7 Proven Strategies to Increase B2B/Wholesale eCommerce Revenue

01 Feb 2023
Mike Patel
Mike Patel
7 Proven Strategies to Increase B2B/Wholesale eCommerce Revenue

Digital transformation has changed traditional ways of operations in every domain. B2B is no exception. 

The emergence of advanced technologies empowers brands with robust B2B eCommerce platforms that offer faster and smoother buying and selling processes. As a result, the B2B eCommerce market is expecting an immense leap. 

According to Straits Research, the global B2B eCommerce market is projected to reach USD 36 billion by 2031.

B2B eCommerce Market Growth

The wholesale domain holds a significant share in the growth. 

Today’s B2B wholesale market empowers sellers and buyers with streamlined processes and secured transactions. By considering modern B2B wholesale strategies and trends, you can offer convenience and flexibility to your corporate clients. With a simplified B2B buying journey, you can increase B2B/wholesale eCommerce revenue

Let’s get started!

7 Best Strategies that Increase B2B/Wholesale eCommerce Revenue 

With each passing day, the B2B domain becomes highly competitive. To stay ahead of the curve, you need a B2B wholesale marketplace that delivers amazing buying experiences to your business buyers. Here are the key strategies you should consider to gain a competitive edge.

Wholesale eCommerce Revenue1

1. Ensure Offering Self Service

Allow your business buyers to perform the entire buying process, from onboarding to checkout, without the interference of sales reps. Let them track order status, invoices, and order history as and when needed.

2. Multiple Payment Options

Drive more profit by offering your clients various payment options, such as net terms, credit limits, online payments, and more. This flexibility increases client conversion, retention, and loyalty. 

3. Personalization

Build a feature-rich B2B wholesale marketplace that boosts customer experience and increases conversions by providing personalized buying journeys. 

4. Real-time Access to Data

Share real-time updates related to the change in inventory level and pricing with the client. This strategy drives transparency and increases trust. Help your target audience make timely decisions.

5. Intuitive Buying Process

Offering features like bulk ordering, quick reordering, a simplified checkout process, and more can provide B2B buyers with a smooth buying journey that increases your B2B wholesale sales.   

6. Integration with Existing Systems

Integrating your existing systems with your B2B whole eCommerce solutions, you can automate the process of invoice creation and distribution, inventory syncing in real-time, and other back-office operations. 

7. Leverage Cross-sell and Upsell

Recommend complementary products or higher-priced alternatives to your customers by understanding their needs. With tailored cross-selling and upselling strategies, you can attract more sales and improve your bottom line.

Do you want to implement the right strategies to enhance your B2B/Wholesale eCommerce revenue?

Top 6 Trends that Increase B2B/Wholesale eCommerce Revenue 

Along with the strategy, you must consider the latest technology trends in the B2B wholesale market. Adoption of the latest trends helps you stay relevant to the changing market and automate the varied client-facing processes. Following the latest trends enhances customer engagement and ensures better revenue.

Wholesale eCommerce Revenue

 

1) Enriched Product Catalog

Let your clients access all product information such as product name, design, specifications, images, inventory details, delivery time, and more. By creating enriched product catalogs, you can improve customers’ buying experience and help them find products they need. 

To attract wholesale companies, your product catalogs should contain features like 

  • Bulk Orders
  • Product Search and Filtering
  • Custom Pricing
  • Real-time Inventory Updates
  • Categorization and Taxonomy
  • Product Comparison Tools, and more. 

With all the product details, clients can make the right purchase decisions. It helps you minimize order cancellations and increase B2B wholesale sales

2) Natural Language Processing (NLP) Based Search

Integration of NLP technology can improve the search functionality of your B2B eCommerce platform. Advanced algorithms of NLP are capable of understanding and interpreting a user’s search intent. With these exclusive insights, you can deliver accurate and relevant results to the shoppers. 

Modernize your B2B eCommerce by implementing NLP-supported applications that involve

  • Product Categorization and Tagging
  • Personalized Recommendations
  • Chatbots and Virtual Assistance
  • Advanced Analytics
  • Multi-lingual Support 

The benefits of considering NLP search functionality involves

  • Improved user experience
  • Higher conversion rates
  • Increased revenue

Transform the way buyers interact with your B2B eCommerce platform using NLP-based search. It personalizes the entire shopping experience for your wholesale customers, from product discovery to checkout. NLP plays a vital role in improving customer satisfaction and driving sustainable growth.

3) AI Merchandising

Increase your sales by unleashing the power of AI merchandising. Harness the potential of data and machine learning algorithms to optimize different aspects related to products. Embracing AI capabilities, wholesalers can analyze clients’ buying behavior, purchase history, and market trends. Using AI, you can empower your corporate clients with  

  • Personalized Product Recommendations 
  • Custom Pricing in Real-time
  • Optimized Inventory to Meet Demands
  • Enhanced Cross-selling and Upselling Strategies
  • Improved Demand Forecasting
  • Advanced Analytics and Insights

These advanced capabilities help you understand your customers. By meeting demands, you can improve the customer experience and boost revenue.

Do you want to drive success for your wholesale business using a B2B eCommerce platform that has built-in AI capabilities?

4) Search-Powered Product Recommendations

A robust search algorithm provides personalized product recommendations by analyzing a client’s purchase history and search queries. Identify your customers’ needs and suggest highly relevant products that meet their expectations. 

Assess the data on which products are frequently bought together or are often searched for in conjunction with other products. Moreover, product recommendations open the door for cross-selling and upselling, driving improved revenue.

5) Curated Content With On-Site Search

Curate the product content and implement the on-site search so your clients can find the needed products quickly. Providing necessary product information assists them in making informed purchase decisions. While curating the product content, make sure to consider

  • Product Descriptions
  • Product Specifications
  • Images
  • Videos
  • Customer Reviews 
  • Testimonials

To facilitate customers with easy product searches, implement on-site search features like

  • Bulk Product Search
  • SKU and Part Number Search
  • Product Category-Specific Search
  • Spell Check
  • Filtering and Sorting

6) Smart Filtering & Facets

Smart filtering narrows down the search results for the customers based on specific criteria, such as price, brand, or color inputs provided by them. Faceted search allows corporate clients to refine their search results further by multiple attributes, such as size and material. 

This can lead to a more efficient and targeted search experience for customers, which can, in turn, lead to higher conversion rates and increase B2B/Wholesale eCommerce revenue through the website.

Fuel Your Business Growth with the Right Strategies and Trends 

To ensure consistent success, consideration of the right eCommerce strategies and technology trends is important for B2B wholesale companies. As it’s not your forte, you need to rely on a trusted technology partner. 

ioVista, a leading B2B eCommerce agency, has proven experience in developing and optimizing your eCommerce store that addresses your business needs. 

We help you identify the right strategies that contribute to increasing your sales and revenue. By suggesting the right technology trends for your B2B wholesale eCommerce business, we help you streamline and automate the varied eCommerce processes. By creating a simplified customer journey, we can empower your target audience with faster decision-making. 

Let’s work together to build a B2B wholesale marketplace that enhances your business revenue. 

Frequently Asked Questions

What eCommerce strategies will be used to build success?

The eCommerce market has become extremely competitive with the emergence of the latest technologies. Stay ahead of the curve by breaking stereotypes and adapting modern strategies that drive success. These days, B2B companies are

  • Focusing on delivering exceptional customer experiences
  • Unleashing the potential of digital marketing  
  • Leveraging the power of social media
  • Working on optimizing the lifetime value
  • Relying on data to make strategic business decisions 

How can eCommerce increase a business’s revenues?

Increase customer engagement by considering the aspects that your competitors ignore. Below are the areas you need to focus on to boost your eCommerce revenue. 

  • Improve your website content & design
  • Increase traffic through various online marketing tactics
  • Use the automation technologies such as AI, ML, RPA, etc.
  • Always try A/B testing
  • Implement a potential discount strategy
  • Deliver the out-standing customer services

How eCommerce is helpful to business success?

Implementing an eCommerce platform for your B2B business, you can attain 

  • Cost-effectiveness
  • Streamlined business processes
  • Faster transactions
  • Global market reach
  • Personalization
  • Data-driven insights and decision-making

Mike Patel
Mike Patel linkedin

Mike Patel is the Founder and CEO of ioVista, a leading digital commerce agency specializing in eCommerce solutions. With a strong background in business and technology, Mike Patel has been at the forefront of driving digital transformations for businesses. He has successfully navigated the ever-changing landscape of eCommerce, helping companies leverage the power of online platforms to grow their brand, increase revenues, and optimize their digital presence. Under his leadership, ioVista has become a trusted partner with major technology companies: Adobe/Magento, Google, BigCommerce, Shopify, and Yahoo. He is dedicated to staying ahead of industry trends, adopting cutting-edge technologies, and continuously improving strategies to provide clients with a competitive edge. Mike’s commitment to excellence and client satisfaction is evident in every project ioVista undertakes.

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