As a wholesaler, you probably have already developed several metrics and KPIs that you use to measure the state of your operations and overall success.
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These metrics usually fall into one of three categories: quality, service, and business operations. They are very important to your operations, a good indicator of some key aspects of your workflows, and are pretty easy to improve by moving your store and operations online.
Customer lifetime value CLV or LTV : The total monetary value a customer will bring to your business over the course of their lifetime. This measure is significant, because it helps you see not only what customers buy the first time, but whether you are able to get them to return, multiple times.
Going online can increase LTV because it simplifying the order process, making it easier for customers to order from you, and making it easier to research your product. They will be more likely to return if they find a quick and easy ordering process. Visit to order time: This is the time it takes from the point that your customer first considers placing an order to the time that order reaches your fulfillment center.
With a B2B eCommerce store , this metric regularly improves: placing orders is faster, and the overall sales process is streamlined. With customers able to access details for research and place their order at any time, visit to order should also decrease. B2B businesses with eCommerce capabilities outperform their peers by almost every metric.
In an environment where the sales cycles and relationships are longer than B2C, eCommerce frameworks and digital technologies allow wholesale businesses to be more efficient, provide personalized customer service, and use analytical data to inform business decisions. This is a far cry from the physical ledgers and order forms used by traditional wholesalers. Integration is king when it comes to a B2B eCommerce, and standalone eCommerce platforms have been proven to be inadequate.
Various performance parameters, like on-time delivery, order accuracy, inventory visibility, and time to process orders have had great impact on third-party services :.
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The B2B buying cycle can be extremely lengthy and complicated, adding on to the inertia contributed by the potential cost of implementation and conflicts between direct and online channels for many organisations. The stakes are high, but so are the potential rewards. In a time when companies are struggling to find growth in traditional channels, this may be the best way to stand out from competition and chase sales opportunities. Now that you know that the time has come for a serious commitment to B2B eCommerce, there are a few fundamental requirements of features and design to consider.
With the rising trend of wholesale merchants looking for solutions online to widen their distribution channels, B2B eCommerce stores are becoming more commonplace. However, unlike their B2C counterparts, B2B stores rarely have the same design aesthetic or branding that retail channels enjoy. When thinking about your own B2B eCommerce website design, it should be experience-driven.
The website features and development should focus on ease-of-use, efficiency, and clarity. Special attention should also be paid to the bulk ordering of multiple product variants, as well as simplified re-ordering processes. Without branding or customizations, your B2B website quickly becomes disjointed from the business as a whole. Consider : Customizing the login page. This is an important step when aligning your retail and wholesale branding. Buyers who go to your wholesale store should instantly see the brand connection between your B2B and B2C stores.
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High-quality product imagery. When you are selling commonplace items it can be hard to distinguish your products with just words. Buyers get a feel of what to expect before they even enter their store. Creating detailed product descriptions and a good catalogue.
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When you pitch to prospective customers, what will you show them? Examine your product catalogue and make sure your products are represented in a way that shows them in their best light.
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The process of selling and ordering online is key to providing a smooth purchase experience for your customers. Adjusting pricing levels of products need to be a breeze, and functions to track orders and inventory are must-haves. The trick to being successful at selling wholesale, is not necessarily to sell at the lowest price. If you offer high-quality goods, sell on value rather than price. The focus on the quality of your products should be visible and well explained from the moment a buyer lands on your store.
Enabling easy content and product management on your eCommerce platform from the start. This will save money and add profit, as research has shown that the more channels customers can buy from , the more they spend and the more loyal they become. Opening a channel for acquisition and retention creates new ways to market and reach customers. You get to optimise your organic and paid search on the Internet, as well as email campaigns and even social media platforms.
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Which is most important: translation, currencies, payment options, or something else entirely? Products or services are sold into non-native markets via online sales and marketing. Numbers of that scale are hard to wrap our heads around.
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The myth of a borderless world has come crashing down. In fact, during one six-month evaluation, overseas purchases were in the majority on all but one continent: North America. One of the simplest ways to begin testing foreign markets is to prioritize online advertising or social media abroad. The brand has created multiple country-and-language specific accounts with only slight differences in actual content. The cost of launching geographic accounts — regardless of the platform — is minimal.
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Promoting social content and advertising online in other countries, even if all you do is track engagement rather than sales, tests viability. Looking at those same figures along country lines reveals the 10 largest ecommerce markets in the world currently are:. Using projections, a slight reordering appears, as well as one standout leader: China.
What many businesses fail to consider is just how rapid this decline truly is. Where the U. The same is true throughout North America and Europe. That means …. As a result, the B2B disparity is even clearer. Despite those challenges, numerous DTC leaders are already making headway and significant revenue. Strategies typically cluster around three approaches. First, partnering with local vendors. Depending on size, this may include localization, marketing, logistics, customer support, sales, and engineering. Third, establishing an online presence through third-party marketplaces — i.
Branded sites are more costly, but they provide more data and better customer relationships. Start talking to Trade Associations. Get yourself on the digital ground with a WeChat account. Move around the different tier cities to glimpse how consumers behave. The more helpful the information provided by you is, the more trust your business develops and the more likely it is to convert a visitor into a paying customer.
This makes smart advertising the key to attracting new customers.
Google remains the top search engine for such price comparisons according to the latest ecommerce statistics , making it essential to get your Google search ranking strategy right. The advantage for ecommerce owners is also in the fact that, given lower overheads, they can almost always score above physical store owners when it comes to prices. Not much surprise there.