With the rise in the B2B eCommerce business, merchants’ way of looking at it has also changed a lot. Earlier, it was once considered the extension of B2C. However, today, every organization has clearly understood the importance of both the B2B and B2C as standalone business models.
According to a report by Forrester, the eCommerce business will be estimated to be worth $1.8 trillion by 2023.
Also, the scope of opportunities and technological advancement from the eCommerce platform like WorksLeader have increased the diversification and expansion of B2B enterprises.
The trend for a B2B business is shifting from an extension-based business model to a SaaS-based model, which has proved to be extremely beneficial for both the customer as well as the service provider. With the help of the ongoing contract support, service providers get the opportunity to improve the quality of service and balance both technological advancement and Return on Investment (ROI) simultaneously.
Every B2B eCommerce software must have the features that we have discussed in this blog.
- 1 Must-Have Features For Every B2B Enterprise Software
- 1.1 Clear Brand Communication
- 1.2 Access Controls, Roles, and Permissions
- 1.3 Corporate Account Management
- 1.4 Content Management System
- 1.5 Personalized B2B Catalog Management
- 1.6 Multiple Price Lists
- 1.7 Segmentation & Custom Reports
- 1.8 Volume Purchase & Bulk Discounts
- 1.9 Minimum Order Quantity
- 1.10 Flexible Payment Options
- 2 Key Takeaway
Must-Have Features For Every B2B Enterprise Software
Every B2B business is not the replication or illustration of other businesses that owe their progress to the ever-growing technological needs and advancements. Each one of them has its own unique purpose. So, whether you are upgrading your existing website, building it from scratch, or already using a B2B eCommerce software, you should consider the following features.
Clear Brand Communication
One of the features of B2B enterprise software involves transparent brand communication. Always remember that the marketing copy of the organization’s landing page should define the who, what, and why of the business appropriately. Organizations should address the targeted customers’ pain points succinctly by ensuring that the products and services they are offering are the best solutions to the customers’ problems.
An appropriate eCommerce software can effortlessly create, update, and revise content consistently. It is because the need for managing the content is often overlooked when the marketing team evaluates the software. It should have an automated content management system that can enable the users to drag and drop images, create texts and simple messages, and call to action.
Access Controls, Roles, and Permissions
In the B2B eCommerce business, customers deal with different users having different jobs and responsibilities. They should have access to only that information, which can perform their work easily and efficiently. Generally, admin users have the ability to create custom users and can grant the permissions to both the buyers and other non-authorized users.
These buyers can be further split into purchase managers and junior buyers. In such cases, purchase managers can completely control the order, tax codes, invoices, and many more, whereas junior managers can only manage the quotes, pricing, and shopping lists.
That is why access control is considered an essential feature in the B2B organization dealing with vastly different customers.
Corporate Account Management
A B2B eCommerce software should have a personalized user experience. It often comprises multiple users with different roles and purchasing rights while dealing with the company’s subdivisions or sub-units.
Hence, the software should have a Corporate Account Management functionality that can address complex, hierarchical corporate account structures. It should enable buyers to configure their own account management structure, add authorized users, and create purchasing rules no matter how many businesses, departments, teams, and branches they might have.
Content Management System
Since B2B buyers make practical purchasing decisions, businesses need to offer additional information to the buyers so that they are aware of what they are buying. Information like product descriptions, marketing sheets, certifications, and videos assist the organization in clearly communicating the benefits of the products they offer and should be able to solve their problem.
So, every B2B eCommerce software should have a sturdy Content Management System that completely controls the content, and it’s layout. Content editors should also naturally use and help the marketing and merchandising team in updating content and product pages effortlessly and without using any coding language.
Personalized B2B Catalog Management
Online selling does not imply the one size fits all approach. A B2B eCommerce software should be customized in the way an organization does its business. Thus, they should have personalized B2B Catalog Management, which is one of the best features of B2B enterprise software.
When sellers have massive personalized options, they tend to customize product catalogs to specific corporations, business units, divisions, and even buyers or customers. Every group can access its own catalog, and set its own rules. For instance, purchase managers bundling up specific products together and setting minimum order quantities for different customers.
Multiple Price Lists
In the B2B eCommerce business, pricing tends to be a complex part. It depends on factors like pre-negotiated discounts, purchasing volume, frequency of purchasing, etc. They are also calculated using particular business and pricing rules.
All these reasons showcase the need for creating multiple pricing lists for every customer, business unit, or company. It can contain numerous price points, a variety of tiers, and several currencies that add to their complexity.
Segmentation & Custom Reports
Unlike B2C, B2B customers are classified into different groups. It assists businesses in creating pricing lists, minimum order requirements, and group-specified content for every segment.
Hence, with the help of Segmentation and custom reports, B2B eCommerce users tend to group their customers based on their geographical location, catalog selection, order volume, reorder frequency, and quantity of products ordered. They also have to customize the shopping cart experience according to their profile selection. They should have the option of filtering website content, pricing, and payment and delivery.
Volume Purchase & Bulk Discounts
B2B customers generally buy products in bulk or list them as cases, packs, or pallets. The organization offers discount tiers based on the number of products they order. Therefore, eCommerce software should provide the option to accommodate quantity thresholds that enables them to offer bulk discounts.
Moreover, when you specify different tiers for the discounts, customers tend to acquire quantity discounts that work along with the customer-specific price levels.
Minimum Order Quantity
A Minimum Order Quantity or MOQ requirement is the lowest quantity of a particular product that an eCommerce business is willing to sell. When the shopper fails to fulfill this requirement, they tend to lose the opportunity to place the order.
It is relatively common in B2B business where customers have to purchase a specific quantity per product to place the order. They have to set the minimum order quantities per product, which is a must have feature of B2B enterprise software. The software should also contain other features like Minimum Order Amount used while completing an order, Maximum Order Quantity per product, and particular quantity multiple to products sold in packs and cases.
Flexible Payment Options
In B2B business, not every business order payment gets processed online. Businesses have to integrate offline payment methods like purchase orders, corporate accounts, NET 30 (60 or 90), Checks, and Credit cards on file to accommodate the needs of their clients.
They should be able to configure multiple payment options and customize conditions according to the location and order amount of the specific group of customers.
While launching an eCommerce business website, a company has to plan and take into account multiple aspects. They have to think distinctively about their relationship with the customers, investments required in terms of time and money, and most importantly, select an accurate eCommerce software for their business. Further, they have to ensure that the system is robust and scalable so that they don’t have to worry about upgrading their system and website after a few years.
For all these requirements, you need to have a basic understanding of eCommerce software and its features. And, now that you are well aware of the features mentioned in the article, you can more clearly identify and focus on the objectives of your business and ways to serve your customers.