B2B eCommerce is successful for a reason. It was once seen as a secondary method of business purchasing but now plays a key role in B2B procurement. Despite the misconceptions and myths surrounding B2B eCommerce of being immature in innovating procurement, it is projected to reach P969 Billion by 2026, which continues to innovate the way businesses buy for their procurement needs. In this article, we will debunk five myths about B2B eCommerce that can open growth opportunities for your business.
Myth # 1: B2B eCommerce is just like any other eCommerce Store
If you’re thinking that B2B eCommerce is like any other eCommerce store, then you’re wrong.
Fact: B2B eCommerce is more than just your typical online store. What makes it stand out from B2C eCommerce is its features and capabilities that aids businesses to make smarter, efficient buying decisions and processes.
These features include:
- Live data analytics – which allows you to make quick and proactive purchasing decision making
- Invoice issuance – need invoice and for a business purchase? Most B2B eCommerce marketplaces provide invoice issuance for businesses that need it.
- Business-only prices – this is what makes B2B eCommerce special. You can get quantity discounts when you purchase in bulk, providing you procurement cost savings and
- Wide selection of authentic products – we only want what’s best for business, and ensuring you purchase 100% guaranteed authentic products can help your organization move forward.
- Procurement technology – another feature that makes B2B eCommerce stand out is its procurement technology, allowing businesses like yours to create purchasing policies, reporting, track spending, and more in a single channel.
Myth # 2: B2B eCommerce is only for large-scale corporations
The myth that B2B eCommerce is only for large-scale corporations is quite common, and it’s important that we debunk this myth.
Whether you’re a startup, medium sized, or a large corporation, B2B eCommerce offers smart solutions and opportunities for all sizes and types of businesses.
Fact: B2B eCommerce allows startups and small-to-medium sized businesses to enter an even playing field by reaching a wider audience range reducing entry barriers, making it easy for startups to procure or sell products and services.
Myth # 3: B2B eCommerce is a one-size-fits-all solution
While B2B eCommerce can enable streamlined procurement for all businesses at wholesale prices, it can also tailor-fit its smart solutions for any type of business.
All businesses are unique. Industry wise, there may be other businesses that are similar to yours, but that doesn’t mean you share the same needs and challenges.
Fact: B2B eCommerce allows business customers to customize their order purchases, payment terms, delivery services, procurement policies, and more. This allows businesses to customize solutions that would fit their needs, maximizing procurement efficiency, time, and cost savings.
Myth # 4: B2B eCommerce is difficult to implement
Transforming traditional procurement methods into digitized procurement ways can be intimidating. But that is not exactly the case in today’s modernized way of procurement.
It is natural to feel uncertain about changes, especially your businesses’ procurement methods. It is a big change indeed.
However, digitizing your procurement process will make it easier for your business by tenfold, allowing you to save valuable time and resources that can be allocated to other areas of your business.
Fact: Transitioning to digital procurement can automate the minimal tasks of your existing procurement process.
How?
- Faster order & re-ordering – With digital procurement, you can set up automated reorder points based on inventory levels. This ensures that you replenish stock in a timely manner, minimizing disruptions to your operations.
- Simplified supplier management – Digital procurement platforms enable seamless communication and collaboration with suppliers. You can quickly share information, place orders, and receive updates in real time, reducing the need for manual communication methods like phone calls and emails.
- Automated approvals – Digital procurement workflows can be customized to include approval hierarchies. This ensures that all procurement requests go through the appropriate channels, reducing the risk of unauthorized purchases.
- Compliance & audit – Digital procurement systems maintain a comprehensive audit trail of all transactions, ensuring compliance with regulations and making audits more efficient.
- Real-time inventory visibility – With digital procurement, you can set up automated reorder points based on inventory levels. This ensures that you replenish stock in a timely manner, minimizing disruptions to your operations.
Myth # 5: B2B eCommerce is only a “nice-to-have”
The business world is an ever-changing industry, always finding time, cost saving solutions. In today’s world of innovation, the myth that B2B eCommerce is only a “nice-to-have” is a misconception that can hinder your business from embracing the full potential of opportunities towards growth.
Fact: B2B eCommerce offers tangible benefits and features which enable significant advantages that go beyond optional or supplementary.
Especially for startups, digitizing procurement can free up minimal tasks in the overall purchasing process. As mentioned above, these minimal tasks include supplier management, approvals, ordering, and more. With these features from B2B eCommerce, it enables you to focus more on other areas of your business and on what’s ahead.
Opportunities for your business growth in B2B eCommerce
- Streamline procurement process
Implementing digitized procurement streamlines the entire business purchasing process. From product selection to order placement and invoicing, automation reduces manual tasks, minimizes manual errors, and speeds up the procurement cycle. This efficiency frees up time and resources that can be directed toward more strategic tasks.
- After-sales customer service
B2B eCommerce extends beyond sales. Providing after-sales customer service with business partners and customers shows importance with their relationships. Features such as order tracking, return processing, online support, and invoice issuances provide enhanced customer experiences, leading to repeat business, referrals, and transactions.
- Set budget and policies per department
Digitizing your procurement process prevents your company from overspending or resorting to rogue purchases. B2B e-commerce platforms often allow businesses to set budget limits and purchasing policies for different departments in one seamless platform. This allows you to gain better control and visibility over spending, keeping your business intact with procurement policies.
- Vetted suppliers in the marketplace
No more spending too much time finding the right supplier. B2B eCommerce has thousands of vetted suppliers in its marketplace, offering business buyers a trusted selection of brands and products.
This helps businesses save time and money required in procurement to find reliable suppliers and vendors. With other vendors in the marketplace, businesses can easily find substitute suppliers within just a few clicks, rather than making lengthy manual phone calls and emails.
- Customizable payment terms
Buying for your business with customizable payment options and terms can help you utilize working capital efficiently. In a B2B setting, you can make purchases in bulk, get the products, then pay for it in 30 – 60 days without interest. This is rather helpful for startups and small businesses that need purchases for their operations while allocating resources to different parts of their business, improving overall working capital.
Take Your Business to B2B eCommerce Today!
Now that we’ve debunked the myths of B2B eCommerce and brought light to its benefits and potential for your business. Its transformative way has reshaped the way businesses buy. By embracing B2B e-commerce, businesses open opportunities for streamlining, development, and growth that eliminates the manual processes of procurement.
The debunking of B2B eCommerce myths allows us to recognize that it’s about innovation and adaptability in the ever changing industry.
Start embracing procurement digitization with Shoppable Business! A B2B eCommerce platform in the Philippines that enables businesses to streamline procurement, get competitive, business-only prices, and more!
Why Become a Seller in Shoppable Business
- Access to a large customer base – giving businesses the opportunity to expand their reach and increase sales
- Increased visibility and brand awareness – a platform for businesses to showcase their products/services and potentially attract new customers
- BNPL (Buy now, Pay later) – grow your ASP; buyers/companies can apply for a loan up to ₱150,000.00
Why Become a Buyer in Shoppable Business
- Wide product selection from different categories – a one-stop-shop solution for businesses’ procurement needs
- Save company time and money – Customized orders, RFQ for specific quantities, bundles, configuration, Track their orders, view purchase history
- Need it now but limited budget – BNPL apply and get up to ₱150,000.00
What are you waiting for? Get started with Shoppable Business as a buyer for your procurement needs or a seller to provide procurement solutions for your business partners and customers.
