B2B e-commerce is changing fast. 2023 will not be just another global B2B year. It will be a crucial year, a transition year. Learn about the 20 most spectacular E-Commerce trends 2023.
Advances in tech and changes in the demographics of B2B buyers have impacted the B2B eCommerce industry quite significantly over the past few years. According to data shared online, millennials make more than 70% of B2B buying decisions. Unlike Generation X and baby boomers who primarily made up the B2B audience before 2020, millennials are much more familiar and dependent on technology.
There are several specific trends that are particularly influential for B2B ecommerce in 2023 and beyond. These reflect buyers’ changing attitudes about how they interact with brands and give organizations guidance to set themselves up for success.
First thing first, to quickly put you on par with the current B2B state, you first need to understand that the COVID crisis accelerated a natural process of generational change. Current B2B decision-makers are fast becoming Milliennials or even younger digital native generations.
What this means for B2B businesses is that they will have to adapt their marketing. Millennials approach the B2B buying journey as a B2C consumer and, as a result, their expectations are different. To put it more bluntly, their expectations are higher. They’re used to a first-class, personalized customer experience.
This article explores critical B2B ecommerce trends to help you and your business evolve with market changes.
Related: Second-Hand is the New E-Commerce Revolution in Sweden
1. Intelligent searches and the power of personalization
The first clear trend for B2B e-commerce in 2023 will be the use of intelligent searches, either by AI or machine learning; this is something that has become a go-to objective in B2C due to the high level of personalization in the search results that intelligent searches can provide. And why does personalization matter? Because a custom-fit answer that directly addresses the content, concerns, and personal interests of the person doing the search will always be a far more powerful answer than any normal search engine indexation SERP.
2. B2B buyers want self-service buying portals
In 2022, self-service buying portals were one of the major trends. The need for this isn’t going to wane anytime soon and it’s predicted that it will remain a major trend in 2023. Increasingly more B2B buyers want the ability to make a purchase without the need to speak with a sales rep first. What self-service portals do is they let users get answers quickly, helping to streamline the whole process to create a seamless experience.
The 20 Most Spectacular E-Commerce Trends 2023, continues below illustration
3. Improved management technology
B2B ecommerce transactions have become the standard, and your business needs the agility and efficiency to keep up. Legacy digital systems aren’t enough for B2B ecommerce growth. You need software and tools that can accommodate new customer experience expectations, provide fast service, offer completely digital buying options, and scale with your business.
To make this upgrade effective, look at your systems holistically. Upgrading one piece at a time can make it challenging to integrate tools effectively. A complete system can work together to deliver outstanding experiences for your customers.
4. Rise of virtual commerce
Virtual commerce is on the rise. The capability of actually being able to visualize the product or service we are interested in buying online is one of the main gaps between physical commerce and e-commerce. So far, the use of photos and videos has been the most common solution to this very human need of actually seeing what you are buying. But in 2023, we would start seeing a pretty different picture, a Virtual Reality picture, to be more precise.
Related: E-Commerce and Beauty Products – A Perfect Match in Scandinavia
5. Social commerce will continue to increase
It’s anticipated that social commerce sales will reach about 2.9 trillion US dollars by 2026. Needless to say, in 2023, social commerce will be one of the major trends that even B2B businesses will be able to use to their advantage.
While social commerce is typically linked with the B2C industry, in 2023 and beyond it’s anticipated that B2B businesses will also turn to social commerce more. It’s just one more way in which B2B organizations can offer a more personalized service that their buyers will ultimately find more convenient.
6. Personalized customer experiences
B2C merchants have employed ecommerce personalization for a while now and it’s time for B2B merchants to catch up. A McKinsey & Company study of B2B buyers found that most are looking for more personalized buying experiences and they’re willing to move their business if they don’t get it.
Personalized buying journeys revolve around relationships, which means targeted messaging should stretch from end to end — from personalized account-based marketing (ABM) plays and upselling opportunities. Creating seamless and tailored interactions from awareness to purchase to ongoing support increases brand loyalty.
The 20 Most Spectacular E-Commerce Trends 2023, continues below illustration
7. Progressive Web Apps
Having B2B e-commerce with AR and self-serving capabilities sets the path to success but having it accessible from any kind of device with native compatibility is what might set you apart from your competition. To do so, the best way is to use Progressive Web Apps and OS-agnostic mobile technology. PWAs have become an ideal solution for mobile B2B e-commerce by mixing the best of a classic e-commerce website optimized for mobile – responsive and that can be addressed via a browser – with the advantages of a fully developed native app.
8. More B2B businesses will focus on increasing their revenue via existing customers
Considering the economic uncertainty that’s currently experienced globally, it makes sense for B2B businesses to focus on how they can retain current customers and boost the revenue that they generate from their existing customers. To do this, businesses should ensure that their pricing is in line with what customers feel comfortable to pay and shift their focus to the highest quality leads. They can also give existing customers earlier access to new features as a way to show their appreciation and boost loyalty.
9. Fast, high-quality service
Amazon has made free, two-day shipping the standard, and people anticipate that kind of service in every avenue. Buyers expect their orders fulfilled faster than ever regardless of growing order sizes.
Many businesses resolve this issue with product information management (PIM) software. PIM software provides a central location for all the data related to your products. As you balance sales across multiple channels, PIM keeps your product information up-to-date across the different platforms.
The 20 Most Spectacular E-Commerce Trends 2023, continues below illustration
10. Sustainability and e-logistic
Although this trend is for 2023, truth be told, this is what should be called ‘lifetime trend’. E-commerce has been remarkably negligent in creating a sustainable way of doing its logistics. And this is tarting to be a massive issue perceived both by the industry and by the general public. Currently, we base our global e-commerce logistics on protocols and standards that are often not eco-friendly or sustainable.
Related: Scandinavian E-Commerce Trends 2022
11. E-Commerce sites will be used to get new customers
This is another trend that already appeared in 2022 and will continue to become even more important moving forward. Before the global pandemic, ecommerce sites didn’t nearly play such an important role in getting new customers. These sites were rather used to let current customers place their next orders and as an alternative to a customer service rep.
This has changed as online selling has become a key pillar of the sales plan adopted by B2B businesses. Thanks to online search tools, new customers can now find out more about a B2B business and easily place orders. So, increasingly more brands are realizing that they need to change the goal of their e-Commerce site to include acquiring new customers. This might mean that you should be willing to start selling your products at individual prices as opposed to just in bulk.
12. Omnichannel experiences
Omnichannel is another area that B2C merchants have long dominated, but B2B merchants have begun to take notes. Buyers encounter an increasing number of touchpoints across different channels before they make a purchase, and according to McKinsey they want even more. Ensure they have positive, integrated experiences on every channel.
In the B2B industry, customer touchpoints often include mobile apps, websites, social media platforms, and marketplaces. If a prospect engages with your mobile app or website before reaching out to a sales representative, they expect that rep to know about that previous interaction. This insight can provide key details to help draw the buyer in with an appealing offer.
13. B2B e-Commerce sales via online marketplaces will continue to grow
Building on 2022’s success, it’s predicted that in 2023 B2B eCommerce sales via online marketplaces like eBay, Etsy, and Amazon will continue to grow. This trend is fueled by millennials who hold executive positions. The vast majority of millennials are already using marketplaces for their personal purchases and so it’s not a big jump for them to use these channels for their professional lives too.
So, to ensure that a B2B business stays up to speed with the changing needs of buyers, they should seriously consider using a third-party marketplace in 2023. Alternatively, larger business can also possibly create their own. That said, this approach will call for more resources, but can prove to be more effective in the long run as it will offer more customization options.
14. Social e-commerce
Social e-commerce is another channel commonly associated with B2C selling, but B2B merchants are poised to grow social selling dramatically in the coming years. According to Gartner, 46% of your buyers already use social media when researching solutions, so embrace social media to reach and engage them.
Social media isn’t just a place for a business to promote itself and build brand awareness — it’s a marketplace itself. Companies can build a store directly on Facebook, Instagram, or other social media channels, allowing customers to buy instantly without leaving the app or network. Selling directly from social media is an important part of the larger trend toward fast, convenient, personalized service, no matter the channel.
15. Efficient fulfillment will become more urgent
This is another trend that’s fueled by millennials and in 2023 it will become even more important. Younger buyers expect expects that a B2B company should be able to offer the same fast shipping options that a B2C company provides.
To help speed up the fulfillment process, businesses can turn to automation as a possible solution. Shopify and Kroger, a US supermarket, have successfully used robots to assist with fulfillment. Not only can it reduce the time needed to store and collect products, but it can also minimize human error. All things considered, if you have the financial means to stay up to speed with the advances in technology, it can be a good idea to automate your warehouse.
The 20 Most Spectacular E-Commerce Trends 2023, continues below illustration
16. The demand for real-time inventory will grow
Adding to the previous point, moving forward, it will become even more important for B2B businesses to display the availability of their stock accurately. Basically, customers need to know how much stock is available when they place their orders. Updating your inventory in real time can give customers that needed reassurance that they’ll get the products on time. If you don’t have such a system in place yet, it’s a worthwhile investment for 2023 and beyond.
17. New payment options
Pandemic restrictions cut into the revenue of many organizations, and payment options that helped to alleviate the stress became increasingly popular. These options allow installments or delayed payments, helping buyers get what they need despite low cash flow. B2B buyers today expect the same flexibility when they make their purchases, including access to mobile wallet transactions. Credit-as-a-service platforms allow businesses to set up postponed payments or to help manage invoices.
Automation has also become critical for B2B ecommerce payment options. When you automate systems like accounts payable and receivable, your company can save time and communicate with customers faster. Ensuring that bills and receipts of payment are tracked seamlessly reduces frustration for your buyers.
18. Dynamic pricing will become more common
Dynamic pricing isn’t new. It’s used on a daily basis in the vacation rental industry, though, it’s only recently caught the attention of the eCommerce sector. With technology becoming more sophisticated, B2B businesses now have more control over their pricing. This means that they can start to explore the idea of changing their pricing in response to any changes in supply and demand in real time.
Considering how inflation skyrocketed recently, embracing real-time pricing will help B2B businesses to remain competitive. Not only will it help businesses to manage their pricing more effectively, but it can also make the customer experience more personal. As both parties can benefit, it’s one of the trends that can have the biggest impact on the future success of your organization. It shows you that you can boost customer loyalty and your profit margin at the same time.
19. Transparency will become even more crucial
In the past, buyers used events like trades shows to meet with suppliers. By meeting in person, it was easier for buyers and B2B businesses to discuss matters about pricing and quality. Though, with B2B e-Commerce, more of these interactions occur virtually.
Yet, matters like quality and pricing remain equally important to buyers. For this reason, B2B eCommerce businesses will start to focus more on being completely transparent about the quality and their pricing. While this isn’t necessarily a new trend (after all, any business needs to be transparent if they want to be successful), the need for complete transparency will become even more crucial in the future.
20. Autonomous commerce
Autonomous commerce is something we will keep on hearing about in the following years. It is not only a logical and natural evolution of current e-commerce trends and global e-commerce development but also a pretty efficient way to handle B2B e-commerce.
It combines all the previous trends, and the technology behind them, to produce a self-governing commerce experience between buyers, merchants, suppliers, partners, and the internet of things (IoT) to simplify the customer journey and make every merchant decision backet\d by AI.
Wrapping it up
Overall, the future of B2B e-commerce looks bright. It is a competitive scenario, but if you play your card properly if your brand keeps tabs on all these trends, and you do your homework, rest assured that 2023 will be a year of success.
The 20 Most Spectacular E-Commerce Trends 2023, compiled by Tor Kjolberg