5 B2B marketplace trends that matter to SMBs
In the world of eCommerce, it is important that small- to medium-sized business (SMB) owners keep abreast of the trends shaping the B2B marketplace. As you consider global business opportunities, you want to get an idea of the challenges, competitors and complexities you may face. For this reason, we’ve compiled a handful of the key trends that matter to SMBs below. Also, toward the end of this post, we’ve included several links for extended reading on trends that are important for SMBs.
As we’ve discussed in previous posts on this blog, escrow systems hold tremendous value for SMBs looking to accelerate growth and productivity on a global scale. You’ll see that this fact is supported by some of the trends below, including the opportunity SMBs have to deliver a B2C, personalized-type of experience in their B2B transactions by leveraging an escrow system.
1. B2B = B2C
SMBs conducting B2B transactions around the world have a tremendous opportunity to personalize these deals by taking a page from the B2C world. It’s no longer just the single customers making individual purchases who crave a pleasant experience and the ability to see their purchasing activities. If you want to foster and maintain your B2B relationships, you need to provide a streamlined buying process, easy access to product information, feedback loops for communicating, and convenient customer support. Turning your B2B partners into your advocates will be essential. In the world of eCommerce, businesses, like consumers, are placing their trust in third-party referrals. Escrow systems support an improved B2B experience by providing a much-needed degree of assuredness and trust in new and emerging customer relationships around the world.
2. The currency of trust
You have probably heard by now that consumer trust is a currency. When your customers trust you, they return, pay more for your product and tell others about you, your business and their experience in working with you. Trust fuels profits in the form of speedy, worry-free transactions. In the B2B marketplace, technologies like escrow systems can be used to build trust in new and emerging B2B relationships, especially when they exist on opposite sides of the globe. And given how easy it can also be used to find a negative review, SMBs need to focus on this area. Concentrate on making your customers comfortable—be timely, personable, convenient and relevant—and consumer data quality.
3. Outsourcing key business functions
Realizing growth in the expanding eCommerce marketplace can be easily complicated by a lack of understanding. More and more SMBs should consider bringing in sector-specific experts in the industries and geographies where they’re doing business. For example, outsourced marketing or finance workers can help you quickly cut through the confusion of evolving market and competitive dynamics and help establish reassuring, sustainable relationships with your new B2B partners. By using an escrow system, SMBs can more easily contract with outsourced workers in any key geography around the world and in turn grow more quickly.
4. Account-based marketing (ABM)
With the growth of B2B technology, and the ensuing increase in commoditization, SMBs need to be thinking about putting ABM programs in place. ABM is basically mass marketing applied to one prospect and that prospect’s key decision makers. Generally, ABM is reserved for clients with the greatest revenue potential. The stakes are high but the prospects are good. While ABM requires a great deal of personalization, it can be automated through data collection and regular communication between sales and marketing.
5. Mobile marketing
It’s clear that people like to use their phones for most of their online activities, which includes searching for and purchasing products. SMBs operating in the B2B marketplace should consider implementing mobile-enabled purchasing and processing agreements and a responsive design for their websites.
Keeping an eye on major trends can help SMBs stay up-to-date on the latest technologies, like escrow systems that will help them hasten global expansion while ensuring the highest levels of trust and satisfaction with new customers. For more reading, please see 2017 Trends and Tech Guide for B2B Sales + Marketing, which is discussed here and here.
Through our escrow system, buyers procure products securely, while sellers protect their businesses and ensure getting paid. Businesses conduct transactions with our licensed service in 200 markets and transact in more than 150 currencies. Our multilingual customer care team provides support 24 hours a day, 7 days a week. And payments can be made using credit card, wire, ACH and eCheck.