Knowde understands that well-executed ecommerce strategy gives customers virtually everything they want, and can bring surprisingly good benefits for sellers too – even in the chemical industry. The old days of salespeople going on the road to pitch products may indeed finally be over – and that’s a good thing for both sides. Buyers can shop for their needs more easily in an ecommerce environment, with their time no longer being consumed by meetings and entertaining suppliers.
How to win more wallet share in B2B ecommerce
By deploying effective cross-selling and upselling techniques as part of an effective B2B ecommerce site strategy, companies can earn a bigger share of their customers’ spending, author Brian Beck writes in an excerpt of his book, “Billion Dollar B2B Ecommerce.” One of his findings: Increased share of a customer’s wallet is the most obvious and immediate ROI driver to successful implementation of B2B Ecommerce. By applying B2C Ecommerce best practices, B2B businesses can increase the lifetime value of existing customers by increasing each customer’s overall spend. This may seem surprising, given the fact that many B2B organizations have a dedicated sales force that is incentivized to drive more sales from their current accounts. However, a successful Ecommerce implementation can effectively expand wallet share in unexpected ways, particularly by optimizing the online shopping process for commonly re-ordered goods and making the buyer’s job easier in the process.