Select the Right Solution to Drive Digital Transformation
B2B customers increasingly expect the same benefits they enjoy when making online purchases in a B2C context. According to a recent article in the Drum, “With customers’ growing familiarity with technology and rising expectations for more personalized and valuable experiences, messaging and quality of execution needs to be adapted and enhanced in the B2B space.” Initially, only large organizations with time, resources and enterprise-scale budgets could successfully digitize the B2B experience. Leveraging the cost advantages of cloud technologies, ecommerce platform providers now offer B2B solutions that have leveled the playing field between middle-market companies and their larger competitors.
“With customers’ growing familiarity with technology and rising expectations for more personalized and valuable experiences, messaging and quality of execution needs to be adapted and enhanced in the B2B space.”
Embedding digital into their strategy can help a company grow more than five-times faster and enjoy 30 percent higher acquisition.1 Choosing the right solution can help middle-market companies to increase revenue from new customers in new markets while improving efficiency and reducing the cost of sales to support future growth.
Key Considerations for Middle-Market B2B Firms
- Does the company have access to the technical resources required not only to scope the requirements but also to deploy and manage the solution?
- Does the solution provide the flexibility to integrate into existing systems and evolve in line with long-term goals?
- Can the project be phased into modular elements allowing for additional functionality and features to be incorporated as needed and as budget and resources allow?
- Will there be a clear and transparent view of the projected costs and actual spend? With limited budget and no shortage of priorities, middle-market companies need to know that there will be no unexpected expenses midway through the project.
Benefits Any Middle-Market B2B Platform Should Deliver
A B2B platform can deliver significant benefits to a middle-market company, driving efficiencies and improving processes across a range of key activities.
New Customer Development: By automating standard processes online, sales and business development resources can focus on new customer acquisition.
Higher Order Value: Customer data and insights generate timely opportunities to suggest add-ons, complementary products or offers – all focused on increasing order value.
Customer Loyalty: Customers recognize and value the expertise and convenience provided by merchants. A consistent positive customer experience translates into loyalty.
Better Cash Flow – Payment methods that offer a faster settlement of funds to improve cash flow and reduce days sales outstanding (DSO).
Rapyd’s Top 5 Picks for Middle-Market B2B eCommerce Platforms
There are a wide range of solutions for middle-market companies to choose from. Here are our top picks for middle-market B2B ecommerce platforms. A full list of our favorite B2B ecommerce platforms is available here.
1. WooCommerce B2B offers middle-market companies with an existing WordPress site an “all-in-one” plugin to quickly provide B2B ecommerce functionality. Configuration requires some skill, but the solution is both scalable and can manage complex requirements.
2. Wix offers an ecommerce website builder to help businesses launch and scale their ecommerce activities quickly. Although not as rich in terms of features as other platform providers, Wix is both fast and easy to implement and this may be the ideal solution for middle-market companies looking at ecommerce for the first time and to test the water.
3. BigCommerce is a flexible, configurable option that is a good fit for middle-market companies looking to incorporate the functionality of a wide network of partners. There is some level of expertise required to get up to speed and drive digital transformations successfully.
4. Salesforce B2B Commerce built onto an existing Salesforce CRM may be the smartest route for middle-market companies that are already working with this vendor and looking to create a B2B ecommerce platform. There is plenty of support and extensive options for customizing the solution.
5. Magento is both robust and customizable to allow a company to deliver the customer experience they are looking for. There is an abundance of features that can be tailored and scaled based on the requirements of the business.
In Addition to the Right eCommerce Platform, You Also Need the Right Payment Solution
Not only should customers be able to pay using their preferred payment methods, businesses should also be able to accept and make payments to suppliers and workers using payment methods that lower costs, improve cash flow, and remove the risks of chargebacks. A single solution to streamline making payouts and accepting payments can simplify digital commerce and support your digital transformation.
- Real-time bank transfers can revolutionize cash flow management. Thirty-five percent of businesses cite high processing costs as a major challenge.2 Accepting payment by bank transfer speeds up the process significantly with near-instant realization of funds with Faster Payments in the UK and UPI payments in India.
- Early Payment Discounts can be an important incentive to speed up payments and an integral part of cash flow management.
- Companies can avoid the risk of chargebacks associated with credit cards by offering alternative payment methods.
- In an increasingly global economy, middle-market B2B companies looking to expand into new regions need to be able to accept payments and make cross-border payouts from a single solution.
- A payment solution needs to respond to the increasing numbers of transactions and payment methods while also protecting customers, suppliers and the business with secure payment processing.
Streamline B2B eCommerce Payments and Payouts with a Single Payments Solution
Support the preferred payment methods of customers, suppliers and workers around.
Sources:
- McKinsey and Company, Marketing & Sales Digital Sales & Analytics: Driving above-market growth in B2B, 2018
- Deloitte, B2B Payments for the Middle Market
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