The true cost of doing nothing – why B2B companies must invest in ecommerce now

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If you are on the fence about investing in ecommerce for your business, then this blog is for you. If you are used to selling offline then we understand it can feel scary, overwhelming or perhaps even unnecessary to get your business online. However, the fact is, that if you choose not to invest in ecommerce then you will fall behind those competitors who are already reaping the benefits of having an online presence. With inflation and rising costs effecting our businesses it may seem like now is not a great time to make the jump into the world of online sales, but here we are going to be discussing all the reasons why you must invest in ecommerce now if you haven’t already, and the true cost of doing nothing.

  1. Not giving your customers and potential customers what they expect. If you read our blogs then you will know that today’s B2B customers want the ability to shop online, just like they have become accustomed to in their personal lives. They want and expect convenience, ease of use and the ability to place orders quickly whenever it suits them. Online ordering either through a website or mobile app are the only selling methods that offer this to your customers. Of course we are not saying that must abandon more traditional methods all together, but if you want to appeal to the rise of Millennials Gen Zs entering the workforce (who are extremely comfortable ordering online) then you cannot afford to ignore ecommerce. You will need to invest in an ecommerce website and perhaps even a mobile app to complement your site, so that you can attract and retain these new generations who are moving into senior positions with purchasing responsibilities. For them, being able to make purchases online is a non-negotiable and if they find that you don’t offer that, then the harsh reality is they will have no problem going elsewhere.  
  2. Falling behind your competitors. By choosing not to invest inecommerce then it’s inevitable that you will fall behind. Those that are embracing ecommerce are reaching new customers and are growing their market share. Now really is the time to take the leap, as the longer B2B companies wait to invest in ecommerce, the harder it will be to adapt their business to meet the demands of an ever changing competitive landscape. So the question is, how do you stand out against competitors who are already doing the same thing? You will first need an ecommerce website that will make every part of the online ordering journey seamless for your customers and that will transform your sales process, as well as integrate perfectly with your accounting system. At GOb2b, our B2B ecommerce websites help you to deliver feature rich customer experiences, so that they want to order from your business again and again. We have also created the GOb2b Customer App to complement your website and offer your customers another super convenient way to place online orders with you.
  3. Increasing risk of inefficiencies. B2B companies that continue to maintain paper-based processes in this digital age will no doubt experience higher rates of error and increased costs, compared those who have embraced ecommerce. In the past it was quite standard for sales reps to attend client meetings every day, taking printed brochures and paper order forms along with them. Today, while many customers may still value the in person approach (offering a mix of online and in person is best), it is very inefficient to continue to operate only in that way, especially when your competitors are adapting to online sales. Ecommerce businesses on the other hand are able to streamline order processing, inventory management and customer support. Having an ecommerce website allows customers to view live stock updates at all times of the day, meaning there’s less opportunity for stock level errors and potential costly mistakes.
  4. Missing opportunities for growth. Those companies who do not make the switch to ecommerce are missing out on staying relevant to their existing customers and will definitely miss out on reaching new ones. Making the move to ecommerce means so much more than just offering your existing customers yet another way to order from you. With a high quality, mobile friendly ecommerce website in place and well thought out search engine optimisation (SEO) carried out in the back end of your site, you can reach more customers in different areas (and even countries if that suits your business) than would ever be possible with traditional B2B sales.
  5. Loss in revenue. One of the great things about B2B ecommerce compared to B2C is that B2B customers are far more likely to bulk buy and make large and repeat purchases online. If you do not act now and invest in ecommerce for your business, those customers will go to a competitor and you will undoubtedly experience a loss in revenue. With immediate access to important product details and pricing and a simple, convenient way for your customers to make purchases, ecommerce really is the perfect way to increase your revenue. You can easily upsell on an ecommerce site, with tailored product suggestions, encouraging customers to purchase related items or items with more features etc. Features such as order tracking and the ability to view invoices and order history will empower your customers, reducing the need for direct assistance. This will help to increase the efficiency and profitability of your business.

The true cost of doing nothing – losing existing customers, missing out on new customers, not staying relevant and competitors taking the market share truly does outweigh the cost of investing in ecommerce now. Very importantly, customer expectations are high and by embracing B2B ecommerce, you are giving your customers and potential customers exactly what they are asking for, which can only positively benefit your business. If you don’t yet have an ecommerce website and you are ready to reap the rewards of ecommerce for your business then please get in touch with us at GOb2b.