By 2020, the B2B e-commerce market is predicted to reach $1.1 trillion and will account for 12.1% of al B2B sales in the United States – according to Forrester. The research and advisory firm found that manufacturers and wholesalers generate the majority of market growth as they rely on existing homegrown systems that support outdated processes and limited sales channels. As a result, they are not meeting the needs of B2B buyers. Here are some key facts on migrating B2B e-commerce platforms:
- More than half of businesses last updated their systems over two years ago.
- 70% have lost a deal due to their inability to meet ordering-specific needs.
- More than a fourth has missed out on at least $2 million in sales.
Industry evolution has led to a widening gap between what B2B buyers expect and what companies can provide. This pressures industry leaders to move to online platforms. The growing demand for self-service and advanced payment options has become critical to a company’s long term success.
Tip #1: Identify your customization needs. B2B websites often have customization needs including pricing, account types/users, payment methods, shipping and taxes. To identify these needs, compare your current site to your potential new platform.
Tip #2: Select the right platform. Migrating B2B e-commerce platforms is a major endeavor. You need to consider your company’s website needs to select the right platform. Identify your top obstacles and assemble a plan to overcome them.
Tip #3: Check your timeline. Set up a test environment for your ERP system, other software, and potential new B2B e-commerce platforms. Then, import your data in your test system.
It can take up to 12 months to accomplish the development tasks of new B2B e-commerce platforms. The complexity and availability of internal resources are major factors in the speed. If you have a specific date to launch, break your project into phases or outsource a development team. Click here to see our B2B e-commerce solution.