The,Benefits,B2b,E-Market,Plac business, insurance The Benefits of B2b E-Market Place
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B2B market place is the upcoming and growing market in this century. Today’s business-to-business (B2B) organizations are looking with renewed urgency for ways to improve efficiency, reduce costs, and retain existing customers. At the same time, they must make the right investments to drive more sales and improve customer satisfaction. As online commerce continues to grow overall, customer expectations for B2B e-commerce are also changing rapidly. Companies serving business buyers are realizing that the old ways of doing business are no longer sufficient. B2B companies that wish to grow and become more profitable are looking to adopt e-commerce. The Benefits of Adopting Modern B2B E-Commerce Today’s e-commerce platforms enable companies to improve service, grow the business, and reduce costs. Although specific industries will benefit in somewhat different ways, most B2B organizations achieve the following benefits from adopting a modern B2B e-commerce platform: • Improve operational efficiency and lower costs. • Strengthen relationships with existing customers. Grow the business. Deliver the right information to partners, distributors and resellers,and customers. Provide a familiar,B2C-like customer experience. Increase Operational Efficiency and Reduce Costs B2B e-commerce helps improve efficiency and reduce costs by automating previously manual, labor- intensive processes, and providing customer self-service options. The online channel automates a wide variety of processes that include approving buyer registration, delivering buyer-specific online catalogs, displaying contract-based pricing, and automatically enforcing contractual terms and conditions. By offloading some tasks to customers and eliminating unnecessary or repetitive tasks, sellers gain the option to reduce headcount to lower back-office support costs, grow revenue without adding headcount, or refocus workers to higher-value-added activities. In addition, the online channel reduces communications costs for phone and faxing services, while more automation minimizes errors and rework. Improve Customer Retention Providing an excellent customer experience plays a key role in customer retention. Modern B2B e-commerce platforms help B2B companies improve the customer experience by making it easier for customers to do business with them, improving their responsiveness and service, and helping build their brand. Deliver the Right Information to Customers The number and complexity of products has been exploding due to tight competition, increasing product variations based on customer requirements, and the need to comply with safety and environmental regulations. The growth in products is exacerbated by decreasing product life cycles. Because information about all of these products is typically scattered across multiple enterprise systems, suppliers have a difficult time making consistent product information available internally and across the value chain. A modern B2B e-commerce platform aggregates product information into a central repository that provides a single, consistent, accurate, up-to-date version of the truth to customers and connected channels on demand, regardless of which back-office system contains any part of this information. In addition, the most-capable B2B e-commerce platforms offer personalization capabilities that can display the right information about the right product to each customer based on factors such as past history, geography, and so on. By establishing itself as the best and easiest source of information, the e-commerce site becomes a valuable tool that enhances sales and satisfaction.
The,Benefits,B2b,E-Market,Plac