B2B Ecommerce continues to evolve and accelerate as more businesses adopt solutions that allow them to more directly transact with their wholesale and B2B customers online. Over time, the expectations of what a solution can accomplish continues to grow, and new trends continue to emerge.
Here are 5 B2B Ecommerce Trends for 2024 that businesses should be watching out for:
1. B2B Ecommerce Continues to Rise as a Whole
The first trend is that B2B Ecommerce itself is continuing to become more normalized and commonplace, helped in no small part by the continuation of Millennials and Gen-Z workers joining the overall workforce.
With digital solutions being second nature to these generations, having grown up with technology in their lives from a young age, expectations are higher for self-service and online solutions, whether it be paying invoices or placing orders.
Businesses who have eschewed online options, or direct self-service options, will find themselves increasingly behind the curve as this trend continues. Forrester forecasts B2B Ecommerce will be a $3 trillion business in the United States by 2027, with 24% of U.S. B2B sales being conducted online.
2. Automation of B2B Ecommerce Practices
Step one of moving B2B Ecommerce to a more digital world was adapting tools that got away from the era of phone calls, faxes and pen and paper. Now, automation is taking more center stage.
For instance, automating accounts receivable is an area of interest for many businesses in lieu of having to chase after each invoice one by one. Saved payment options for purchasers can allow for automation on both sides, while automated emails for requesting payments can help reduce human touchpoints when collecting on invoices.
3. Fulfillment Speeds
Amazon’s continued evolution and acceleration of delivery of items, along with other services, has created expectations of faster deliveries over time. Of course, B2B products aren’t the same as consumer goods, but pandemic-era delays and other challenges from that time period have led to new approaches, which can include keeping a bit more on hand to avoid delays and sellouts.
Businesses that can manage delivering quicker will get the upper hand, while those who struggle to fulfill in a reasonable period of time may find themselves ceding ground to competitors.
4. Selling Via Social Media (Including Dark Social)
Social media has long been an avenue to reach B2C audiences, but B2B audiences shouldn’t be ignored on these platforms too. And it’s not just using B2B platforms liked LinkedIn. Remember, your potential buyers use traditional social networks like Facebook and X as consumers as well.
But one of the shifts for 2024 is the explosion of other social platforms, including dark social networks like Whatsapp. Dark networks are so-called dark because of their additional privacy considerations. But that doesn’t mean you can’t find ways to work with them, such as offering sharing options that factor them in for easier sharing on those solutions.
5. Machine Learning
Machine learning is certainly a buzzy concept, particularly around the explosion in Artificial Intelligence in recent times, but machine learning has had a place at the table for awhile. Its use cases are what’s making it an important trend.
Machine learning can yield increased opportunities for personalization, better recommendations of other products to showcase, understanding of where business opportunities may lie, and even the kind of questions potential customers may have. All of these actionable insights can help your business more quickly react to changing market conditions and be a step ahead of your competition.
Zoey Keeps You Up With the Times
Zoey is built for B2B Ecommerce, and because our number one focus is a robust B2B Ecommerce offering, we’re focused first and foremost on functionality businesses need to succeed. Learn how we can help your business succeed in 2024 and beyond by starting a conversation with us:
