Does Personalization matter in B2B eCommerce?

Personalization matters…in B2B eCommerce, it matters even more.

The image of shopping recommendations, hyper-targeted advertisements, personalized promotions, and emails is what comes to mind whenever we speak of personalization. Research supports the fact that “75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history. 79% of organizations that exceeded revenue goals have a documented personalization strategy, compared to 31 percent of those that met revenue goals and 8 percent of those that missed revenue goals”

These numbers are not specific to the B2B eCommerce context. However, there are enough statistics to prove that personalization matters and matters a great deal, in B2B eCommerce too:

  • Four out of five (more than 81%) B2B buyers openly state that they want B2B companies to know them better and identify the best times to approach them – Source
  • 86% of buyers want salespeople to personalize their sales material – Source
  • 76% of B2B sellers agree that prospects are more appreciative when deals and documents are personalized – Source
  • 77% of consumers have chosen, recommended, or even paid more for a brand that provides a personalized service or experience – Source

The push towards personalization in B2B eCommerce is becoming stronger also because of the rise of the experience economy. With the B2B buyer well-versed with elevated customer experiences from her everyday life, business success and profitability become inextricably linked with customer experience. And what is customer experience without personalization? If it’s not personalized there simply cannot be any customer experience.

Why else does personalization matter in B2B eCommerce?

Changing buyer demographic

The B2B buyer is now technologically sophisticated and well versed with what digital interactions look like. Statistics reveal that half the B2B buyers are millennials who want optimized, personalized, and contextual digital experiences. 59% of B2B buyers are millennials with 30% being lead buyers for their organizations. This generation that grew up wielding smartphones and social media is reshaping the buying process demanding it be more contextual, convenient, and personalized.

Complex product portfolios

B2B buying is a research-intensive process because of large and complex product portfolios and the need to address different kinds of objections along the buyer journey. Product evolution has also become fairly common leading product specifications to shift all the time. As complexities in the buying narrative increase, elements like navigational personalization become important to help people find exactly the things they need and the right information required at that specific stage of the buyer journey.

The more complex the product portfolio becomes, the more important it is to make sure that people be able to find what they are looking for easily. Making products more searchable, employing powerful Product Information Management solutions, and making sure that buyers get predictive recommendations based on their buying history becomes essential. That’s personalization, isn’t it?

From complex pricing to price personalization

Complex product portfolios also mean complex product pricing in the B2B narrative. B2B eCommerce companies need personalization to create competitive differentiation by enabling price personalization.

Price personalization cannot be based on guesswork. It needs an understanding of customer behaviors, needs, price elasticity, and organizational price sensitivity. B2b organizations have to develop the capability to offer personalization in pricing such as offering discounted pricing for higher quantities, providing recurring delivery of services, providing special pricing, etc.

The customization conundrum

The Salesforce State of the Connected Customer report highlights the fact that 84% of consumers want to be treated as an individual, not as “just another customer”.

Customer expectations from B2B companies are changing especially as technological evolution influences customer experience heavily. However, it is only when organizations can offer proper personalization that they can capably drive real-time offers and offer real-time price and product customizations based on their understanding of customer behaviors.

Organizations can drive customizations based on collected data about customer engagement with the website, the device choice, the social media interaction with the brand, and all other relevant touchpoints. Improving their personalization capabilities by integrating information across all the relevant customer touchpoints, organizations can provide customized real-time options to increase customer loyalty and to seal the deal.

Driving frictionless digital experiences

The B2B customer also wants their B2B eCommerce interaction to deliver the same frictionless experience that they get from their B2C interactions. This demand directly sets the bar for an organization’s capability to drive personalization to scale.

Frictionless experience in the B2B context means smart search and organized and clear product information that helps drive the buyer journey forward. It also means optimized searchability to aid the research-intensive buying process coupled with developing capabilities to offer product and price customizations. Along with this, they need to provide transparent pricing, convert listed pricing into the home currency of the customer, and plug in localization where relevant, to make the digital experience frictionless, and consequently, bring the customer closer to the brand.

In Conclusion

We are now a year and a bit into the pandemic that refuses to go away. It is clear that for business the road ahead is digital. To build greater brand equity in this digital world, B2B eCommerce companies have to be hyper-focused on providing elevated experiences that positively influence CX. Without personalization, this cannot happen. Because of this imperative, the role of analytics in this narrative assumes strategic importance.

To drive personalization efforts organizations thus need a complete 360-degree view of the customer and deep customer insights, both operational and behavioral, to bring complete clarity to all personalization initiatives. Developing this capability will be crucial for organizations to create product and brand differentiation in a tight market and to capably engage with their customers in meaningful and productive ways.

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author: Name of Author     Date:Jun 2,2021

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Ignitiv, a leading eCommerce agency is proud to announce the addition of a new customer, United Hardware. Ignitiv will deliver to United Hardware, a state-of-the-art eCommerce solution powered by Kibo Commerce’s Unified Commerce platform. United Hardware aims to use eCommerce as a driver for, both, business growth and enhancement of customer experience. Once live in Q3 2021, the site will allow customers to get rich product information, check for availability in nearby stores and buy online to pick up in stores. Store managers will also get the flexibility to communicate their offers and promotions.

Doug Audette, CEO of United Hardware, said, “Building a modern personalized eCommerce site is a strategic push to enable our dealer stores to present a better omni-channel experience for our customers”.

Rajib Das, CEO of Ignitiv, added, “With our home improvement industry eCommerce solution built on Kibo, we are delivering, within budget and time the solution that enables United Hardware to execute on growth and customer experience”.

United Hardware Distributing Co. is a dealer-owned corporation based in Plymouth, Minnesota which provides distribution services for about 610 member-owned stores operating under the Hardware Hank trade name.

#unitedhardware #ecommerce #leadtheexperienceeconomy #ignitiv #kibocommerce

 

Coastal Construction Products Partners With Ignitiv and Kibo to Jumpstart eCommerce Growth

“With this solution, we want to establish and sustain digital leadership in the construction industry." - Tim Lavinder, Director of Digital Strategy at Coastal

CUPERTINO, CALIFORNIA, US, May 28, 2021 /EINPresswire.com/ -- Ignitiv, a leading eCommerce agency, and Kibo, the leader in unified commerce, are announcing that Coastal Construction Products has selected Ignitiv and Kibo to jumpstart their B2B Commerce growth with Kibo’s Unified Commerce Platform. Coastal’s B2B Commerce solution will combine unified omnichannel B2C-like experiences with streamlined B2B processes. Coastal’s business customers will get personalized product information, rich associated content, real-time inventory updates, customer and job-specific pricing, and the ability to order quickly and in a streamlined manner – all leading to a superior experience.

Coastal will also benefit from a seamless integration between Kibo and Prophet21 ERP software using SimpleApps’ REST API.

Tim Lavinder, Director of Digital Strategy at Coastal, said, “With this solution, we want to establish and sustain digital leadership in the construction industry. Our goal is simple - deliver real and unique value to our customers through a tool that puts their needs first.”

“Coastal’s strategy to create unified ecommerce experiences for their customers is the best way forward in our omnichannel world, continually improving performance and process at across every customer touchpoint. We’re excited to partner with Ignitiv and Coastal as part of their integrated, data-driven approach,” said Brian Wilson, COO, Kibo.

“Great mobile-first design that optimizes the customer journey, a platform that combines Commerce, Order Management and Personalization, and comprehensive integration to ERP are the three levers we are using to build a platform for growth for Coastal Construction Products,” said Rajib Das, CEO of Ignitiv.

Coastal Construction Products is one of the largest independent distributors of caulking and sealants, waterproofing, concrete repair, and fire protection products in the United States. With roots going back 40 years, Coastal Construction Products has worked with its construction industry customers across the Southeast and the Caribbean, assisting them with quality materials and support.

About Ignitiv
Ignitiv is a full service agency that combines strategy, digital marketing, technology and customer analytics expertise to help craft integrated digital experiences that deliver more customers, more revenues and more profitability. Ignitv is the partner of choice for Home Hardware, Canada Post, United Hardware and Bi-Mart.

About Kibo Commerce

Kibo is the only extensible, unified commerce platform that delivers personalized, omnichannel experiences. The platform combines AI-driven personalization from industry leaders Monetate and Certona, omnichannel commerce for B2C and B2B models, enterprise-grade order management, and AI-driven point of sale. Global clients like Office Depot, Taco Bell, and Patagonia rely on Kibo's API-first, microservices-based architecture to support a wide range of commerce strategies, including headless commerce, that meet high growth goals and customer expectations at a manageable cost of ownership.

#ignitiv #leadtheexperienceeconomy #coastalconstruction #ecommerce #kibocommerce #unifiedcommerceplatform #prophet21

 

United Hardware to fuel eCommerce growth with Ignitiv and Kibo

Ignitiv, a leading eCommerce agency is proud to announce the addition of a new customer, United Hardware. Ignitiv will deliver to United Hardware, a state-of-the-art eCommerce solution powered by Kibo Commerce’s Unified Commerce platform. United Hardware aims to use eCommerce as a driver for, both, business growth and enhancement of customer experience. Once live in Q3 2021, the site will allow customers to get rich product information, check for availability in nearby stores and buy online to pick up in stores. Store managers will also get the flexibility to communicate their offers and promotions.

Doug Audette, CEO of United Hardware, said, “Building a modern personalized eCommerce site is a strategic push to enable our dealer stores to present a better omni-channel experience for our customers”.

Rajib Das, CEO of Ignitiv, added, “With our home improvement industry eCommerce solution built on Kibo, we are delivering, within budget and time the solution that enables United Hardware to execute on growth and customer experience”.

United Hardware Distributing Co. is a dealer-owned corporation based in Plymouth, Minnesota which provides distribution services for about 610 member-owned stores operating under the Hardware Hank trade name.

#unitedhardware #ecommerce #leadtheexperienceeconomy #ignitiv #kibocommerce