Future-Proofing: 6 Key Investments for B2B Success
Many businesses have faced numerous challenges in the past year due to the economic climate. However, many remain optimistic about the future. According to a February 2023 survey by Digital Commerce 360, commerce platforms and applications are one of the top three technology investment priorities for B2B sellers in 2023. This suggests that the investments made by B2B companies in commerce during the pandemic have been successful and are continuing to grow. In fact, McKinsey forecasts that online sales will account for 31% of total B2B sales by 2024, up from 20% in April 2022.
However, building a future-proof commerce stack during lean times is not easy. B2B leaders need to ensure that they are investing effectively and making smart investments that will position their company for future success. To that end, these are the technology areas where B2B leaders will be directing their investments in 2023:
- Offering self-service capabilities to customers is increasingly important for B2B sellers, and B2B leaders are recognizing that their customers expect consumer-grade online experiences with robust tools that enable them to track orders and manage their accounts. viax's comprehensive order management solution brings together data from multiple systems into one cohesive solution, eliminating the confusion that can arise from managing orders from multiple sources and making it easy for businesses to manage their orders at a granular level. This leads to greater efficiency, fewer errors, and an exceptional customer experience.
- Elevate the customer experience - improving the customer experience means optimizing and enriching all interactions a B2B buyer has with a company. Personalizing the customer experience is one key way to achieve this. viax is easily customizable, allowing businesses to tailor their commerce processes to meet the unique needs of their customers and their business partners.
- Automate key business processes - incorporating workflow automation is another area of B2B commerce investment. viax's workflow engine is capable of handling all the complexities behind successful order management, including managing orders for subscriptions, physical products, complex fulfillment routing, and coordination across multiple warehouses.
- Forge resilient and flexible IT infrastructure - building flexible, resilient, and scalable systems will be critical as businesses seek new growth opportunities. viax is built to help organizations achieve success in their commerce operations, and its broad set of capabilities enables businesses to modernize their infrastructure so that they can adapt to changing needs fast.
- Fine-tune B2B marketplace strategies - marketplaces are the fastest-growing sales channel in B2B commerce, and selling through marketplaces can drive increased sales and efficiency. However, it also requires a commerce platform capable of managing the unique demands of marketplace selling. viax's Marketplace solution is not only capable of handling physical products, but also third-party services, and digital subscriptions.
- Having a robust commerce capability is no longer optional for B2B businesses. B2B leaders need to invest their resources thoughtfully in the technologies and infrastructure that drive business value, now and in the future. With viax, B2B businesses can achieve greater efficiency, reduce friction, and improve customer satisfaction.
Get in touch with viax today and learn what we can do for your business.