Commerce insiders with their fingers on the pulse of the B2B space have identified several emerging trends as we head into the new year. Those trends will shape the industry’s landscape through the first half of the year with some likely holding strong all the way through the entirety of 2024. This is your look at the top B2B trends coming to the forefront as we turn the calendar to a new year and business financial quarter.

A Transition to B2B E-commerce is no Longer Optional

B2B specialists are quick to point out that businesses are recognizing the necessity of a strong e-commerce capability. The sector’s merchants are recognizing that e-commerce is a necessity and responding accordingly. Those who have not already expanded their digital commerce will likely end up lagging behind.

A Push Beyond Merely Selling

The B2B commerce industry is transitioning to a new era in which merely selling online does not suffice. Modern B2B buyers are educated and demanding. Businesses that fail to serve up highly polished and fully personalized web-based experiences will find it difficult to compete. The moral of the story is that market troughs are inevitable, meaning merely hunkering down makes it difficult to survive.

Some companies lack the infrastructure necessary to endure ensuing downturns. Moreover, insufficient infrastructure prevents companies from capitalizing on opportunities that will undoubtedly arise in the months and years ahead. Those who strategically invest their resources will drive sales through the new year and beyond.

B2B Self-service is on the Rise and here to Stay

Portals for self-service have gained prominence for B2B sellers. A recent B2B Commerce Growth Strategy Survey states just under one-third of respondents obtain in excess of 50% of revenue from digital channels of the self-service variety. This statistic is an indication that leaders acknowledge customers anticipate web-based experiences that are consumer-grade quality. Moreover, B2B participants also seek expansive tools that empower them to monitor orders and manage accounts.

Order Process Automation is Increasingly More Common

The automation of business processes is scorching hot as we transition to the new year. A third of B2B businesses note automation and streamlining are important e-commerce strategies. Such automation is important for industry progress as a considerable amount of e-commerce is driven by processes.

Automation is being implemented for the following aspects of B2B and more:

• Distribution
• Inventory
• Marketing
• Sales

B2B commerce professionals willing to take a macro view will find they are better able to determine the best approach for optimization and the integration of e-commerce tools into the overarching systems and tech. Industry automation even extends all the way to self-service tools. As an example, chatbots provide rapid fire answers to customer inquiries. These tools reduce the length of sales cycle, hike customer retention and provide B2B companies with extensive access to valuable buyer data. Those who make use of this data to maximize the revenue pipeline along with leads make the best use of their limited budget and resources.

As an example, some of those in the B2B industry are going to the extent of synchronizing self-service tools to guarantee data interoperability. It is now possible to note subtleties such as buyer desires as expressed in conversations with chatbots powered by artificial intelligence. The industry’s best update those buyer preferences in the CRM tool for a better user experience.

An Emphasis on the Buyer

The buyer experience is center stage as we transition to ’24. B2B industry professionals are sweating the small stuff of the experience in recognition of the market’s natural competitive forces and also in acknowledgment of buyers’ idiosyncratic desires. The bottom line is loyal customers are essential for growth, meaning B2B sellers are ushering in a new buyer-focused approach to e-commerce including customer relationship management software (CRM) as Salesforce.

The buyer is now considered to be the primary driver of growth. The most successful enrich B2B buyer interactions with every aspect of the business ranging from products to people and more. Moreover, the buyer experience is being personalized in accordance with subtle details distinct to individual buyers such as nuanced goals and needs. The most successful sellers use e-commerce to bring customized value offerings to buyers, carefully altering all subtleties to reflect customer desires.

The Success of Marketplaces will Continue

Marketplaces have emerged as the B2B industry’s most rapidly growing channel for e-commerce sales. Aggregate sales on B2B marketplaces are more than doubling on a year-over-year basis. The pace will likely continue through the new year and potentially beyond. The trend is clear: marketplaces are expanding significantly faster than the industry’s aggregate e-commerce sales.

Selling to businesses through marketplaces catalyzes sales yet it also mandates e-commerce infrastructure that can withstand the marketplace’s demands. The popularity of marketplace models is especially noteworthy as several B2B companies were reticent to work with such models, suspecting both channel issues and a meaningful reduction in margins.

Concerns have waned with the progression of time. Though some industry veterans will highlight the fact that marketplaces haven’t generated the desired results for every business or brand, the prevailing theme is that they spur considerable growth.

A Growing Emphasis on Infrastructure

B2B firm leaders are now recognizing that rapid growth has the potential to cause unexpected and unintended problems, some of which have the potential to hamper the business. Creating highly flexible IT systems that prove resilient and scalable are vitally important for growth. In particular, firms are implementing specialized e-commerce tools to improve flexibility with the use of business applications for seamless functionality.

The optimal tools also provide B2B companies with the flexibility necessary to alter buyer-facing factors without altering the infrastructure on the backend. Such “headless” architecture is API-driven to minimize potential lag, ensuring fast-loading amidst an influx of traffic. The end result is timely service that keeps prospects in the fold and also encourages current buyers to remain loyal. The top B2B firm leaders are now stressing the importance of ensuring all APIs are updated at the proper frequency then meshed back together to prevent performance issues.

CloudStreet B2B Accelerator Packages

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Reach out to us today to find out more about how CloudStreet will accelerate your sales through buyer empowerment.