet has indeed become one of the most crucial aspects of the human life. It has evolved and become an essential tool which is utilized to conduct business in the present day and age.
The habits and purchase patterns of B2B buyer have also changed with time. More than 80% of B2B buyers spend their time on search engines in order to find the perfect buyer for the product or service the concerned firm is in need of.
Thus, the incorporation of an efficient B2B ecommerce platform can assist the wholesalers in a significant manner. The current demand in the market is booming in various online domains. Buyers now like to research and avail information about a specific product on social media or on search engine forums before making the decision of purchase. A B2B e-commerce platform will help wholesalers to make direct contact with a particular buyer.
The entire process of purchase and sales become simplified as quotes can be tracked more effectively. The procedure of negotiation also becomes more accessible and in the long run, saves a lot of valuable time for both the parties involved. Since most of the purchases are made in large bulk, issues regarding inventory management may also arise while initiating a transaction.
However, with the help of a B2B e-commerce platform disputes related to inventory management can also be mitigated in due time. The tracking of the order can also be done as the shipping details are always available online. Deals can be initiated on the go as wholesalers can keep track of orders with mobile applications. The flexibility of operations has become smoother as the business itself has gone mobile.
Another significant benefit which wholesalers have experienced with the introduction of the online e-commerce facility is that the business is no longer restricted to a specific geographical location or a demographic. Communication has reached a whole new level as domestic businesses now operate on an international scale by utilizing the amenities of the Internet.
It has also significantly benefited wholesalers who are in charge of the production of seasonal commodities. The demand for such products keeps fluctuating with regards to the season. When the demand is thin during offseason within a particular location, wholesalers can then target a new market segment where the demand is on the rise with the assistance of the e-commerce facilities.
The possibilities have become limitless as new standards are being set on a daily basis in the wholesale community just by incorporating and accepting the e-commerce portals which have increased the efficiency of all the concerned firm significantly.