In addition to increasing company revenue, increases in profitability per order and average order value also cited as key findings
EPiServer, a global software provider for innovative eCommerce and digital marketing solutions, released the findings of a commissioned study conducted by Forrester Consulting on behalf of EPiServer on the importance of B2B commerce to drive sales, attract and maintain new and existing customers and gain a competitive market advantage. Forrester surveyed 100 companies in the U.S. to evaluate their experiences and best practices in implementing B2B eCommerce systems and key revenue metrics around those systems.
The study found that the respondents achieved impressive financial success attributable to their eCommerce implementations and used best practices to contain and manage the cost of implementing the solution. Some of the key findings included:
B2B eCommerce solutions contribute significantly to key selling metrics and incremental revenue. The study found that B2B eCommerce solutions lead to increases in company revenue, profitability per order, average order value, and decreases in cost per order. In addition, respondents estimate that, on average, 31% of the revenue their eCommerce system books is incremental revenue.
SaaS/PaaS B2B eCommerce solutions have the potential to save time and money in implementation. According to the study, 39% of SaaS implementations cost less than $1 million, compared to only 10% of on premise implementations. Additionally, more respondents said that a SaaS/PaaS solution took less time than expected compared to those who implemented on-premises.
Best practices can ensure “on time” and “on budget” implementation. In order to implement eCommerce efficiently and in a customer-centric fashion, the study stated that B2B companies should carefully define project goals and objectives upfront. In addition, B2B companies are wise to involve users throughout the implementation process and engage with knowledgeable experts, both internally and externally.
According to the study, until recently, arguments were made against selling through online channels for B2B corporations. The technology was mostly made in-house and was ill-equipped to deal with the complexity of selling online. Additionally, the results of eCommerce systems were mainly unproven for B2B, and the process of implementing these systems was considered complex and costly. However, reality has moved beyond this outdated view and B2B eCommerce solutions have transformed to offer an experience that connected consumers have come to expect, equaling that offered by digital leaders in B2C markets.
“We believe these findings highlight the evolution B2B eCommerce has experienced. Commercially available technologies are available today that help businesses solve daily challenges of attracting and retaining customers, driving sales and lowering average costs per order,” said Bob Egner, VP of Product Management at EPiServer. “This is a call to action for businesses to step into the quantifiable benefits B2B eCommerce can deliver today.”