As technology has afforded us greater convenience in shopping online, numerous entrepreneurs are beginning to realise the importance of having a B2B e-commerce business model to cater to a segment of customers who prefer to shop online.
Analysts predict that the e-commerce market will continue to grow. In addition, the COVID-19 pandemic is likely pushing more people to make their purchases online. To ensure your company stands out, it is vital that your website possesses specific key features that make it easy for your customers to navigate the site when placing their orders. Read more below on the five essential B2B features that every e-commerce platform needs to ensure a pleasant customer experience and successful track record.
1. Customer segmentation
Consumers are typically treated equally in a B2C business model. However, wholesalers usually buy in bulk, and their orders vary depending on the products they are selling. As a result, you will require a strict designation to categorise your various customers. Proper customer segmentation enables you to set minimum order requirements, pricing, and group-specific content, like promotions and payment options for each segment.
B2B companies can classify and segment customers into groups based on their order frequency, purchase volume, or geographical locations. By segmenting your customers into their various categories, you can filter and customise your website’s content and delivery options to suit each customer’s needs.
2. Differentiated pricing and bulk discounts
B2B consumers generally expect discounts when they buy their products in bulk. Rebates in the forms of member pricing and pre-negotiated discounts are commonly seen on various e-commerce sites. Therefore, your platform should also offer bulk discounts when customers place an order that exceeds a certain quantity threshold. This is because bulk discounts encourage higher-order values and help build customer loyalty.
3. Minimum order quantity (MOQ)
The minimum order quantity feature (MOQ) is a must-have feature on any wholesale websites. This feature allows you to specify the lowest purchase quantity for the products found on your website. If the buyer is unable to meet the MOQ, he or she will not be able to place an order. Having a MOQ feature enables you to better manage your inventory margins, which leads to your business remaining profitable.
4. Reorder of previous purchases
Numerous corporate consumers prefer to use multiple shopping lists for bulk or repeat orders, especially when many items are involved. Therefore, it is crucial for your e-commerce site to allow your customers to view their order history to facilitate easier tracking of products for reordering purposes. Ideally, the most convenient option is to implement a one-click reorder function next to the items listed in their order history.
5. Intuitive self-service interface
The primary goal of your e-commerce site is to make the purchasing process as seamless as possible to save consumers’ precious time. To achieve this aim, the platform you utilise should be responsive, intuitive and functional, with clear guides to find the relevant products and information. You can also include a search bar for ease of navigation. An easy-to-use interface not only encourages purchase, but also builds strong customer relationships.
One last thing to note
Like other more conventional business models, proper bookkeeping is essential to ensure you stay on top of your company’s finances. High volume transactions are a defining characteristic of an e-commerce business. As such, keeping track of the figures can be a daunting task for anyone without an accounting background. Therefore, you should consider outsourcing your bookkeeping to a specialised accounting firm.
At Ackenting Group, we offer a suite of accounting services to meet your company’s needs. Allow us to offer our professional corporate accounting services and tax accounting services to ensure you receive the latest and most detailed financial reports. A well-documented financial report can help you understand your business’ performance and ensure it is on the right track to success.
Conclusion
Designing the ideal e-commerce platform for your company requires proper planning and a good understanding of your customers’ needs. This list is by no means exhaustive, but we hope it has provided you with a guide on what your website requires.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
