As businesses prepare for the future, understanding the trends and opportunities that will shape the B2B eCommerce landscape in 2023 is essential.
As technology advances, businesses must know how to leverage the new capabilities and opportunities available and adapt to the changing customer experience.
As per the research published by Statista, approximately 17% of the B2B transactions will be conducted on the digital platform for the US market in 2023.
Furthermore, B2B sales will likely cross $1.8 trillion in the same period. To get a piece of this big pie, you must carefully consider the latest B2B trends.
This blog post explores the top nine B2B eCommerce trends expected to drive business growth and success in 2023. With a well-thought-out strategy and foresight, businesses can take advantage of these trends and build a powerful eCommerce platform that will remain successful for years.
In 2023, we expect many exciting developments in the B2B eCommerce space. Let’s discuss some promising business commerce trends to help you achieve success in a rapidly changing marketplace.
AI is a significant trend in B2B eCommerce for 2023 and beyond. It can improve sales operations by automating mundane tasks, improving customer experience, and driving business growth.
According to a report published by Statista, the global AI software market will reach a value of $126 billion by 2025. It will significantly impact almost all sectors of the economy, including the B2B commerce segment.
AI can streamline and optimize sales processes, from lead generation to customer support, and provide personalized recommendations and customer segmentations.
Furthermore, AI can provide valuable insights into customer behavior, helping businesses to optimize customer journeys and create more successful marketing campaigns.
Additionally, AI can detect fraud, automate billing and collections, and improve inventory management. With the help of AI, sales teams can focus on more critical tasks, such as building relationships with customers and closing deals.
Omnichannel experience refers to the ability of eCommerce businesses to provide a consistent and integrated customer experience across multiple channels, including online, mobile, and offline.
Omnichannel experience is becoming increasingly vital for businesses aiming to expand in 2023. A massive 90% of the B2B buyers will move to another website if your eCommerce platform fails to satisfy their evolving demands.
Customers are looking for better engagement across several channels, allowing them to connect with your platform through different means. They can shop across multiple channels, such as online, in-store, and mobile applications, with a smooth and integrated experience.
This experience can enhance customer loyalty and allows you to provide a more personalized service tailored to your customers’ needs.
You need to invest in the right technology and tools, such as customer relationship management (CRM) systems and marketing automation software, to achieve a seamless omnichannel experience.
With more businesses entering the B2B space, offering an omnichannel experience to your customers through your B2B commerce business is an excellent way to stand out.
A personalized customer experience involves offering a customer experience tailored to each customer’s individual needs and preferences using data and insights.
Research has found that nearly 50% of B2B customers want better personalization when interacting with an eCommerce platform. In 2023, personalized experience is expected to be a key trend for B2B commerce businesses.
You can offer eCommerce personalization in many ways, such as through personalized recommendations, promotions, and customer service.
You need to invest in technology and tools that can help you gather and analyze customer data and insights, which will eventually help you offer your customers a personalized experience.
Training your teams to provide excellent customer service and implementing automated systems for personalized recommendations and promotions are important steps in providing a personalized experience.
As the B2B eCommerce industry continues to evolve, you cannot ignore this trend of personalized customer experience. It’s a strategy that will help you build customer loyalty and grow your business more successfully.
Self-service customer portal is a critical B2B eCommerce trend that will likely contribute to business growth in the coming years.
According to a report published by McKinsey & Co, 86% of customers prefer self-serving services when they want to reorder. Moreover, according to a Dimension Data survey, the trend of self-serving portals was observed in 73% of the portals. Predicted to be even more significant in 2023 and beyond, these portals present opportunities for you to better serve your customers and enhance their experience.
A self-service customer portal allows your customers to access information, make purchases, and manage their accounts independently.
It also makes it easier for you to interact with customers and provide them with product information. Moreover, the self-service portals help you reduce costs associated with customer service and improve profitability as a result.
There is also the potential for improved customer retention, as customers can manage their data more efficiently.
Ultimately, providing customers with a self-service portal can improve the customer experience, reduce costs, and streamline your operations.
In the coming years, B2B businesses will focus more on automated shipping to speed up their delivery process.
A survey published by Deloitte shows that 10.41% of customers are willing to pay a charge if they get same-day delivery of their products. Moreover, in one of the Forbes surveys, 96% of respondents believed there would be an increase in the value proposition of warehouse automation as compared to manual alternatives in the next three years.
Automated shipping systems can help you offer faster, more efficient delivery. These systems use robotics, artificial intelligence, and machine learning to streamline the shipping process from warehouse to delivery. As per the report by Oracle, 78% of brands have utilized AI tools or are planning to use them soon. For more details, you can read this list of eCommerce AI strategies that will be adopted by eCommerce stores across the globe.
Automated systems help in processing orders quickly and accurately. It also ensures that packages are sent to the correct address and on time. Moreover, you can offer customers various shipping options, including express or overnight delivery.
The process of shipping goods, whether it’s packages or pallets, can be streamlined with the help of automated systems. Automated shipping systems are very efficient in automating tasks, reducing the time spent on shipping and handling by employees.
When discussing B2B eCommerce, we cannot forget the latest trend, i.e., contextualized real-time pricing. It involves using data and insights to offer dynamic and personalized pricing to customers based on their specific context and purchasing behavior.
According to a report by McKinsey & Company, retailers that implement dynamic pricing strategies can see 2-5% revenue increases. This demonstrates the potential impact of contextualized real-time pricing on your eCommerce business.
Contextualized real-time pricing allows you to adjust and control prices while simultaneously offering customers real-time, price-matching services across all channels. It allows you to provide a more competitive pricing structure, encouraging customer faith.
It also helps you to leverage big data and machine learning for targeted pricing and promotions to amplify customer value while generating more revenue.
Using data such as customer history, market trends, and inventory levels, you can offer customers the right price at the right time, improving your chances of making a sale.
With this approach, you can efficiently react to changes in the market, optimize customer satisfaction and increase profits.
Moreover, it provides you invaluable insights into customer behavior and helps you better comprehend customer preferences and shopping habits, allowing for more effective pricing strategies.
Many businesses still rely on outdated legacy systems that are inefficient, costly, and difficult to maintain. These systems need to be upgraded; otherwise, they can slow down operations, increase costs, and hinder innovation. But upgrading legacy systems poses a significant challenge for many B2B retailers.
A study by digitalcommerce360 shows 36.6% of eCommerce businesses prioritize upgrading their legacy systems to perform optimally in the current market scenario.
Evaluating, maintaining, and upgrading legacy systems is critical to staying competitive in today’s ever-evolving technological landscape.
But merely upgrading legacy systems will not be enough. You will need to embrace modern and agile technology infrastructure like adopting cloud-based solutions, eCommerce platforms, automation tools, and other innovative technologies that can help you streamline your operations.
Although these endeavors can be costly and time-consuming, the rewards of staying up to date with the latest technology can be well worth the investment.
Real-time data analytics is becoming increasingly important in the B2B eCommerce industry. This trend involves using data analysis tools to monitor and interpret customer behavior and market trends in real-time.
With large amounts of data available, you can gain insights into customer preferences, buying patterns, and overall market trends. This allows you to make informed decisions, adjust strategies, and improve real-time customer experiences.
By utilizing real-time data analytics, you can stay competitive and adapt quickly to changing market conditions.
The adoption of blockchain technology is an important trend in B2B eCommerce that is expected to continue in 2023.
Blockchain technology offers a secure and decentralized way of recording transactions, which can be especially beneficial for B2B transactions that involve large amounts of data and financial transactions.
Using blockchain technology, you can create secure and transparent supply chains, reduce transaction costs, and improve payment processing times.
As more B2B e-stores recognize the benefits of blockchain technology, adoption is expected to increase in the coming years.
The future of B2B eCommerce is extremely promising. By the end of 2023, it will account for nearly one-third of all online sales worldwide.
With the right strategies and tools, you can capitalize on these trends and achieve significant business growth.
To stay competitive, you must develop an effective and efficient strategy that leverages the latest technologies and B2B eCommerce trends.
By doing so, you can ensure that you are well-positioned to capitalize on all the opportunities that B2B eCommerce offers.
We are an eCommerce development company specializing in helping eCommerce businesses build eCommerce websites aligned with the latest trends to help them stay ahead of the curve. Contact us now to learn more about how we can help you take your B2B eCommerce business to the next level.
Some current trends in B2B eCommerce include adopting AI in sales operations, offering omnichannel experience, personalizing the customer experience, using automated shipping methods, and using self-service portals.
The future of B2B commerce is digital and omnichannel. B2B buyers are increasingly using online channels to research and purchase products and expect a seamless experience across all touchpoints. AI and machine learning will play a significant role in streamlining processes and personalizing the buying experience, while data analytics will provide insights for better decision-making.
The major challenges of B2B eCommerce include:
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