CEOs of both B2B and B2C businesses have said that growth in investment revenues is their first priority, followed by monetary savings. These findings are mainly applicable to the eCommerce industry because electronic commerce solutions are created to get better revenue opportunities and ROI has already been one of the major priorities of e-commerce investments for numerous years. Organizations have different requirements, depending on the product or service they sell, their target customers, the channels they use and various other significant factors that define their business models.
To make the most of their online presence, it is imperative for businesses to find e-commerce solutions that accommodate numerous ways to do business. However, the focus of both B2B and B2C businesses is same; there is a major difference between both the sectors. In this article, we will focus on what makes B2B different than B2C eCommerce.
B2B vs. B2C: Spot the Difference
While looking at the difference between B2B and B2C eCommerce, people mostly assume that the most obvious difference is that B2B is selling products and services to other businesses, whereas, B2C is selling to consumers directly. That is true; however, it is not all. Some other major differences include –
Apart from selling products directly to customers online, the purpose of B2C businesses is also to increase sales, drive traffic and strengthen brand awareness to maximize customer reach. They also persuade customers through promotions and product catalogues. Generally, the focus is on bringing new customers and retaining the old ones.
B2B eCommerce, on the other hand, requires business owners to increase and strengthen existing business relationships overtime, and reduce expenses of searching and dealing with new vendors. It involves lower traffic but higher returns.
The purchase power in B2C is less complex because the buyer is the decision maker. The decision of selecting a brand or a product is usually influenced by customer recommendations, brand loyalty, reviews, consumer taste, budget and preferences.
In B2B, on the other hand, the process of product selection and purchase goes much beyond a single buyer and decision maker because a company is involved. The process in B2B transactions involve well thought out decisions by a number of highly knowledgeable buyers and a lot of executive decision makers are involved. Orders are made based on the requirements of the firm.
B2C eCommerce systems often have a simple structure that sends a paralleled brand message to a group of customers with similar choices, needs and demands.
B2B eCommerce, on the other hand, requires an advanced system, in which, products are tailored to different group of customers.
Regardless of whether you are a B2B or B2C service provider, you are sure to face many challenges while selling online and across numerous multiple brands and channels. Here, it becomes important to find ways to connect data sources and improve the flow of management. Flexibility and scalability are other two significant factors that should be considered. A multi-channel eCommerce platform reduces the complications by addressing different challenges of eCommerce and provides a sophisticated and easy to manage business model. If you are a company, looking for growth opportunities, a multi-channel eCommerce software solution is a must.