New Magento 2 Features: Improved B2B E-commerce FunctionalityJanuary 24, 2020 | Author: Ashley Brown
The E-commerce industry is always expanding, and to keep pace with the growing needs Magento 2 the most popular E-commerce CMS has released features to improve Business-to-Business (B2B) functionality. This focus on B2B features is quite important when you see the huge growth of the B2B market. For example, back in 2019, B2B E-commerce had grown to twice the Business-to-Consumer size. In 2020, it has been observed that it will grow thrice the size of B2C. Apart from B2B features, additional features are also integrated into Magneto 2 like security, inventory, checkout, multilingual and optimization.
Outdated software is always prone to incompatibility problems with extensions and other optimization issues. Security breaches are always on the priority of Magento 2 Development which is fixed in the new version, which can improve the website performance especially when malicious attacks are always on high.
Since the latest update comes with a wide collection of helpful tools to improve the store output, and it is important to update as early as possible.
Here are the main B2B features present with Magento 2:
1. Advanced Account Management Tools
New account management features that were missing have been added into Magento 2 for both store admins, and their customers. A self-service feature gives B2B customers the facility to request and manage their own company accounts. While store admins are given additional features to better categorize and address customer data. This comprises the functionality to import and export customer lists, and the ability to assign sales representatives to particular accounts.
2. Product Reviews Extension
Most of the online shoppers prefer checking reviews of the service & product before making any buying decision. The same scenario is with B2B customers as well. If your products and services lack user reviews linked to them, they’ll simply appear less reliable. In turn, several visitors aren’t going to feel confident to engage with your website.
Keeping these elements in mind, the necessity of customer reviews becomes highly crucial. But getting customers to write reviews is a challenging job. However, to ease the process Product reviews extension is available to serve as a perfect solution to B2B websites. This extension automatically sends reviews once a service or product is purchased. Magento 2 Extensions can be customized as per the website requirements. This helps to grow conversion rate & business ROI.
3. Manage Quotes
In order to earn a B2B order, it is quite evident to negotiate with the buyer. This is particularly true if a business is shopping for a large volume of product. Magento 2 offers B2B customers the feature to request quotes straight from their shopping carts.
Magento 2 Quote feature provides an opportunity for the shoppers to submit a quote request from the shopping cart page as opposed to going through the usual checkout flow. Shoppers can submit notes and even upload the files as part of quote request submissions. Later you can respond to the request, and negotiate until the customer is ready to approve the estimate and reach the checkout.
4. Encourage Credit Purchase
Initially, Magento offers PayPal and credit card payments without installing the extensions. But with the introduction of an updated version, payment on credit option is present. Magento store owners can configure the credit options to manage the purchase scenarios for their B2B customers. Minimum and maximum order limits, need to be managed for credit payment settings.
Moreover, Magento 2 Support is available to get assistance regarding customer credit data monitoring and to specify limits between the individual accounts. This means the trusted buyers can purchase exceeding the credit limit, in comparison to the less familiar customer accounts. Customers can also easily track the status of their personal credit data.
Frequently Asked Questions
What is B2B in Magento?
Unlike the conventional business-to-consumer model, Magento 2 for B2B is designed to meet the requirements of sellers (Magento merchants) whose customers are primarily companies having complex organizational structures and multiple users with several roles and levels of permission.
What is the B2B E-commerce platform?
B2B E-commerce describes the online order transactions between the businesses. Since, the orders are managed digitally, buying efficiency is enhanced for the wholesalers, manufacturers, distributors and other B2B sellers. B2B E-commerce space is growing rapidly.
What is the B2B process?
The B2B, sales process basically means the series of events, phases, or steps that happen when one business sells a product or service to another business. The B2B sales process applies to most fields.
What are the advantages of B2B?
An enhanced supply chain management process in addition to the collaborative approach increases customer loyalty in the B2B E-commerce business model. This, in turn, improves sales. It helps the businesses to recommend products and offer effective upselling and cross-selling opportunities.
What should a B2B website have?
- Make the website’s messaging clear.
- Include lots of high-quality content.
- Create a blog.
- Add calls-to-action (CTAs) for each stage of the buyer’s journey.
- Create lots of landing pages and forms.
- Make sure the website has a modern design and is visually appealing.
We have discussed all the major Majento B2B features in this blog post. If you are looking for any solution for your E-commerce store, it is the best time to hire Magento 2 developer from a reputed agency like AgentoSupport. Get the best in class service to take your business website to the next level. Timely support regarding development, design, migration, and deployment is offered by the team of expert developers.