In the world we live in today, everyone is quite well acquainted with the phenomenon of digital retail, or e-commerce, if you will. However, what most people associate it with is a transaction between a business and a general customer. While that does indeed serve as the industry’s foundation, the truth remains that there is much more to it. What we mean is that e-commerce doesn’t exist solely to enable businesses to sell directly to customers. There is one subsection of the industry that seeks to serve enterprises to now. On that note, say hello to B2B e-commerce; for the uninitiated, this part of digital commerce deals exclusively with transactions between businesses. It means one company supplying its products, services, and other offerings to another business instead of a run-of-the-mill end consumer.
The B2B e-commerce industry’s value is estimated to be at least six times that of the traditional B2C e-commerce sector. What’s even more intriguing is that experts believe this number will grow continually and at a commendable pace for the foreseeable future. This realization squarely focuses on the industry, driving more and more businesses to partake in it. However, despite its many charms and highly lucrative potential for growth, one mustn’t simply dive into the industry head-first. One must, first, take care to choose the right platform to execute their goals successfully. And since Magento is one of the most highly regarded solutions in the market, we reckoned we would put together a list of some must-have Magento Commerce B2B features. It helps ensure you leverage its potential to the fullest and carve a seamless path to success in the B2B e-commerce industry.
- Quick order: The world is moving at a rapid pace at any given time and people, thus, rightly want things done quickly as well. In the context of B2B e-commerce, Magento’s Quick Order form is quite adept at ensuring just that. It does so by compressing the ordering process to only some clicks, provided the party knows either the product names or the SKU of the products they wish to order. It boosts both checkout time as well as conversion rates.
- Shared catalogs: To help sellers make the best of digital commerce, Magento B2B allows them to create shared catalogs, i.e. catalogs with custom pricing for various companies. To cut a long story short, one can create a custom catalog with different prices based on which company account views the record.
- Company accounts: To enable personalized service and seamless back-end processes, Magento B2B’s Company Accounts is an excellent feature to use since it allows businesses to create and administer accounts from not only the admin panel but also the admin panel of the storefront as well. It means users can seek permission to open a company account. Once it is approved, the admin can configure both structures as well as users with different permissions.
- Requisition list: Yet another feature seeks to enable quick and seamless experiences for business customers. It allows buyers to add items to create lists of frequently-ordered items and then add these items directly to the cart as and when needed. Think of it as wish lists one sees on most e-commerce platforms. The only difference is that it continues to be on the list even after they are added to carts.
- B2B Quote: Another advanced provision to enable the delivery of top-notch buying experiences, this one affords authorized users the ability to seek price negotiations. Furthermore, it logs all quotes received, communication and more to ensure transparency in the process.
As you can see, the features mentioned above can enable distinctive experiences for B2B customers. So, when you kick off your Magento custom development project, ensure that these features and any other you deem important for your business’ needs make their way into your digital store.