12 Oct B2B eCommerce Allows You to Enter New Markets
As we’ve continued to study – and frankly develop – B2B eCommerce best practices, a recent customer brought up a compelling business case of why they want to use eCommerce. They are the largest company in a large commodity market, and they have an interesting opportunity with their competitors. The commodities have to be purchased months in advance and require a significant amount of capital. Smaller competitors have told them that they would prefer to buy a smaller amount of this commodity and purchase the balance as needed by our customer. However, they refuse to engage with a salesperson or visit a branch. If they could buy online, they would purchase from our customer.
ECommerce has created a brand new market never imagined by this particular customer. As I have taken this example and put it into practice with other customers, brainstorming with them to see if there are new markets that can be developed, it seems that in each case we find a new market or new business to go after because of this new sales channel of e-commerce. Explore your entire market – even look at your competitors – are there opportunities to expand your business beyond the tradition using the tools of e-commerce?