THE NEW B2B COMMERCE ECOSYSTEM: TURNING CHAOS INTO FULL TRANSPARENCY
With the latest innovations in artificial intelligence, advanced search and data management tools available, full in-house transparency of the eCommerce ecosystem is possible. What this means to you as a manufacturer or distributor is that, at the push of a button, the status of your internal product development efficiencies, inventory, in-depth sales analysis, supply chain status are all visible. It also means your customer is able to check real time inventory to meet their needs, take advantage of any product and shipping discounts and much more. One key to remember as we are designing these ecosystems is that procurement teams are mostly comprised of millennial and Gen X buyers heavily influenced by B2C shopping experiences and expect efficient Amazon-like B2B digital processes both pre-and post-purchase.
TURNING CHAOS INTO FULL TRANSPARENCY
What this means to you as a manufacturer or distributor is that, at the push of a button, the status of your internal product development efficiencies, inventory, in-depth sales analysis, supply chain status
are all visible. It also means your customer is able to check real time inventory to meet their needs, take advantage of any product and shipping discounts and much more. One key to remember as we are designing these ecosystems is that procurement teams are mostly comprised of millennial and Gen X buyers heavily influenced by B2C shopping experiences and expect efficient Amazon-like B2B digital processes both pre-and post-purchase.
WHAT MAKES THE 2024 ECOMMERCE ECOSYSTEM WORK?
But prospects and customers cannot see all the product line up or SKUs available on site or in marketplaces. Items are not easily kitted and you have to know exactly what product you are looking for. It’s a great way to frustrate both your internal team and your customers.
THE PIECES IN PLAY
PIMs allow you to add digital pipelines to all internal & external product information sources to vastly expand your catalog’s site search parameters. Once optimized, it forms a central index, or several integrated indexes, which staff can pull from for sales, marketing, & merchandising activities.
Moreover, a PIM sets the stage for leveraging advanced navigation & merchandising that increase customer engagement, conversions, & average-order values (AOV). PIM optimized taxonomies categorize SKUs by attributes or features which offer product teams the granularity to design innovated promotional campaigns, merchandising offers, & content syndications around shared attributes.
ERP product description fields aren’t sufficient for designing rich, targeted customer experiences on front-end e-commerce platforms. Optimal taxonomies allow you to tailor the buyer journey for each customer with highly relevant multi-select navigation, fast, accurate search results, and targeted merchandising offers that instantly engage buyers to reduce bounce & abandonment metrics and increase conversions & average-order-values.
Rob Neumann, Chief Digital Officer at NETFORMIC, says:
BUILD BOM & ASSEMBLY HIERARCHIES
“We have a new client that sends a data packet based on a buyer request. Buyer goes in and enters a BOM, a pre-filtered product catalog gets assembled in PIM, and automatically sent to the buyer” adds Rob.
OTHER TOOLS DEVELOPED BY CSS COMMERCE
“I had a vision of a shopping cart that didn’t handle just one door (store or warehouse) at a time. If you’re a cell phone dealer & you have 100 stores, all the systems on the planet make you go through one door (store) at a time or upload a bulk file and hope that it works,” says client Ted Wichman of Superior Communications.
TIME-TO-MARKET IN 30 DAYS
“We’ve got a way to extract the transactional information out of your ERP fast. Our secret sauce is how to get it (product data) out of your new acquisition faster! We can typically have them (products) optimized in a PIM & available for sale in under 30 days including automatic language & currency conversions,” shares Rob.
Data mapping new acquisitions from ERP to ERP is a time-consuming project that could take six months to more than a year to complete. But a PIM’s no-tech REST API integration allows you to import, optimize, & sell those products on your website in as little as 30 days:
- Enables omnichannel commerce with no-tech channel & storefront creation preconfigured for global markets with built-in cultural, language, & currency conversions.
- No-tech syndication allows you to bulk publish product information to all relevant sales channels instantly. Real-time product information updates & inventory availability.
TRENDS TO WATCH
- More than 87% of millennial B2B buyers will pay a price premium for Amazon-like customer portals that offer more efficient order management, faster checkouts, & contextualized product content that preemptively answer FAQs.
- Contextualized AI/ML-driven content delivery will be a critical e-commerce brand differentiator for many manufacturing & distribution companies transitioning to digital procurement services.
- There's been a noticeable shift from selling by SKU to offering a tailored buyer experience driven by AI/ML data analytics & product team expertise.
- ERP product information is not expansive enough to deliver fast website product discovery & intuitive search bar navigation demanded by the new Enterprise B2B Buyer.
- Roughly 90% of B2B buyers would switch to a competitor if their current supplier didn’t provide efficient digital buying experiences.
The eCommerce ecosystem continues to evolve and mature. Are you keeping up? Get a free consultation with the experts at CSS Commerce. Click here for an appointment.