An annual report by Frost & Sullivan predicted that B2B eCommerce market would reach $6.7 trillion in 2020. Thus, it is time to get on B2B Magento 2 train if you want to expand your business and get significant rewards.
However, do not jump into any field without getting a knowledge base about it.
Here we cover all you need to know about B2B in Magento 2 including terms, best practices, strategies, and recommend B2B Magento 2 extension collections.
And, we literally mean it – An A to Z Magento 2 B2B dictionary.
Adobe & A Hybrid Platform Ambition
For those who might not know, Adobe acquired Magento platform in May 2019 with a view to “delivering a single platform that serves both B2B and B2C customers globally.”
Accordingly, Adobe is dedicated to creating a hybrid B2C and B2B platform to help businesses expand target markets, grab new chances of sales, and reduce the duplication of systems and effort.
This landscape will come true soon. Know why?
Magento 2 itself is the leading digital platform with a strong portfolio of features and customizations to empower merchants, especially medium-to-large B2B merchants. Meanwhile, Adobe is leading in delivering consistent and intuitive digital experiences through data and content.
Thus, both consumers and businesses can expect every interaction in Magento 2 will soon be shoppable – whether on the desktop, mobile, social or in-store places.
B2B Magento 2 Platform
In fact, Magento 2 had already developed a functional B2B solution even before its acquisition to Adobe. However, now with the investment and know-how technologies from the giant Adobe, B2B experience will take a great leap forward.
From an insider’s reveal, Adobe and Magento are about to release new B2B features in Magento Commerce 2.4 to enhance both buyers’ shopping flow and the admin’s management.
So excited and look forward to the release date. “It will be really soon” – as we are confirmed.
Unfortunately, those using Magento 2 Open Source FREE version have to wait quite a time for those B2B features. Otherwise, consider upgrading your website to Magento 2 Commerce version.
You might want to know: Magento 2 Open Source vs Magento 2 Commerce
Content in B2B eCommerce
Gones are the days when you tried to hide your B2B content and made it hard-like-hell to figure out how much it is or how to place the orders.
B2B eCommerce now is more open. It means your content now should also be more detailed and helpful. Of course, you can still protect valuable information like prices or product lists. However, make sure that it is accessible for those who really need it.
So, how to create converting B2B content? – Keep our advices in mind:
- Portray personas of your target audience (B2B customers)
- Emphasize kinds of ROI B2B customers expect (quick orde, low prices, free shipping, etc.)
- Add sine educational information about industry jargon
Do not misuse the term “demand generation.” Many people interchangeable use this term with the “lead generation.” However, professional B2B strategists know that they are different.
Simply put, demand generation in B2B or any business is to increase the interest of potential customers in your products or services. Thus, to generate a lead, you need to drive their demand first.
More importantly, B2B demand generation is different from that of B2C business, mainly because it takes longer to sell things. So, how?
Here are factors you should include in your very next marketing strategy.
- Content marketing and content syndication
- Organic search engine optimization (SEO performance, indeed.)
- Social media marketing and paid advertising
- Sales enablement assets
- Lead scoring and nurturing
- Client retention methods and real-time message
Extensions for Magento 2 B2B
Keep on our A-B-C song with B2B Magento 2 extension!
What is B2B Magento 2 extension?
Like Chrome extensions or Safari extensions, Magento 2 extensions are installed to enhance the performance of this platform to meet ever-changing demands of buyers and store owners. Those extensions often fix errors of the default or introduce completely new features.
How to choose B2B extensions for Magento 2?
Do not jump on buying a whatever extension.
Do some researches in advance.
- Know default B2B features: Some times, the platform has already supported some functions that you are searching for. You just do not know where they are and how they work. Fortunately, there are many tutorials available on the Internet.
- Go for reliable extension vendors: To tell the truth, do not pay to cheap for B2B Magento 2 extension. The best solutions must adopt high-quality code and functional logic to handle bulk management in the wholesale business. Moreover, they are compatible with various extensions.
- Check screenshots and try the demo: The best way to learn about the function of B2B extension Magento 2 is via screenshots and demo, and user guide. If the information on the product page is not useful enough, feel free to contact the support team.
What are must-have B2B extensions?
Take notes some useful extensions as follows:
- B2B Wholesale Package
- B2B Registration
- Company Account
- Quick Order
- Request for Quote
Features for B2B in Magento 2
B2B and B2C are not different, like cheese and chalk. They shared basic features in terms of Catalog, Marketing, Seo & Search, and Report, etc.
However, there are some unique features only recommended for wholesale buyers and store owners. We divide all into 5 main groups:
- Account and Access: Company Account, Customer Attributes, B2B Registration, Force Login.
- Pricing in B2B: Hide Price, Call for Price, and Request for Quote
- B2B Purchase: Add Multiple Products to Cart, Configurable Wholesale Display, Fast Order
- Wholesale Checkout: Checkout Suite, MOA per Group, Shipping & Payment per Group.
- Reseller Functions: Multiple Wishlist, Reorder Product Lists, Requisitions, Store Credit.
Get insight into these features: 5 Primary Magento 2 B2B Features Every Website Must Have
Marketing for B2B
We all agree: The traditional B2B marketing did not use to be invested much because the sellers pay more attention to competitive-price advantages and to long-term relationships with thỉ loyal customers.
However, the breakout of ecommerce B2B has changed the landscape.
To be specific, B2B marketing adopts many strategies and tactics from B2C marketing. Nonetheless, it still features unique characteristics:
Any wholesale-involved decision is meant to result in a long-term relationship, and for mutual benefits. Thus, B2B owners must apply various personalized content, product structures, pricing models, and advanced configurable search to address different stages of the buying cycle.
It is hard to deliver a shoppable omnichannel experience for B2C customers, let alone for B2B customers. However, if your business can do so, you will stay far ahead from your competitors.
Accordingly, a survey by Accenture revealed that 75% of B2B customers were willing to re-purchase from a specific supplier who provided excellent omnichannel capabilities.
Thus, it is worth investing!
What does a decent omnichannel experience look like?
- Mobile: It is more professional if B2B customers can access your brand at their convenience and via mobile app.
- Relevant touchpoints: Make sure potential customers can find what they require no matter where they are: in-store, online, or via social media. Here we mention what content you provide in each channel.
- Personalized experience: Recently, experts keep emphasizing that B2B customers are more personalized. It makes sense! Although you are selling to a company, there is still a specific person on the other side, right? Then, like B2C customers, he desires a fast, relevant, and personalized experience.
- Transparency: We do not mean the price or product list, but the ordering process, shipments, and returns. To do so, customers must have B2B accounts.
- Responsive support: Be a B2B seller, be professional! Whenever customers request support via any channel, please be responsive and helpful.
- Flexible shipping and payment: You should provide customers with many options for delivery, shipping, and payment.
We have discussed this issue before: Is Omnichannel Overused Or Is It Your Next Investment?
PWA and Mobile Experiences
Magento sneaked 5 experts weigh-in to transform B2B customers experience, in which they believed that “Progressive Web Apps (PWA) are the future of eCommerce, and while we’ve mostly seen adoption in B2C, PWAs are well-suited to B2B, and we’re going to see a lot more adoption over the next couple of years.”
Our experts also share this point: 2020 – PWA on the move
So, how PWA helps to leverage your B2B business?
- Loading large catalogues more rapidly
- Displaying push notifications when it comes to restock or order notification
- Accessing product information even offline
Supportive as PWA is, no need to rush. Magento and Adobe have introduced what they call PWA studio since 2019. This project will be completed soon – we believe. Then, you can expect many advanced PWA features to be available at your fingertips.
Search Engine Optimization (SEO)
SEO is old, but gold – for both B2C and B2B business.
In fact, efforts to optimize search engine for B2B website is not very different from those for B2C. Take notes some best practices, and you will find your website on the very first page of search engines:
- Optimize URLs of product page – Keep them short
- Improve loading speed – Be faster, be better
- Tailor images for search – Tag images with information filenames
- Optimize metadata for SEO – Click or Non-click is mainly based on your meta description
- Avoid content duplication – Being unique is our recommendation
- … Check more SEO tips here.
Trends in 2020 and Even After
Do not ignore B2B trends. They reflect the demands of your customers clearly.
In 2020, the particular Magento 2 B2B platform and wholesale ecommerce websites, in general, must pay attention to these trends.
Thanks, Corevist, for gathering useful information for us.
- Transparency: 41% of B2B buyers requested self-service functionality, while 44% of them wanted to check pricing online rather than contact salespeople.
- Unique content: It is required on Amazon that B2B players must own their own product content such as product images, videos, descriptions, intelligent product search, functionality comparison, and related products.
- 3PLs’ participation: B2B ecommerce should engage with third-party logistics providers to improve fulfilment process and leverage customer experiences.
- Complex user roles/permissions: B2B owners should invest in real-time integration to SAP ERP system to help with tiered user permissions.
- Self-service invoice: Once the order is sealed, customers do not want to call Customer Service and wait forever for invoices to be paid down. Hence, it is critical to allow paying down invoices at the point of the self-service order placement.
There are a lot of things to consider when you start a B2B business. However, the chance of profits and market share are also significantly promising. And, thank goodness, B2B Magento 2 platform and features help to reduce your work.
We will continually update this A-to-Z dictionary of Magento 2 B2B business with useful information and conceptualizations. Hence, mark-book this blog to read later.