Looking for one word to define China’s business-to-business (B2B) eCommerce? Huge.
According to iResearch, B2B eCommerce made up almost 75% of the eCommerce market, which is twice the size of B2C eCommerce. Data implied that B2B eCommerce was the principal part of the eCommerce market in China, and the market is still growing rapidly.
B2B Buyers Want B2C-like Shopping Experiences
Meanwhile, B2B buyers are changing as well. In December 2015, a research among more than 560 business decision-makers at B2B eCommerce vendors as well as 200 decision-makers at B2B e-commerce buyers revealed the change of consumer behaviors of B2B buyers in China nowadays, along with the features that buyers value most in today’s B2B eCommerce.
According to the research from Forrester and SAP Hybris. China's B2B buyers want personalization. More exactly, B2B buyers demand easier and more personalized B2B services, or, a B2C-like shopping experience. Just like B2C buyers, B2B buyers would love to see those great features in B2C eCommerce can be featured in B2B business. Interesting data below:
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68% B2B buyers think it is important for them to look up their product information across different sales channel.
Other vital features B2B buyers are favored of are:
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returning or exchanging products across channels (58%),
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being able to share unified account and order history (37%),
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and viewing personal activities across channels (31%).
Flexible Payment Options in China is a MUST
The other crucial thing B2B buyers care a lot is payment options. The fact is B2B eCommerce is driving online and electronic payments development in China. Traditionally, two major payment options are credit card payment, and invoice or purchase orders raised directly to buyers. Recently, online payment options like Alipay have become more popular among buyers. Thus, to enable multiple payment methods has been a must for B2B eCommerce, which can help both sides to manage cash flow. Furthermore, for most cross-border buyers, it would be beneficial if B2B eCommerce can also offer cross-border payment options support.
Meanwhile, B2B in China can be tricky for foreign enterprises, especially in payments. More specifically, different buyers are asking for different payment options, which seem difficult to manage for sellers. Here is the good news: B2B eCommerce system like Adobe Commerce (previously known as Why Adobe Commerce (Magento) is the Best eCommerce Platform for you [Infographic]Why Magento is ideal for your eCommerce? Check out this infographic to learn more about the amazing features that Magento has.Magento 2) could be your enterprise solution. As a service provider, TMO Group will gladly help you customize your payment options to meet different needs for various clients in China. Here are a few examples that could be your payment models:
- Online deposit + offline full settlement
- Instalment
- Online + offline payment
- Large amount online payment
Integrated B2B eCommerce Platform Can Take You from Good to Great
With those being said, an integrated B2B eCommerce platform would be ideal for China B2B sellers today. As mentioned above, business buyers in China won’t appreciate any B2B eCommerce platform: these savvy B2B buyers are expecting a multi-channel platform to improve their purchase experiences and order management. Speaking for B2B sellers, a well-adopted eCommerce platform will not only satisfy the need for their users but also meet the changing digital trend in the future. After all, to create a world-class experience for buyers and to be ready to serve to needs are priorities for B2B sellers today.
China is expected to emerge as the largest online B2B market with an estimated potential of $2.1 trillion by 2020, there is a huge opportunity for every B2B business in China. If you want your B2B business to be seen in this Promised Land, adopting a multi-channel eCommerce platform as your enterprise solution could be a solid start.
