Size shouldn't matter: B2B eCommerce for Large Deals

Gone are the days when eCommerce was only seen as beneficial for more minor, long-tail orders in the B2B.

A Game-Changer: eCommerce for Large Orders

Many legacy B2B companies still need to be more apprehensive about the potential of eCommerce for larger orders. But believe me; this is a golden opportunity for early adopters to surge ahead. More significant deals can benefit from requisition lists, digital tools, and the organized structure that eCommerce platforms provide. It's about time we break free from the traditional modes of emailing purchase orders or making phone calls for every large deal.

Big-Spending Remote Buyers

The figures speak for themselves. One in five B2B decision-makers is comfortable spending between $500,000 and $5 million through remote or self-service channels. This has grown from 16% earlier in 2021. Furthermore, 7% of these buyers are willing to complete transactions valued at over $5 million online. This suggests that comfort with digital channels is on the rise, especially in markets like China and the United States, where close to 80% of buyers are willing to spend at least $50,000 via digital channels. (In regions like Japan and France, buyers seem less comfortable with large online purchases)

Step 1: Hybrid Sales

Agility and adaptability are critical in this new world of B2B eCommerce, and implementing a hybrid sales model can be a powerful facilitator. By its very nature, a hybrid sales model is multi-channel and inherently integrated.

Hybrid sellers are equipped to serve customers how they want to be served - seamlessly across channels. They're ready to embrace the wave of B2B eCommerce and weave it into their conventional sales practices. Not only does this lead to faster market share growth and reduced channel conflict, but it also provides customers with a highly personalized and streamlined experience. Over the past two years, about 40% of organizations have already added hybrid sellers to their teams, and this role is projected to become the second most prominent B2B sales role over the next three years.

Step 2: Journey Orchestration

B2B decision makers, much like their B2C counterparts, are increasingly becoming omnichannel customers. They utilize multiple channels not just across their purchasing journey, but also within every stage of that journey. While some buyers might prefer one-on-one interactions for complex, high-value deals, a growing number are comfortable with self-serve digital platforms for substantial purchases.

Sales professionals must evolve into 'journey orchestrators' to cater to these expectations. They must guide customers toward the channels most suited to their specific needs and purchasing stages, as their buyer intelligence indicates.

Step 3: Optimizing Online Product Mix for Large Orders

In a B2B eCommerce environment, the online product mix is critical and requires careful consideration. Traditionally, businesses have focused on showcasing various products for smaller orders. However, the strategy needs to be different for larger orders or deals.

To facilitate larger transactions, the emphasis should be on highlighting product suites, value packs, or bulk offerings tailored for high-value deals. By adjusting their online product mix to feature these, businesses can more effectively cater to larger orders. Also, it is imperative to provide detailed product information, reviews, and testimonials to instill confidence in the buyers about their large-scale purchases.

Step 4: Introducing New Pricing Procedures

Alongside adjusting the product mix, businesses must rethink their pricing procedures. Large-value purchases often involve a complex and time-consuming process of quotations and approvals. Streamlining this process can significantly enhance the customer experience and speed up the sales cycle.

One way of doing this could be through dynamic pricing models. Dynamic pricing, often used in B2C eCommerce, involves real-time price adjustments based on various factors such as demand, inventory, and customer behaviour. The B2B context can be tweaked to consider aspects like order volume, contract length, or ongoing market rates.

For instance, businesses could offer instant, customized pricing for large orders based on predefined rules. This eliminates the need for back-and-forth negotiation and significantly reduces the time to finalize the deal.

Moreover, businesses can also introduce automated approval workflows. Once the customer agrees to the dynamic pricing for their large order, the deal can be automatically routed for internal approval based on the predefined rules. This can expedite the process, reduce manual intervention, and make the buying process more seamless for customers.

Unleash the Full Potential of All Channels

As we witness the B2B eCommerce revolution, let's not just be spectators; let's take the driver's seat. The data is clear: Decision-makers are increasingly embracing large-value transactions online. This isn't a threat but a golden opportunity for businesses ready to adapt.

We must debunk the myth that eCommerce is just for smaller deals. Every channel, whether traditional or digital, has the potential to process any order, regardless of its size. That's the essence of a true omnichannel strategy – creating seamless, integrated experiences that cater to the customer's needs, no matter how large or complex.

To navigate these tides of change, agility and adaptability are paramount. A hybrid sales model that blends the personal touch of traditional sales tactics with the efficiency and reach of eCommerce is the way forward.

In conclusion, let's challenge the status quo and redefine our strategies. By unlocking the full potential of all our channels, we can not only survive in this digital transformation but truly thrive.