Electronic commerce is booming and worldwide e-commerce sales are expected to grow. In 2021, retail e-commerce sales amounted to approximately 4.9 trillion U.S. dollars worldwide.
The situation of B2B eCommerce is even better. The global B2B eCommerce market reached US$13.09 trillion in 2021. The Asia Pacific region ranks first in the world with a market share of almost 80%.
Unfortunately, the global average conversion rate of eCommerce is somewhere around 2% to 10%. How can we improve the conversion rate of eCommerce platforms? Here is some helpful information.
10 B2B eCommerce trends to increase your Conversion Rate:
Buy Now Pay Later
Many websites offer payment by installments.
This option is very attractive for high-margin categories with higher acquisition costs. One customer could make a $200 purchase in four interest-free installments of $50 each.
Klarna and Square provide BNPL services. Here is an example of BNPL on a product page.
A headless Content Management System, or headless CMS, is a back-end-only content management system that acts primarily as a content repository.
It makes content accessible via an API for display on any device without a built-in, front-end, or presentation layer.
Companies can publish and scale content quickly using headless CMS. Headless CMS eliminates the page templates and the backend code. It can positively affect page speed.
The quicker a webpage loads, the more likely a user is to perform the targeted action on that webpage. You can learn more about page speed here: 4 Steps to Speed Up your Mobile Site and Increase Conversions
Rich Brilliant Willing uses headless CMS to transform their B2B E-commerce experience:
Conversion rate optimization
Companies use calls to action and A/B tests to increase the percentage of users who perform a desired action on the platform.
Here is a list of ideas to implement on your website:
- Create pop-ups to promote specific offers or lead magnets
- Add social proof: testimonials, reviews, and logos
- Follow up on abandoned carts with automated email flows, push notifications, and retargeting ads
- Improve the user experience and the usability
- Create a sense of urgency and scarcity. I recommend reading my article: One Psychology Hack to Win New Clients
- Offer a money-back guarantee
- Add a point of purchase upsell
For further info about this topic, check this article: “2 Easy Ways to Create Powerful Lead Magnets” to improve your conversion rates.
Serverless computing is a cloud computing execution model in which the cloud provider allocates machine resources on-demand, taking care of the servers on behalf of their customers.
The host can manage automatically an enormous of website traffic and its millisecond performance allows for much quicker processes.
Carmax uses Azure to provide a rich online shopping experience with many pictures and videos for virtual car tours and information on online financing.
Other providers are Amazon’s AWS Lambda, Google Function, or IBM’s OpenWhisk.
Some studies show that chatbots can increase the conversion rate by 50%. Chatbots can contact the potential buyer at every stage of the sales funnel. It helps to qualify website visitors and improve the rate of conversion by answering their questions.
I recommend using the BANT methodology to qualify your website visitors. Please check this article to know more about BANT: How to Set Up a Free Lead Qualification Tool on Your Web
Chatbots are not expensive, you can set up a Facebook Messenger widget on your website.
Buy online pick up in-store (BOPIS)
How does BOPIS work? The procedure is simple. The customer buys online through the website or mobile app. The retailer fulfills the online order and the customer picks up the order at the store. BOPIS is an intelligent way to save on shipping costs.
Harvard Business Review found out that BOPIS can help steal competitors’ online sales and their in-store traffic. BOPIS programs can attract high-quality foot traffic of customers purchasing more expensive items.
You can read the research here: How “Buy Online, Pick Up In-Store” Gives Retailers an Edge
Virtual payment options
The rate of cart abandonment is around 74.2% and the lack of payment options is one of the reasons to cancel the purchase. E-commerce should include a mobile payment option or cryptocurrencies to increase their conversion rates.
Your checkout process must use a secure payment method, it should be mobile-friendly and offer a guest checkout option. Remember to keep the payment process on one page and keep the form simple.
Shoppable live streams
The ability to work face to face with your customers improves conversion. Shoppable live streams combine instant purchasing of a featured product and audience participation through a chat function or reaction buttons.
In 2020, the first 30 minutes of Alibaba’s Singles’ Day presales campaign on Taobao Live generated an impressive $7.5 billion in total transaction value.
The best channels for Shoppable live streams are YouTube, Facebook and Instagram Live, Amazon Live, Tik Tok, and Switch.
Here are some ideas for your next shoppable live streams:
- Interviews with an influencer
- Behind the scenes videos offering the inside story of a product
Shoppable live steams should be authentic, entertaining, and create a sense of urgency. I recommend reading this article:
It’s showtime! How live commerce is transforming the shopping experience
Augmented (AR) and virtual reality (VR)
66% of people would use AR for help during the purchase cycle according to Google’s 2019 AR Survey.
This technology places virtual objects within real-world environments. Customers can preview what something would look like in their space or on their body.
Virtual reality is an artificial environment that replaces a real environment. Merrell Trailscape VR was an experience to support the release of their new hiking shoe. Customers virtually tested the new shoes while walking on dangerous hikes.
The purpose of omnichannel marketing is to create a solid customer experience. Customers can use different devices and platforms to make a purchase.
The combination of email, SMS, social media, web and brick and mortar stores can get more immediate responses from customers.
The global average conversion rate of eCommerce is somewhere around 2% to 10%. This article shows you ten ways to increase your conversion rates:
- Buy now pay later
- Headless CMS
- Conversion rate optimization
- Serverless architecture
- Buy online pick up in-store (BOPIS)
- Virtual payment options
- Shoppable live streams
- Augmented (AR) and virtual reality (VR)
- Omnichannel experience
Do you know other ways to improve the conversion rate of b2b e-commerce? Please share them with us.
P.S. Before you go, you may also be interested in the following articles:
POST WRITTEN BY
Jose Maria (Chema) Lopez
A Madrid Polytechnic University International MBA has worked as global marketing director in B2B and B2C international leading companies implementing global marketing and communication strategies to ensure business objectives and to optimize brands reputation and visibility on a global level.
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