Product Data is the Cornerstone of B2B eCommerce

1. Product Data is the Cornerstone of B2B eCommerce B2B brands are increasing their adoption of and investment in eCommerce and digital marketing capabilities. Based on the typical customer experience, it would appear that they are lagging behind their B2C counterparts, but that’s just one way to look at it. When you look at total revenue, the global B2B eCommerce market surpassed $12 trillion in 2019, which was six times the size of the B2C market. With such a large volume of business, why are some B2B brands still slow to jump into eCommerce? One of the key reasons is that the product data, which is the cornerstone of any B2B eCommerce site, can be particularly challenging and complex. B2B brands face challenges such as managing various product catalogs, complex customer transactions, customer-specific payment modes, and customizing or configuring their products to meet unique customer needs. Let’s explore some of the complexities of product data, and how B2B companies can manage them to develop winning eCommerce capabilities. Complexities in B2B Product Data While B2B and B2C brands are selling to different buyers, there are fundamental similarities in what their customers want from their eCommerce experience. Some of these include personalization, transparency, and convenience. So how does this impact product data requirements for B2B eCommerce?

2. 1. Product configuration and pricing For B2B companies, determining the right product configuration and pricing can be complex. For instance, some B2B eCommerce products require custom-configured or made-to-order products along with the right pricing based on the contract pricing and credit terms offered to the buyer. To meet this need, B2B customer portals must efficiently pull product data from different systems and integrate them into specific made-to-order products. The goal is to enable B2B customers to purchase their desired products at the right price in a self-service fashion. 2. Personalized products In the age of eCommerce personalization, B2B customers seek shopping experiences that are as personalized as B2C customers. A MarTechAdvisor study found that personalized web experiences improve sales by 19%. Business customers expect personalized product catalogs with price lists and shipment options customized to their specific requirements.

3. Due to the growing volume of their products, B2B eCommerce companies need to address complexities like maintaining multiple versions of product catalogs and displaying them accurately in their online eCommerce platform. 3. Complex payment options B2C customers typically use credit cards or other third-party digital payment methods to buy products. In the B2B space, payments are often made using a line of credit, online transfers, or raised invoices. Adding to the complexities, payment terms can vary depending on the customer profile, order size & value, and frequency of orders. For example, repeat or high-value B2B customers expect favorable payment terms and attractive discounts, which requires efficient price segmentation based on the customer group. 4. Customer Experience (CX) McKinsey reports that while the CX score for B2C companies ranges between 65-85%, B2B companies score lower than 50%. With thousands of products on B2B customer portals, CX in B2B is all about finding the right product quickly and easily. B2B companies need to optimize their data to ensure relevant products appear at the top of user searches across the most frequently searched keywords. At the same time, customers want to see products that are relevant to their specific use cases and help them achieve their business goals. To encourage upselling and cross-selling, CX in B2B eCommerce must show relevant SKUs that are associated with the main product being purchased. How do B2B companies manage these complexities and optimize their product data?

4. How B2B Companies use Product Data to win at eCommerce 1. Personalize your brand. To be customer-centric, B2B companies should be investing to personalize their brand experiences. A Forrester-Bloomreach study found that just 22% of B2B customers found their eCommerce experience personalized to their needs. With the availability of AI and ML technologies, B2B brands should personalize their customer relationships to drive long-term business benefits. Apart from using personalized emails and services like 24/7 customer support & online chat, integrating the eCommerce site with third-party tools like CRM can help capture vital customer information to simplify interactions and reduce friction in the buying process.

5. 2. Use the right product content. With thousands of B2B products to sell, product content should not be all about “quantity” but rather about “quality.” Product descriptions are the most desired type of information for 76% of eCommerce customers when making a buying decision. Here are some examples of high-priority “quality” product content: ● Product titles that accurately describe the product and are easy to understand ● Product attributes such as color, weight, and other technical specifications ● Search engine optimized (SEO) keywords in product titles and meta descriptions 3. Include product videos. 86% of B2B companies use video marketing as a tool in 2021, up from just 61% in 2016. Short videos are among the more compelling types of content used by online shoppers using mobile devices to make online purchase decisions. In the B2B space, product videos help improve customer engagement by reaching them at different stages in the sales cycle. Here are some tips for video-based marketing: ● Keep it short (around 2 minutes) and relevant to what the customer is shopping for ● Focus the video on customer needs and outcomes rather than product features ● Augment your written product content with related videos

6. 4. Design an online product catalog A March 2020 survey found that 39% of business users prefer to self-serve (without talking to sales or customer support representatives) when interacting with B2B companies. Both B2B and B2C customers are comfortable searching for online product information without assistance. Having a complete online product catalog can provide all the information they are seeking. Here are some tips for designing product catalogs: ● Include complete product information in the catalog to build customer trust ● Design your eCommerce search functionality to make it easier to navigate the complete product catalog ● Include high-quality visuals like “how to use” videos and images to engage users as they navigate your website Conclusion In the competitive B2B eCommerce space, quality product data can be the difference between success and failure. With thousands of B2B products to choose from, business customers are looking for a personalized online experience with B2B retailers and brands. With its comprehensive product data management services, EnFuse Solutions is partnering with growing B2B companies to elevate their eCommerce offerings. To see how we can help you succeed, connect with us today. Related Blog: Adobe Experience Manager – An eCommerce Solution for Global Success