10 Key Components All Great B2B2C Commerce Strategies Need
In the world of commerce, the B2B2C model has been gaining momentum in recent years. More and more brands are considering a B2B2C strategy to keep up with customer demand and outstrip the competition. But what does it really take for brands to succeed in this space?
As the lines between B2B and DTC commerce continue to blur, brands recognize the value of selling directly to end consumers through their brand partners. However, there are several moving parts involved in a successful B2B2C strategy, and brands need to have a clear understanding of what they are doing and why.
No matter the size of your brand, you can propel your organization to greater success with a strong B2B2C commerce strategy. In this blog, we'll explore 10 crucial steps to take to maximize your brand’s B2B2C commerce strategy and keep revenue growth strong.
The Rise of B2B2C
The B2B2C business model, which involves two brands partnering together in a joint venture or in a supplier/reseller relationship to bring complementary groups of products to clients, is on the rise across a wide variety of industries. B2B2C eCommerce evolved from a combination of traditional B2B and B2C models and involves working with other brands to reach end consumers online.
The continuing evolution of commerce platforms and consumer demand for personalized experiences have both contributed to the popularity of B2B2C. This model allows brands to simultaneously provide more actual and perceived value to consumers while also reaching a wider target audience. eCommerce brands also have the opportunity to form new and renewed relationships with brand partners and suppliers using a B2B2C model, forging mutually beneficial bonds for the future.
According to one report, almost 40% of manufacturers are currently making efforts to adopt the B2B2C model. With this in mind, companies should expect ever-increasing adoption and further development of the B2B2C model, making it crucial for forward-thinking brands to optimize their B2B2C strategy as soon as possible.
10 Top B2B2C eCommerce Strategies
While there are many B2B2C optimization techniques, there are some strategies that are essential to B2B2C success. Learn 10 key B2B2C commerce strategies that can help your business grow.
1. Provide a Seamless User Experience
When brands focus on creating a seamless user experience, convenience and simplicity has customers flocking. Easy navigation, smooth transactions, and satisfied customers helps you earn increased loyalty, more repeat sales, and greater revenue growth, making strong user experience a B2B2C strategy that pays off over time.
Prioritizing user experience is a surefire way to attract and retain customers in a constantly-changing online landscape. After all, people avoid actions that feel hard. Don’t make buying a hassle. Invest in an intuitive user experience that makes it easy for your customers to complete a purchase.
2. Streamline Your Supply Chain Management System
With strong supply chain management practices, brands can cut costs, streamline processes, and enhance supplier relationships. Streamlining the supply chain lowers the possibility of mishaps, delays, and cost overruns, ensuring a smoother purchasing process, higher consumer satisfaction, more revenue, and higher total profits.
Thanks to supply chain management, brands can better manage risk by identifying potential disruptions and implementing contingency plans. Ultimately, a well-designed supply chain management system is vital for brands hoping to succeed in the complex and competitive world of B2B2C commerce.
3. Create Strong Relationships with Partners and Suppliers
Establishing solid relationships with suppliers, distributors, and retailers is key to ensuring a steady flow of products and services for both brand partners and customers. By building trust and open communication, your brands can gain valuable insights into stakeholder needs and preferences, negotiate favorable terms, and deliver top-notch goods and services that exceed expectations.
Plus, by forging and maintaining close links with brand partners and suppliers, organizations can streamline their supply chain, lower costs, boost efficiency, and increase their competitive edge in the market.
4. Beef Up Your Data Analytics System
Implementing data analytics systems empowers your brand to make accurate, informed decisions based on real-time data. By tracking customer behavior, preferences, and trends, you can tailor products and services that meet customers’ needs and deploy marketing strategies to bring those products and services to your customers faster than ever.
Data analytics can also identify areas of improvement, such as materials costs, brand reputation issues, or supply chain hiccups, that could be tripping up your growth plans without your knowledge. Embracing a detailed data analytics system is a surefire way to outclass the competition and boost your bottom line with data-driven decisions.
5. Enhance Mobile Responsiveness
With most consumers using their smartphones and tablets for online shopping, mobile responsiveness is no longer a nice-to-have: it’s now a necessity. By ensuring that your website or platform is mobile-responsive, you make your brand relevant to the millions of consumers worldwide who might never bother to scroll through your site if it doesn’t look good and render smoothly on their mobile device.
This is especially important in the B2B2C commerce model, as mobile responsiveness helps speed up the sales process and create a smoother customer experience. Additionally, mobile responsiveness can improve search engine rankings, leading to more traffic and boosting revenue growth.
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6. Liven Up Personalized Product Recommendations
Personalized product recommendations make B2B2C commerce more effective by suggesting products that fit a consumer's needs and preferences. Thanks to algorithms, brands can analyze important data points such as purchasing history and browsing behavior to predict what a customer is most likely to buy next and dial up the personalization of search results, ads, and more to make that sale faster.
Examples of personalized recommendations include "customers who bought this also bought..." and "recommended for you." These suggestions improve the shopping experience for the customer and make the sales process frictionless for both you and your B2B2C brand partners.
7. Strengthen Data Security Measures
In modern times, strong data security measures can be the lynchpin of your brand’s reputation. A robust data security strategy can prevent data breaches and help build trust with customers and partners, leading to increased sales and strong long-term relationships.
Examples of effective data security measures include firewalls, encryption, antivirus software, and multi-factor authentication throughout your site and sales process. Backing up important data regularly and storing it in a secure location is also essential in case of a security breach. Additionally, implementing strict access controls and providing employee training on data security best practices can help prevent human errors that may lead to data breaches.
8. Build a Versatile and Unified Platform
Having a unified platform makes taking advantage of modern marketing must-haves such as omnichannel marketing and attribution simpler. Integrating all aspects of your business, such as marketing, sales, customer service, and inventory management on a single platform, ensures a more unified brand appearance on the front end and saves administrative time and resources on the back end.
Outdated legacy software or complicated clusters of tools that don’t work seamlessly together are the enemies of smooth and efficient operations, both for your brand partners and for you. By integrating a fully-unified and high-functioning eCommerce platform into every aspect of your business, you’ll preempt the problems that come with obsolete technology while also paving the way for faster future growth.
9. Promote Both Cross-Selling and Upselling
Cross-selling and upselling are highly effective dual strategies for B2B2C brands. Cross-selling and upselling enable brands like yours to offer more comprehensive products and services to potential or current customers. These techniques work especially well for B2B2C commerce companies and their brand partners that offer a range of related or complementary products, as it allows them to leverage their existing customer base to generate more sales.
According to data, cross-selling alone can increase sales by up to 20%, all with no additional marketing or promotion spend needed! Also, customers who are cross-sold are more likely to return and make future purchases. In fact, research shows that repeat customers are responsible for up to 40% of a company's revenue. So, if you don’t have a cohesive cross-selling and upselling plan in place, get one. If you have one, ramp it up as fast as possible.
10. Create More Robust Localization
Localization is a powerful tool for helping you connect with your customers on a deeper level. By catering to local needs and preferences for everything from language to colors to specific promotions, you can create a B2B2C strategy that not only better serves your brand partners, but also helps your customers feel heard and understood.
Your brand can achieve localization by taking into account cultural, linguistic, and regulatory differences in each market, as well as ensuring that shipping and tax settings for your platform are accurate for each market served. Localization is a key component of the growing trend for personalization in every aspect of commerce, so make sure your brand is doing it.
Examples of B2B2C Brands
The B2B2C commerce approach has become increasingly popular in recent years, as it allows brands to tap into new markets and expand their reach. Here are three leading B2B2C examples across different industries:
1. Amazon Business
Amazon Business, the B2B arm of Amazon, is a prime example of a B2B2C brand. It acts as an intermediary between businesses and consumers, making it easier for brands to provide products and services while ensuring a seamless buying experience for end users. With features like multi-user accounts and customizable approval workflows, Amazon Business caters to the unique needs of corporate buyers while leveraging the vast product selection and logistics capabilities of Amazon.
2. Google Ads
Google is one of the most famous brands in the world. It’s also a strong, clear example of a B2B2C brand.
Google’s most noteworthy function is providing search results to people seeking information online. But Google’s advertising engine, Google Ads, is one of the world’s most popular advertising platforms. Google Ads allows businesses to advertise their services on Google Search and on non-search properties, such as YouTube.
Consumers – and potential customers – turn to one business, Google, for information. Another business, like yours, can pay Google to display your brand’s products on those searches. Google is an intermediary between your product and consumers’ searches – making Google ads a clear B2B2C example.
3. Uber for Business
Uber for Business is a B2B2C brand that manages employee transportation needs. It is a cost-effective solution for brands with frequent travelers. Companies can set up a corporate account, manage ride policies and budgets, and track expenses easily with Uber for Business. It offers a smooth experience for end-users and employees who can easily book rides using the app, and payment is automatically charged to the company's account. Uber for Business is an ideal B2B2C brand that benefits all parties involved.
Maximize Your B2B2C Commerce Strategy with Elastic Path
Stymied by the complexity of preparing your brand to take on the world of B2B2C commerce? Never fear - Elastic Path is here! With our suite of headless commerce solutions and eCommerce tools, you’ll never have to worry about wrestling with subpar software or byzantine back-end systems again.
Get in touch with one of our experts today to learn more about how we can help your brand conquer the world of B2B2C commerce - and find a whole new level of success in the process.
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