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How B2B eCommerce Sellers are Growing Revenue with Personalization
DynamicWeb
Learn how B2B eCommerce personalization helps sellers grow revenue and gain more benefits. Get tips to personalize your eCommerce site
We've said it before, and it’s worth repeating: eCommerce personalization is the key to meeting consumer expectations and driving business success. While personalization is primarily associated with B2C, it is equally important for B2B. In fact, a survey conducted in early 2020 showed that 93% of B2B professionals attribute an increase in revenue to personalized website content. In this guide, we take a close look at B2B eCommerce personalization. We discuss its importance, review the benefits, and explain how to personalize the B2B eCommerce experience.
What is personalization in B2B eCommerce terms?
Personalization in B2B eCommerce is the process of creating an individualized experience for each business buyer based on their behavior, role or interests. It happens everywhere the customer engages with the brand and the products or services. The ultimate goal of B2B personalization is to help customers find the right products or services at the right time and in the right way.
Why is personalization necessary for a B2B eCommerce business?
From specific product lines to customer-specific pricings, B2B buyers are all unique. B2B customers expect highly tailored shopping experiences when they purchase from other businesses, just as they do when they make retail and consumer purchases. Perhaps even moreso. By personalizing the B2B eCommerce experience, companies can cater to clients' specific tastes and improve client relationships. Personalization also allows sellers to give clients everything they need to make a confident purchase decision and makes the buying experience smooth and convenient.
5 Key Benefits of B2B eCommerce Personalization
Personalization delivers many advantages, including the following:
- Builds Trust - B2B eCommerce personalization shows clients that their preferences and needs are understood and taken seriously. When an eCommerce platform is tailored to align with the buyer's specific needs, it fosters trust and confidence in the business relationship.
- Cultivates Relationships - Personalization elevates the eCommerce experience from a mere transaction to a relationship. By consistently delivering personalized experiences, B2B eCommerce platforms interact with buyers individually, replicating the in-person or email-based experience online.
- Strengthens Conversions - B2B eCommerce personalization is a powerful tool for increasing conversion rates. When the buying experience fulfills the customer's unique needs and desires, it streamlines the decision-making process and creates a more compelling shopping experience. This ultimately leads to higher conversion rates as buyers are more likely to find precisely what they need and feel confident in their purchase.
- Increases the Average Order Value - B2B eCommerce personalization encourages customers to consider additional offerings by suggesting complementary products and offering personalized pricing incentives. This strategy can enhance the value of individual transactions and improve the bottom line.
- Improves Customer Retention - Personalization is essential to creating positive and memorable buying experiences that snowball into loyal client relationships. Continuous and well-attuned personalization efforts reinforce the value proposition and help increase customer satisfaction, which reduces the likelihood that clients will turn to the competition.
How can you personalize your B2B eCommerce site?
There are many ways to personalize a B2B eCommerce site. Here are several strategies to consider:
- Leverage customer data with a strong data foundation that builds a complete customer profile and powers personalization experiences across channels. Make sure your communication channels can access that data, or that it can be segmented through your CRM.
- Leverage segmentation to reach specific customer groups. For B2B customers, this means getting industry-specific, organization-specific, role-based, and where they are in the buying journey.
- Align the segmentation with the stage of the buying journey. For example, showcasing industry-specific products in the discovery stage can be helpful, and showing case studies or offering tailored discovery sessions can be helpful in later stages
- Focus less on inspiring spontaneous purchases and more on streamlining procurement, educating buyers, and expediting decision-making with relevant info and resources.
- Implement personalized catalogs and price books for each B2B customer. Ensure your eCommerce site or B2B portal can integrate with your ERP for critical business logic.
- Personalize product search and discovery by leveraging data to understand how customers search for products and what they value most. Ensure the search results and product information align with the personalized catalogs and price lists.
- Make personalized product recommendations demonstrating how an additional investment will create value for the buyer. For example, recommend "frequently purchased together" items that will improve the use of higher ticket items.
- Opt for an omnichannel approach synchronized across all channels to nurture the sales team's efforts, drive large purchases, and build trust.
Personalize B2B eCommerce with DynamicWeb
B2B personalization is a complex and multifaceted process that can be challenging for many businesses to navigate independently. If you are looking for a partner to simplify your eCommerce, we are here to help. With the only platform combining CMS, PIM, eCommerce, and Marketing, DynamicWeb empowers businesses to optimize their innovation faster with fewer headaches. We enable companies to create personalized omnichannel experiences that help forge meaningful customer relationships and increase sales.
To improve the personalization of your B2B eCommerce experience, contact DynamicWeb today.