In the recent past, there has been a substantial growth of the B2B ecommerce market. Frost & Sullivan’s Analysis predicts that by 2020, the B2B ecommerce market on a global level will reach $6.7 trillion. Since the numbers seem to be enormous, it may be a good idea for your B2B business to make the most of a digital commerce platform. When compared to running a conventional B2C ecommerce, operating a B2B ecommerce website is more challenging. Customers of B2B ecommerce look for enhanced functionality and customization. Every ecommerce solution is not capable of handling B2B transactions. Thus, to ensure that your business is successful, it is important to choose the right ecommerce platform. For managing every aspect in the same place, Magento Commerce is the ideal solution. Magento has a host of B2B features that can help in running your ecommerce store in an optimal manner. This article explores the Magento 2 B2B feature list to understand how they are capable of sustaining your business growth.
Is Magento 2 a Holy Grail for Entrepreneurs and Developers?
Small as well as large businesses make use of Magento to ensure that their eCommerce performance is competitive. The motto of Magento is “Designed to grow, built for flexibility”, which indicates that it provides a platform for entrepreneurs to foster the growth of their business in the direction they want. Since the framework is flexible, the same store can be used to combine the features of B2C and B2B. It also provides an opportunity for small businesses to begin with sites that are equipped with basic functionality. They can eventually incorporate more features to augment the existing solution’s productivity and deliver to more users. Furthermore, end-to-end platform compatibility is another aspect to consider. Magento is an open-source solution and it enables users to integrate multiple extensions, modules, and APIs to ensure that store administrators perform seamlessly and for the optimization of the level of user experience. Moreover, in case your business has unique needs, it is possible to get in touch with Magento developers for the creation of a customized solution that aligns with your online store. Hence, Magento is an ideal CMS if you are looking to scale your eCommerce business immediately. It is capable of handling large stores on its own. Thus, it is recommended to begin with Magento from the first step, as opposed to migrating to it when a powerful solution is required.
9 Best Magento 2 B2B Features
It is evident already that Magento is an all-in-one platform that offers powerful, built-in B2B functionality that is capable of fulfilling extremely challenging B2B business goals. It is time to understand B2B ecommerce features elaborately.
Typically, B2B customers are aware of the product that they wish to purchase even before checking out your online store. The Magento 2 B2B quick order feature makes the process of purchasing very simple. The quick order option essentially makes the process of ordering simpler, by decreasing it to a few clicks. In fact, merely the product name or SKU (Stock Keeping Unit) numbers of the products can be entered by the customers, as opposed to going through the entire store and adding to the cart manually. Both customers who are logged in and guests can use Quick Order. Following the first step, Magento checks if the SKU numbers are included within the catalog and thumbnail image and price are included to ensure that the customer can verify if the SKUs that they have entered are correct. Furthermore, customers can use Magento quick order to create several lists, merely by copying previous orders and selecting ‘add to requisition list’ within category pages. This simplifies the reordering process.
Advanced inventory management & delivery timing
You no longer have to waste a lot of time managing inventory for the compilation of all the data across various sales channels. Magento’s updated version exhibits everything in synchronization and the data is illustrated in real-time, which is ideal for B2B. Thus, it can help you with the optimization of the supply chain and achieve the ideal turnover between warehouses and end-users.
Magento 2 B2B Quote
To guarantee a B2B order, you are required to negotiate with the customer, since each customer is different, with a different set of requirements. While a few may be long-term partners, others could be potential customers seeking distributors. In case a business plans to buy several products or a wide range of them, they may seek a personalized approach. With Magento Commerce, your B2B customers can seek quotes on a product and the pricing can be negotiated prior to purchase. Typically, a product is directly bought by B2C customers using a credit card at the checkout. On the other hand, it is possible for B2B customers to initiate a request for a quote (RFQ) upon placing something in their shopping cart, instead of moving to checkout. When a quote is initiated, it is possible for the customers to submit notes, drop comments, and upload any file that is required to justify their inquiry. Furthermore, they can also look at the status of the quote, negotiate the prices being charged for shipping, and get in touch with the merchants if required. In return, merchants are capable of setting the expiration date of the quote as well as modifying and rejecting it. Moreover, they can also verify the total cost info, the percentage can be computed for offering good discounts. From the customer support team, a manager provides the quote sought by the B2B customer and the price can either be accepted by the buyer or negotiation can be continued. Following the completion of these pre-sales negotiations, the estimate can be accepted by the buyer or they can end cooperation.
Payments on Credit
Another amazing feature of the Magento website is a payment on credit option. Initially, only the PayPal payment gateway was supported by the platform, which restricted the users’ ability to complete transactions. While connecting paid extensions as possible, it was not the optimal solution for beginners. Today, Magento offers an array of features when it comes to credit payments and this is very helpful for marketplaces as well as other B2B-format solutions. It is possible to determine the minimum and maximum purchase amount, terms underlying the loan, policies for various regions, and more, without any limitations. Furthermore, privileged accounts can be defined, wherein credit limits are more loyal. The result is an increase in the confidence of customers pertaining to the store and they may even begin to shop more.
Catalogs can be customized by B2B merchants, who can create price lists for the management of items, categories, and prices. The customized catalog can help determine the products that must be included, excluded, and filtered out. Moreover, a customized catalog also facilitates the easy copying of existing catalogs, facilitating quick setup and rapid acceptance of new customers. The ‘Bulk Actions Log’ can help with the monitoring of the background processes status at any given time. After the catalog is ready to be used, the configuration of custom pricing is the next step. It is possible to determine prices for single and multiple products at the same time, and also implement fixed or dynamic pricing models for offering percentage discounts.
Magento 2 Requisition List
With requisition lists, B2B buyers are allowed to formulate a list of orders that they typically purchase together. The result is that B2B customers can save time when they wish to reorder specific products or place big orders since it is possible to directly add items from the requisition list to the shopping cart. While requisition lists resemble wishlists, they are different. In the case of Magento’s wishlist, every time a product is purchased, it is eliminated from the wishlist. Magento Requisition Lists allows you to save multiple lists that are designed to meet different demands quickly and easily. The B2B Magento 2 feature allows you to store a maximum of 999 requisition lists for every buyer account.
Reduced sales funnel progression time
Magento’s new version comes with substantially optimized sales funnel promotion capacities, which decreases the time that is needed for the completion of a purchase. Buyers are provided with an opportunity to place an order instantly after several products are added to the basket. Moreover, the analytical functions of the new version are better, enabling users to formulate lists containing the most popular products that are offered to their customers based on the contents of their shopping carts.
Even more mobile-friendliness
Today, the designs of online stores are compatible with mobile devices. However, there are several stores that look good but with abysmal performance on smartphones.
End-to-end integrations with numerous APIs & extensions
Finally, the new Magento 2 features list includes end-to-end integration containing various types of third-party solutions. Thus, when it comes to value for money in terms of the integration options, Magento is ideal. Moreover, by default, the website is equipped with several features for B2B solutions. Hence, developers from across the world have attempted to collate a wide range of extensions, plugins, and APIs for meeting the needs of the most demanding eCommerce entrepreneurs.
Companies that use Magento B2B
Today, Magento Commerce is the underlying resource for top 300 B2B ecommerce sites in America. Several ecommerce brands make use of Magento for the B2B sector, including:
- Rubik’s Cube
- Procter & Gamble Co.
- Ford Motor
- Nike Inc.
These brands are successful because they augment communication between various systems and create an effective marketing strategy. In the B2B industry, it is important to remain updated with the latest trends, deal with the various challenges, and offer new values to customers.
How to Scale an eCommerce Business with Magento 2: Final Word
It is evident that the latest version of Magento provides a range of opportunities to execute B2B-format solutions. However, it is crucial to look for experienced developers for this. The Paspartoo team will be glad to assist you, as it has dozens of readymade solutions on the basis of the Magento framework, which is supported by us to this day. Get in touch with us if you want to join the list of our work partners and leverage the B2C/B2B feature list of Magento. We will be happy to discuss the details and budget of this futuristic solution. Our team also offers services for scaling eCommerce business based on Magento, enabling you to instantly adapt to altering market requirements, so you hold an edge over your competitors.