Last time, we covered 5 of the most significant B2B eCommerce trends that wholesale distributors and manufacturers need to understand in order to remain competitive. That was Part 1 of this two-part series, and in this article, we’ll cover the final half of the list.
As we pointed out, it would be unrealistic for any company to implement all these trends overnight. However, we’ll highlight some trends where the price tag is minimal, the barrier to entry is small, and the ROI is powerful so you can get started right away. See trend #10 for a great example of that low-hanging fruit.
High-quality Enterprise Resource Planning (ERP) software offers countless benefits to distributors and manufacturers, especially when it comes to optimizing the eCommerce customer experience.
We previously wrote about the efforts of a highly successful B2B eCommerce company (Grainger) and a world-renowned manufacturer (Caterpillar). Take a look at both case studies to learn how integrating your ERP with other systems can help you manage your supply chain more efficiently and harness the big data that these systems produce.
When it comes to eCommerce platforms and ERPs, many large wholesalers struggle to get the data they need from their eCommerce sites due to incomplete integration.
Petra Industries, a leading B2B distributor of technology products for over 800 brands, successfully integrated their ERP with their eCommerce platform. The integration helped them streamline customer onboarding, enhance self-service options, and improve workflows and purchase approval by allowing each client to create multiple accounts with different permission levels.
Of course, that’s just one use case, and there are countless examples of how you can improve your customer experience through fully integrating your ERP with your eCommerce platform.
Some of those benefits include the ability to:
All these opportunities allow distributors and manufacturers to carve out a competitive advantage in industries with very narrow profit margins.
Having trouble finding the right ERP software? Distribution Strategy Group published a great article outlining tips for choosing and leveraging the right ERP.
Wholesale distributors and manufacturers are making great progress toward adopting more sustainable, environmentally friendly practices. That’s not only good for the planet—it’s great for business, given that more than 60% of customers said they would pay more for sustainable, ethically sourced products in a recent McKinsey study.
Of course, it’s not just a matter of what customers say, but how they “vote” with their wallets. Another McKinsey analysis found that companies touting their efforts to protect the environment achieved 28% cumulative growth over a 5-year period, compared to 20% for products that never made similar claims.
How can your company achieve more sustainable practices?
If you do adopt any of these practices, let the world know! Remember, those companies that showed a 28% average cumulative growth, in the McKinsey study mentioned above, did so by getting the word out. They used PR, branding, and other corporate communications efforts to reach customers who prioritize ethics and sustainability.
Many wholesale distributors are working to better serve their customers by offering a wider variety of payment options, and the best B2B eCommerce platforms can accommodate a range of them.
Wholesale distribution is built to handle things like purchase orders and negotiated pricing, but many cutting-edge wholesalers have expanded their payment options to include:
Evaluate your competitors and their offerings, and take a close look at what your customers are demanding in terms of new payment alternatives. It might not be necessary or worth the effort to introduce new payment options, but you can only determine that through a careful business analysis.
Protecting against bad actors in eCommerce is a constant cat-and-mouse game, but today’s cybersecurity risks are growing due to a number of factors.
One of those factors is the use of Artificial Intelligence in phishing scams, where a cyber criminal pretends to be a legitimate business partner, spoofing the email address of a colleague, vendor, or client and coaxing employees into handing over sensitive information.
AI makes it possible for bad actors from overseas to sound like native speakers of whatever language you operate in, and they can automate the process to make hundreds or thousands of phishing attempts in a single day in some cases. Additionally, 3rd-party mobile apps on phones used for business often contain security holes that criminals exploit.
For all these reasons, wholesale distributors and manufacturers are prioritizing their cybersecurity strategies, bringing in consultants or hiring full-time security staff to minimize risk.
Managing warranty claims, much like B2B returns, is complicated in the wholesale distribution and manufacturing spaces. That said, you can take measures to streamline your claims processes. Doing so will increase efficiency and improve your overall customer experience.
We wrote a whole article on streamlining warranty management, which included the following steps:
For more details about these five steps, take a look at our article: 5 Ways B2B Wholesale Distributors and Manufacturers Can Streamline Warranty Management.
Continuum is a B2B returns management platform that automates and expedites returns, warranties, and repairs. With its warranty hub, Continuum gives distributors, manufacturers, and customers access to a self-service portal designed to file and track warranty claims.
Continuum also streamlines B2B returns, and it seamlessly integrates with the most popular CRMs and ERPs on the market—connecting finance departments with logistics professionals across organizations.
Learn how Continuum can help you stay ahead of the competition and improve your profit margins. Book a demo here!