E-commerce has changed the face of shopping. Transactions have moved inextricably towards online as consumers enjoy the 24/7 convenience of the Internet, and Nasdaq predicts that by 2040 95% of all purchases will be facilitated by e-commerce.
When we talk about e-commerce we are often thinking about B2C (business to consumer) transactions, but online is shaping the way B2B performs too. In fact, B2B e-commerce is projected to be a $1.1 trillion industry by 2020.
What is B2B e-commerce?
Business to business (B2B) e-commerce represents a complex network of cross-company transactions and supply chains. Imagine the systems behind the range of goods in a supermarket, or the products on sale through an airport. Every purchase is supported by B2B sales.
Most companies are looking for a way to bring their product and service offering online: Something that goes beyond simple website functionality. Businesses taking full advantage of digital trends show strong year-on-year profit margins. For example, market leaders in retail e-commerce, Amazon, reported a 39% year-over-year increase in net revenues to just under $53 billion in July 2018.
While Amazon has transformed consumer expectations of online shopping, its success is rooted in a customer-centric approach to innovation that can be carried over to B2B e-commerce and online reservations.
Whatever your product, from online flight ticket booking and travel reservations to concert tickets and merchandise, however complex or customised the order, it can be sold with an omni-channel B2B e-commerce software like Rezcomm Shop.
How to choose the best reservation e-commerce software
The chances are your venue is already using some sort of online booking system. But the best B2B e-commerce software will cater to the specific function of your venue and allow you to provide the best experience for partners and customers, making it possible to continually add value, customise and personalise the look, feel and functionality.
Ideally, you want a solution that enables your venue to focus on the customer and partner experience, one that optimises all touchpoints with both customers and partners by offering more than just a shopping cart, and one that is capable of supporting both your current and future business models and product sets.
Until recently the cost of launching a B2B omni-channel e-commerce solution was prohibitive for smaller businesses and independent venue operators. However, the development of Cloud-based, SaaS systems like Rezcomm Shop brings enormous e-commerce functionality and potential within reach.
**Your B2B reservation e-commerce software should: **
14 Features to Look For:
When considering a B2B reservations e-commerce solution, find out whether the following features are included. These tools drive functionality for both partners and customers and help drive revenue and customer/partner loyalty:
What else can I do?
It’s one thing to decide your venue needs to engage a reservations e-commerce service. But shouldn’t you know exactly where you stand before trying to move forward? If you want to navigate the digital landscape successfully it pays to know where you are at the start, and to have a map of where you’re going.
Consider a solution that offers a bespoke review of your venue’s CRM and e-commerce activities, identifying existing best practice and highlighting opportunities. Take advice from experts in your industry on strategies and techniques that will improve customer booking journeys and checkout, drive traffic and boost revenue.
The Rezcomm team can help you discover how your current e-commerce environment is performing and recommend strategies for improvement and growth. Get in touch with us today and discover the potential revenue earning and data capture opportunities for your business.
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