The winds of change do not cease to blow through the world of B2B ecommerce. As we charge full speed ahead into 2024, a host of emerging technologies and innovations promise to reshape B2B ecommerce trends. Those who can adeptly harness these disruptive trends will steal a march on competitors still anchored in outdated models. So, how will B2B companies sell, operate, and engage with their customers in the coming year?
What is B2B ecommerce?
B2B ecommerce transcends the mere provision of sleek, customizable product displays, volume discounts, and analytics-based suggestions. Customers have a substantial list of expectations today, including but not limited to:
- a performance warranty, promising complete refunds if services or goods do not meet the pre-established standards,
- transparency in product availability displayed online,
- the ability to buy across multiple channels and devices,
- access to instantaneous customer support, 24/7,
- a seamless, unified customer experience across all touchpoints.
Nonetheless, the distinguishing feature of today's B2B ecommerce environment is the ability to exceed customer expectations with added value. Central to the emerging B2B ecommerce trends is the adoption of artificial intelligence to enhance operational efficiency, as well as a movement towards marketplacification.
Examples of global B2B ecommerce platforms
The major global B2B ecommerce platforms serving business of all sizes include:
- Amazon Business – the world-class, trendsetting B2B marketplace from Amazon, provides companies access to a wide range of product categories and fast delivery. It offers free multi-user accounts, and exclusive business pricing. Recently, they indulge their customers with Amazon Business Prime, a subscription program that supplies free two-day shipping and exclusive discounts, and Amazon Business Insights, a tool that gives B2B customers in-depth analytics of their purchasing data.
- Alibaba.com – Chinese ecommerce giant, connects B2B buyers with suppliers and manufacturers globally. It focuses on manufactured products, and offers machinery, consumer electronics, apparel, and more. To protect their users, Alibaba.com launched Trade Assurance, a program that protects buyers from fraudulent sellers.
- Mercateo – a global B2B ecommerce platform focused on European buyers, focuses on improvements in one of the most important B2B ecommerce trends; it helps businesses automate their procurement processes. Mercateo also offers a sourcing tool that helps businesses find the right suppliers for their needs.
- Global Sources – with a focus on Asian customers, Global Sources offers Buyer Matchmaking featuring live chat with suppliers to negotiate the product and order details.
Bridging the gap in seller-buyer interactions within B2B ecommerce, the industry is gravitating towards the adoption of voice command technology.
Voice-enabled search
Voice search has entered the mainstream, with 50% of mobile users now employing it daily. This hands-free convenience becomes a crucial B2B ecommerce trend providing B2Bs a valuable new channel for engaging time-pressed buyers.
As adoption grows, voice search emerges as an indispensable element of an integrated commerce experience. With one of the most satisfying ones provided by OpenAI in Whisper large-v3, the automatic speech recognition model (ASR), voice-enabled search provides:
- Faster discovery – voice queries deliver results faster than typing searches on mobile devices.
- Expanded reach – voice expands ecommerce access to contexts like driving where screen-based shopping is difficult.
- Personalization – voice assistants can leverage purchase history and user data to provide personalized recommendations and offers.
AI-powered UI personalization
Personalized user experiences powered by AI and based on previous interactions with the shop are one of the most vital trends in ecommerce. AI-powered UI personalization obviously leads to higher conversion rates, automatically switching to the form of interaction preferred by the user. As research shows, personalized shopping experiences can increase sales by over 20%.
AI tools enable tailoring product recommendations, search results and channel-specific messaging based on individual user data and behavior. As customers expect hyper-personalization, leveraging artificial intelligence to customize interactions is key for those who want to follow ecommerce technology trends. This level of customization sets the stage for the next evolutionary step in ecommerce models.
Marketplacification
The own-marketplace model is gaining steam as digital ecommerce companies seek to retain control of the customer relationship. Data shows that 72% of firms operating marketplaces registered market share growth, versus just 42% for non-adopters. Marketplaces will only become more central as customers expect one-stop access to complementary products. However, a refined branded website remains vital – over half of buyers prefer transacting in the familiar environment of a supplier’s website. A balanced marketplace strategy emerges as the judicious approach.
Marketplaces confer several advantages, including:
- Broader selection – customers can browse and purchase products from multiple vendors in one place.
- New customer acquisition – marketplaces grant access to new audiences beyond a supplier’s existing channels.
- Operational control – companies retain ownership of customer data, branding, and platform management.
- Incremental revenue – marketplaces provide additional sales channels beyond main ecommerce storefronts.
The benefits that marketplaces offer extend naturally into the broader strategy of sales diversification and customer reach.
Omnichannel sales growth
In an increasingly digital-first landscape, B2B companies must provide seamless omnichannel experiences to meet customers where they are and let them pick their channel for each interaction to foster satisfaction. The bar for excellence is high – research shows buyers now expect engagement across 10 or more channels.
Leaders progressively expand their channel mix by incorporating emerging channels like chat, text and social, and appointing “journey orchestrators” to guide customers to their preferred touchpoints. Consistent, exceptional omnichannel experiences are critical for securing customer loyalty and driving revenue growth. Hence, the key is to bridge gaps to ensure continuity when customers toggle between channels to prevent frustration, and leverage customer analytics to personalize messaging across each engagement channel.
AI-powered operations automation
AI-powered automation is sweeping through B2B, enabling companies to digitize workflows, predict issues, boost productivity and compensate for talent shortages. Specifically, robotic process automation (RPA) handles repetitive back-office tasks while AI solutions like predictive maintenance detect anomalies in real-time. Early adopters are already reaping billions in labor savings. Here are some B2B ecommerce trends focused on AI automation:
- Streamlined order processing – AI automation accelerates and error-proofs order management workflows.
- Predictive supply chain – analysis performed by artificial intelligence uncovers usage patterns to optimize inventory levels and logistics.
- Intelligent procurement – automated workflows standardize and enhance procurement processes.
- Augmented quality control – computer vision AI spots defects and anomalies faster and more accurately.
- Personalized marketing – AI automation segments customers and creates tailored messaging at scale.
The verdict is clear – to stay competitive, B2B players must make AI-powered automation central to their operations.
GenAI-powered chatbots
In B2B contexts, where customer queries range from highly technical to transactional, the introduction of ChatGPT-style chatbots has bridged the gap between digital efficiency and the human touch. Generative AI-driven chatbots are one of the most visible B2B ecommerce trends, evidenced by their rapid user acquisition and the urgency with which companies are integrating them into their customer service strategies.
The evolution from early, rudimentary chatbots to today's sophisticated NLP-enabled agents made real-time, nuanced customer interaction not just a possibility but an expectation, providing:
- Round-the-clock service – generative AI chatbots ensure that B2B clients receive immediate responses to inquiries at any hour, addressing common questions without delay and reducing the need for continuous human oversight.
- Efficient order processing – they streamline routine tasks such as reordering, which can be tedious and time-consuming when managed manually. Chatbots automate these processes, allowing for swift, error-free transactions.
- Tailored customer experience – by analyzing customer data and past interactions, AI chatbots deliver personalized product recommendations and promotions, enhancing client satisfaction and potentially boosting sales.
- Enhanced support – the capability of chatbots to quickly troubleshoot and resolve prevalent customer issues translates into a more efficient support system, elevating the overall customer experience.
However, misinformation risks remain. Research shows over 75% of consumers are apprehensive about AI. Transparent, responsible development and use is key to building trust. Harnessed strategically, generative AI chatbots provide a potent tool for enhancing customer experiences.
AI-powered product wikis and knowledge hubs
Customer education is integral for considered B2B purchases. Yet lengthy product manuals frustrate time-pressed buyers. In consequence, AI-powered interactive product wikis supplying bite-sized, personalized guidance are quickly gaining the position of the most prominent ecommerce retail trends. They can have a form of:
- dynamic FAQs surfacing relevant articles based on interaction history,
- chatbots answering common questions for quicker resolution,
- training videos with playlists personalized by AI, based on user history,
- AR simulations that help customers preview and validate products in context.
With these innovations, rather than recoiling from manuals, customers obtain the knowledge they need when they need it. On-demand learning fuels loyalty and advocacy.
Social and dark social commerce
Social commerce, once the stronghold of B2C initiatives, is carving out significant space in the B2B realm. LinkedIn and similar professional networks are capitalizing on social dynamics to boost user engagement and facilitate sales. These platforms pivot from pushy advertising to providing value through educational content.
Current data reveals that 40% of buyers now turn to social channels during their decision-making process, signaling a pivotal moment for B2B entities to refine their social strategies. A brand’s social media presence, steeped in authenticity and offering tangible value, can cultivate trust in a way that static websites may fall short.
Strategies to optimize social media presence include:
- Disseminating thought-leadership articles to affirm your market expertise.
- Showcasing team members to add a personal touch to your corporate brand.
- Utilizing videos for visual, engaging demonstrations of products or services.
- Amplifying customer reviews to solidify your market standing through proven trust.
- Employing precision-targeted ads to draw your ideal clientele to your digital doorstep.
Furthermore, “dark social” channels, private sharing that eludes direct tracking, are also shaping B2B buying behaviors. Astute companies are now deploying social listening tools to decode these less visible conversations, harnessing undercover market intelligence to sharpen their competitive edge.
Headless commerce architecture
Headless architecture separates the frontend from the backend in ecommerce platforms, enabling greater flexibility. This separation allows for easy updates to customer interfaces without revamping the entire system, which is ideal for adding new features like voice search and omnichannel capabilities. Scalability and quick adaptation to changing business needs are core benefits of this approach. The advantages include:
- simplified expansion to new channels,
- durable backends that outlast changing frontends,
- better performance with more responsive interactions,
- easier content personalization via APIs,
- reduced reliance on a single vendor.
AI-powered data analytics
Data analytics has long been a competitive advantage for digitally native B2C firms. Now, AI-powered analytics presents a prime opportunity for B2Bs to optimize decisions and unlock savings. Automated insights into purchase history, spend, inventory and more, enable real-time adjustments versus periodic reviews.
With an estimated 21% boost to GDP from AI by 2030, data analytics merits investment. Companies that leverage AI to extract value from data will pull away from those still relying on gut instinct, by using predictive forecasting to uncover relevant trends, power anomaly detection, churn prediction and more.
Data clouds integration
Integrating data from disparate sources into a data cloud platform provides a unified view of business operations and customers, enabling identification of insights and efficiencies that exist within your data silos. APIs and containers facilitate connecting legacy systems to cloud data lakes to aggregate information.
Additionally, data cloud integration allows for better data governance and security, as well as improved scalability and performance. Data clouds can also enable real-time analytics and reporting, which can help businesses make faster and smarter decisions concerning not only their customers’ behavior, but also preferred forms of interaction with content.
Video and AR content
Surveys indicate video content is a lower priority than other initiatives currently, likely due to production costs. However, as platforms like TikTok popularize bite-sized video, creative visual content represents an untapped opportunity for tech-forward B2B companies to engage and inform their audiences. The time is ripe to strategically explore immersive digital content.
B2B ecommerce trends show growing potential of augmented reality (AR) content. It becomes essential for showcasing complex products and solutions. Interactive 3D models and AR simulations bring products to life, offering a tangible experience for buyers to see products in their intended environment. The rapid adoption of AR is compelling; by 2024, an anticipated 1.73 billion people will be using AR technologies.
Proceeding forward
B2B ecommerce is undergoing a rapid transformation, driven by a wave of emerging trends. Businesses that embrace these innovations will gain a competitive edge and thrive in the digital marketplace. The future belongs to those who are ready to innovate and adapt to the changing landscape.
Are you ready to innovate?
