Everyone is moving towards e-commerce– industrial distribution included. It’s a big transition from binders and paper purchase orders, to digital commerce. And some might say, if it isn’t broken, why fix it? But it isn’t so much about fixing the ordering process, as it is about enhancing it!
There are four big ways that industrial customers and distributors win with B2B e-commerce, even with all the change it requires. Increased market reach, optimized customer experiences driven by data, operational efficiency, and scalability all make digital purchasing the right move for industrial distributors.
Benefits of Industrial Distribution E-Commerce
Industrial sales and distribution is a critical business sector, providing maintenance and repair parts and equipment for an endless list of businesses. All things in motion will wear over time, and that’s where industrial sales and distribution comes in.
That means B2B buyers are ordering things repeatedly, oftentimes the same product over many years as it requires replacement. Industrial distribution e-commerce can take these repetitive tasks and modernize them, making them simple for buyers and individuals alike.
Two out of three B2B buyers prefer to place their orders online through suppliers’ websites, and 79% prefer to place repeat orders online. And it isn’t just for small orders, either– the idea that B2B high volume purchasing doesn’t happen in the digital space is a myth. 77% of B2B buyers are willing to spend $50,000 or more doing business online.
Key Trends Shaping B2B e-Commerce
B2B e-commerce is definitely not going anywhere. Sales are projected to reach $2.61 trillion in 2024, outpacing projected growth for overall sales in the manufacturing sector. And the U.S. overall e-commerce market revenue is forecasted to increase by $475 billion between 2024 and 2028.
Expectations continue to shift in the market as well, as B2B buyers are more likely to expect seamless experiences across multiple channels. Whether they’re interacting in person or online, they’re looking for consistency in all aspects of the shopping experience. They’re also more likely to expect tailored experiences with AI enhancements and personalization.
IBT is staying ahead of the industrial distribution e-commerce curve with ShopIBT.com, a digital platform where you can buy the products we carry at any time, anywhere. We’ve taken our 75 years of experience, coupled with our extensive inventory, and made our products available for customers and buyers to shop at their convenience. And behind those products are the same IBT experts you’ve come to trust, giving you the best of both worlds.
We’ve also recently revamped the shopping experience based on customer feedback, incorporating new features and functionalities like personalization that will make it even simpler to find what you need.
Now, let’s explore the four major wins for industrial distribution e-commerce. We’ll also take a look at how ShopIBT’s features build on those wins to make your shopping experience easier.
Win – Increased Market Reach
One of the most attractive things about online B2B sales is the massively increased market reach. Instead of being limited to name recognition and regional presence, an industrial distributor’s brand or product can reach people on every corner of the globe, at every point in their purchasing journey.
For businesses with regional branches, industrial distribution e-commerce also provides the benefit of sourcing from your entire network with just a few clicks. For example, a digital platform might allow visibility to inventory across all available branches, making it easier for B2B buyers to make important decisions about availability and shipping times. ShopIBT.com has this functionality, with the backing of the one-on-one, personable product support you’ve come to expect from IBT.
Win – Enhancing Customer Experience through B2B E-Commerce
Win – Enhancing Customer Experience through B2B E-CommerceDigital purchasing has a massive advantage– the power of data. Leveraging data analytics means better options, offered up more quickly. For example, the ability to suggest common items that are purchased alongside the item a customer is viewing can upsell for your company in an incredibly efficient way.
Another way to customize the customer experience is AI-enhanced search. Using the power of AI to suggest commonly shopped items more quickly can result in a faster, more satisfying shopping experience for the customer. ShopIBT.com offers AI-enhanced search, and even marks your previously purchased items with an easy-to-see tag for quicker reordering. ShopIBT.com also features customizable lists, including a “recently purchased” list that is automatically created.
The data available in online B2B sales and e-commerce also puts the power back in the buyer’s hand. No more waiting for someone to get back to you about stock levels, or pricing. It’s all right in front of the B2B buyer, who has the power to make decisions more quickly and efficiently.
Win – Operational Efficiency
Without e-commerce, the traditional buying process in industrial distribution involves several steps, and oftentimes, several people. Digital purchasing eliminates paperwork, labor costs, and lost time by putting all of the information required in front of the customer, at the exact moment they’re looking for it. Not only does the customer save time, but this reduction in operational costs will absolutely save your company money over time– all while putting the power back in procurement’s hands.
This consolidated information can also improve inventory management. More timely access to information about supplier stock levels means being able to make better decisions for your facility. For example, if you need more bearings than your local IBT branch has in stock, you can look up online to see what IBT branches might have the remainder, and get a better idea of how quickly it could make it to your facility.
There is also the ability to shop at any time, from any place– vastly expanding your customer base, without adding locations or personnel! Once established, a digital e-commerce platform can take industrial distribution companies to the next level, adding return on investment year after year.
Win – Flexibility and Scalability
The more your business grows, the more industrial distribution e-commerce can streamline your buying processes. Digital solutions can expand alongside you, oftentimes as easily as changing quantities or ship-to’s on your orders. Limitations on your procurement processes are a thing of the past.
ShopIBT.com takes this a step further with product tag functionality. These tags can help you keep track of individual item notes– things like where they’re usually shipped, or how they’re usually used. They work similar to hashtags, in that you can use them to group similar items together and search for them. It’s just another way ShopIBT.com can make your buying process simpler, easier, and faster.
75 Years of Expertise Behind the Website
As more companies follow these trends, the future of industrial distribution looks increasingly digital and dynamic. But one thing will always be true– you can’t replace the importance of professional industrial distribution knowledge and know-how.
For example, are you looking to set up new systems in your facility? You have two layers of help available with ShopIBT.com and IBT’s product experts. You can shop our inventory online, and then consult with our team to iron out the details. It’s the best of both worlds– the instant knowledge you need, and the expertise you’ve come to rely on from IBT.
It’s just another example of how industrial distribution e-commerce is enhancing the purchasing process. And with IBT’s 75 years of experience standing behind it, you have a full circle of customer service experience. Shop at your leisure, with the expertise you rely on to solve industrial problems like always.
We’re always on hand to answer your questions, from a phone call to an online inquiry. We’ve been providing customized industrial solutions for 75 years– and THAT is something you can count on never changing!
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