The eCommerce market is worth $10 trillion. And eCommerce sales are expected to increase over the next years, according to experts. But do you know the eCommerce market is itself divided into two halves – the B2B market and the B2C market. Though both are somewhat similar when it comes to approaching clients, there lies a distinctive difference between B2B and B2C eCommerce.
Additionally, the business-to-business (B2B) sector is evolving rapidly and resembling the business-to-consumer (B2C) eCommerce model in many aspects. Nowadays, the typical B2B consumer wants to buy products online and anticipates a comparable B2C-like purchasing experience. B2B eCommerce platforms and wholesale marketplaces have adapted as a result and now provide a shopping experience that is comparable to that of Amazon.
Understanding the difference between a B2B and B2C platform is crucial if you’re thinking about investing in an eCommerce platform, particularly if your company works in both markets.
Difference Between B2B And B2C Ecommerce
Many of the characteristics of the customer lifetime model for B2B and B2C firms are similar. However, there is a significant difference between B2B and B2C You must raise awareness of your goods, pique interest in the solution, convince the consumer to buy, and implement procedures to guarantee customer retention.
The amount of assistance that goes into lead nurturing is one of the primary differences between B2B and B2C sales. Ecommerce stores are likely to put more effort into direct sales and customer service since B2B transactions have a higher AOV.
One area where you see a big difference between B2C and B2B eCommerce websites is branding. B2C merchants experiment with their branding in many aspects more than B2B eCommerce companies. Consider the market for men’s grooming.
As a result, most B2B websites tend to be more traditional than their B2C counterparts. They must meet the expectations of their target audience with the material they generate, the images they employ, and the brand colors they select. Sites from business to consumer are more varied.
The biggest B2B vs B2C difference is products. Products sold to businesses are typically far more complex, with more product variations and modifications. Products might be anything from basic consumables to very complex and customizable ones. Not all goods are offered for sale to final customers. There are frequently several sizes and dimensions available since the product being offered occasionally is one that is required to produce another product or system.
To make sure they are completely informed about the purchase they want to make, the buyer has to be able to access information about bundles, measurements, warranty information, and much more.
Buying intent is one of the major distinctions of the B2B vs B2C markets that many industry professionals point out. We buy numerous little things as customers.
Rarely do shoppers evaluate inexpensive products in-depth? This means that many inexpensive B2C transactions are probably motivated more by want than by need. With appropriate upsells, downsells, and a rapid checkout procedure, you may enhance the possibility of impulse purchases as an online store.
Another key difference between B2B and B2C is payment option. B2B clients require a far wider range of payment alternatives than B2C consumers, who often use credit or debit cards for payment. B2B purchasers must be able to pick from a variety of integrated payment alternatives, view their invoice history and aging report, and check their invoice history.
A strong B2B eCommerce platform can accommodate the frequent customer-specific price requirements or volume-based discounts that B2B clients have. The client must be informed promptly and properly whenever the price changes or is updated as a result of submitted bill-to or ship-to information. In a way that is different from what is necessary for B2C, a B2B eCommerce platform must be able to manage a variety of unique pricing constructions.
Both B2B and B2C company models require strong customer service, yet there is still difference between B2B and B2C when it comes to customer support. In fact, it’s just as crucial as a salesperson who welcomes you and offers to assist you in a physical store. Support is still necessary, particularly for new prospects and sizable orders, despite the fact that B2B sellers are increasingly depending more on the self-service model.
Because there is less money at risk (and no one’s employment is in jeopardy), B2C customers make decisions more quickly. Both B2B and B2C businesses require excellent customer service, although in the latter case, questions are few and are typically resolved in a matter of minutes as opposed to hours, days, or weeks.
Even while consumer and company purchasing behaviors are vastly different, there are some underlying similarities. Your objective should be the same whether you’re in the B2B or B2C niches: to give your clients the finest service possible.