B2B Digital Commerce Growth: Run then Fly with New Routes to Market, Data Control
From Katie at Ultra Commerce and Kingston at Now Comms Group
B2B organizations seeking new efficiencies in interactions with suppliers and distributors, and pursuing direct to consumer and marketplace options has been prevalent for several years now.
Internet Retailer reported in 2018 that 57% of manufacturing consumer packaged goods organizations were already investing in D2C offerings. Getting control over customer data then utilizing that data for cross sell/upsell opportunities and personalization/recommendation opportunities are just a few advantages to pursuing these new routes to market.
Supplier marketplaces also intrigue B2B as a supplemental route to market. Companies with multiple business units and product lines used to selling through different channels can now consolidate – bring all their products and lines into a single place for customers to procure from a single invoice. Unifying the purchasing experience for customers allows for more cross sell and upsell opportunities from a single, secure portal.
For B2B organizations already utilizing D2C and marketplaces to gain better insight and control over customer data, the next stage in the digital commerce journey is to fly.
Data is the new oil
Customer data is scattered across numerous B2B systems – from ERPs and CRMs to WMS and more – organizations must connect and make sense of this data in order to make best use of it. This is where AI and machine learning comes in. According to Gartner, by 2023, 80% of organizations using AI for digital commerce will achieve at least 25% improvement in customer satisfaction, revenue or cost reduction.
The first step in improving customer interactions through digital commerce is properly segmenting your customers. Only then can you properly personalize their experiences and cater recommendations to this personalization. If you don’t truly know who your customers are and utilize AI and machine learning to foster those interactions then you can actually do more harm than good by providing a negative customer experience.
To learn more about how the digital commerce journey fuels B2B growth, watch our recent webinar on the topic:
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