With the increase in demand for e-commerce solutions for products, statistics show that the B2B e-commerce trends will change by 2028, increasing the market to USD 25.65. And even though this number is still an approximation, there won’t be any business that would wish to lose on growth stairs and reach success.
After the pandemic, all of us have observed how online commerce and digital practices have shot up, making businesses rethink their priorities and adopt new ways of the digital medium at a faster rate.
In an environment where every company has similar marketing and sales channels, Salesforce’s B2B Commerce Platform helps companies with tailored approaches according to their needs and business priorities.
With a robust data model and various innovative products to work for results, Salesforce B2B Commerce Solutions is a great solution. But before we dive into that, we need to understand the foreseen B2B e-commerce trends in 2022 to streamline our needs and align them with solutions better!
B2B Ecommerce Trends in 2022
1. Internet is the new local market
With the growing interactions over the internet and the emergence of products like Metaverse, people are getting more attracted to the idea of online exploration rather than in-person and this is even impacting their purchase behaviours.
75% of B2B buyers are sticking to the digital interactions even after the pandemic’s intensity, and restrictions decrease, which shows that digitization within B2Bs will be the B2B e-commerce trend of 2022.
2. Marketplaces are the new craze!
Experts predict that due to the current sway in demand, Marketplaces as digital platforms will be the biggest hype as they will be connecting buyers and sellers ranging from small to large businesses and enterprises.
The marketplace scenario will let B2Bs get over additional sellers under their shade and thus allow them to provide third-party products giving B2B buyers a plethora of options to look from.
3. Self Service Portals
Customers get attracted to businesses who understand their issues and do not provide them general options for their demands but rather serve them personalized ways to function with the business. . And that’s the reason; even after being in demand, self-service portals will be one of the B2B e-commerce trends in 2022.
The experience expected by customers is more like researching through products, comparing with given options, and ordering/reordering along with shipment tracking, just the way we have in e-commerce giants. So self-service is going to remain in demand.
4. Focusing more on acquiring customers
Along with self-service portals for customers, the other factor B2B brands are focused on now is acquiring new customers for their brands. Since most B2B brands have started their digital journeys, they are eager to utilise the power of digital marketing.
B2B brands are working on bringing up data-driven marketing strategies, social media campaigns, etc., in the place of the existing cold calling and mass emails to pull out more new customers and maintain loyalty regarding their existing customers.
5. Automation is the new step to climb
Customer retention is something all B2B commerce brands focus on, but they even keep changing their platforms to align with the ongoing trends to stay in the market, and this shift acts as a hurdle for the customers to complete their purchases.
Brands have been focusing on automating their processes, but they were majorly the simpler orders since the orders are getting more complex; there’s a demand for automation of those as well by the B2B buyers so that we can see more automation in the coming time.
6. Flexibility is the key
B2B buyers need choices and flexibility as they demand more control in their purchase transaction flow. In simpler words, we can say that buyers wish to configure the purchase of complicated products online.
Medical device manufacturers are allowing their customers to purchase consumables as per their specifications and spare supplies, which has resulted in a good spike in sales.
So considering current demands and situations brands have to think about more features than easier re-orders to be in the eyes of customers.
7. B2B is getting mixed into D2C initiatives
As a result of the pandemic, many B2B investments found functioning with the principles of D2C initiatives better as they were capable to reach directly to customers even in such strained situations with no extra expenses.
Due to the pandemic, many B2B businesses felt it was easier to directly supply to the consumers, making the difference between B2B and D2C quite blurry. And due to this, companies are expected to support channel shifts, and businesses working both as B2B and D2C are aimed at a B2B e-commerce trend in 2022.
8. Integration is a new challenge as well as the trend
Since businesses are expected to move to more digitalized paths due to the current demand, it is expected that they will want to integrate their existing legacy establishments with current digitalized platforms, thus enhancing the demand for integration measures and making it a challenge at the same time.
9. Content is the key
Since B2B e-commerce is walking on the path of digitalization, good quality content is something that cannot be avoided. Content is an enhancer of digitization efforts, from cold-calling to social media campaigns and emails; hence, various forms of content will be the hype for the e-commerce field.
10. Security was and always will be important
B2B organisations deal with a lot of data, be it customers or their inventories. This humongous amount of data means high chances of security breaches, and that’s why a flowing trend in B2Be-commerce will be cybersecurity and data security. Businesses will be working on and investing in security technologies and resources to avoid such threats and breaches.
In the concluding words, we can say that Salesforce B2B e-commerce platforms and their digitalization are the new hype that will be evident in the market and a top investment for all buyers, sellers, and enthusiasts. You can develop and leverage a Salesforce B2B ecommerce storefront with these new B2B ecommerce trends. We aim to see many new and flowing trends in the B2B e-commerce trends in 2022, and rapidly changing customer demand and preferences and emerging technologies will emerge many new trends to be added to the list.
Ecommerce Consultant, I’m helping business and organization who run ecommerce website to provide scalable ecommerce solution.
Einstein, Empathy and AI
Albert Einstein once said: “The ideals that have lighted my way, and time after time have given me new courage to face life cheerfully, have been Kindness, Beauty and Truth.”
Kindness, beauty and truth. You don’t often hear these words in the digital world. How do we integrate these life essentials in technologies like artificial intelligence (AI), machine learning, edge computing, internet of things (IoT) and data at scale? Technology, after all, makes things less personal, right?
One company is working hard to disprove this assumption. Not only that, they have a direct tie to Einstein himself.
A hundred years after Einstein shared his views about human existence, NVIDIA is on a path to connecting kindness, beauty and truth with AI as it explores the human qualities of inference, context and nuance in supportive technologies. As for the famous scientist with the wild white hair, NVIDIA has proven he was right about his prediction of gravitational waves, which can now be seen by astronomers for the first time at the Laser Interferometer Gravitational-wave Observatory (LIGO).
This makes sense. After all, NVIDIA has powered 352 out of 500 of the world’s supercomputers.
NVIDIA has long been known for gaming technologies – it invented the graphics processing unit (GPU) in 1999, triggering the steep growth of the gaming market (much to the chagrin of many parents everywhere) with superior computer graphics and intuitive AI.
Chances are you’ve touched NVIDIA’s tech some time along your day today. Since its launch in 1993, it has been the “AI engine” for thousands of companies, including Google, Microsoft, Amazon, Meta, Alibaba, Tencent, Pinterest, PayPal, Snap and Spotify. The full-stack computer company fuels data center-scale computing solutions with the help of some 20,000 employees in more than 50 countries.
GPU-powered AI solutions impact critical insights needed for businesses to make better decisions, improve customer service and reduce fraud. The technology is particularly impactful in financial services where around 80% of firms are using artificial intelligence to improve services. NVIDIA’s State of AI in Financial Services 2022 Trends Report reveals that 8 of 10 financial firms are using AI to reduce the estimated $5 trillion in global fraud each year and that conversational AI is being used to mimic customer service representatives in self-service chatbots and call center virtual agents by many banks. AI-led recommendation systems are delivering hyper-personalized experiences to bank customers by giving personalized recommendations.
Conversational AI, however, is where GPU technology can make a significant difference. To date, it has often been seen as deeply flawed by many people, myself included.
Tell me if this sounds familiar. You call a company hoping to resolve an issue. Its AI-driven customer service agent answers in a monotone voice. Soon thereafter, the exchange goes off the rails. You’re asking if they have a product in stock and the agent is asking if you want to make a return. Finally, you request a live agent. I’ve gotten lost in the digital loop of big companies when connecting with a real human being is akin to hitting the jackpot.
What’s missing? From moment one, it’s empathy.
Just to be on the same page, Merriam Webster defines empathy as “the action of understanding, being aware of, being sensitive to, and vicariously experiencing the feelings, thoughts, and experience of another.”
Feeling understood by another is the point of NVIDIA’s article “May AI Help You? Square Takes Edge Off Conversational AI With GPUs”, which explores AI’s unique potential for going beyond the facts, entering the realm of “sympathetic listening.”
As more companies adopt conversational AI, empathy plays a larger role in the customer experience – and, ultimately, growth factors like profitability, customer retention and brand equity. According to Zendesk, 81% of consumers say a positive customer service increases the chances of them making another purchase. AI is more than taking care of business. Customers want to feel good about the exchange and not like a “number.” They want a kinder, more memorable touch point that resolves their real problem and makes them feel “seen.”
Can digital assistants and digital agents get us there?
With the help of NVIDIA, the popular payment platform Square is making progress. You could say NVIDIA invented one of AI’s greatest solutions – the GPU. The company’s article points out that Square’s tech team “started training AI models at Eloquent on single NVIDIA GPUs running CUDA (a programming interface) in desktop PCs.” Eloquent is an NLP startup acquired by Square in 2019. In addition to the GPU enabled desktop stations, large model training jobs were run on NVIDIA GPUs in the AWS cloud service. The results were impressive on both training and inference fronts. In particular, Square found “inference jobs on average-size models run twice as fast on GPUs than CPUs. Inference on large models such as RoBERTa run 10x faster on the AWS GPU service than on CPUs.”
Progress? Listen to this: Merritt writes that “Square Assistant can understand and provide help for 75 percent of customer’s questions, and it’s reducing appointment no-shows by 10 percent.”
Trust takes so much time to build. One poor experience breaks it immediately. In an ideal world, our conversations with others are fluid as long as the level of service meets our satisfaction. When an experience falls short, the ramifications interrupt our perception of a brand or worse.
Like New Year’s Eve 2021 when I made a large payment to my house remodeler via check. I sent the check a week ahead to ensure it can be processed before the end of the year. My bank texted me to confirm my identity. I verified that the payment was legit. More than an hour later and seven – SEVEN – transfers from one digital assistant to another and then to a live agent later, the issue was finally resolved. By that time, however, it was already the new year. As a small business owner, that one day delay had implications on taxes and a supplier’s revenue.
Many consider Einstein as a great scientist, but I think of him as a great thinker. He understood the power of the human touch. In one essay, he wrote: “When we survey our lives and endeavors we soon observe that almost the whole of our actions and desires are bound up with the existence of other human beings.”
When AI understands the nuances of language, we will have taken the next big leap. Intuitive, empathetic AI is upon us. The question is: will it inspire greater kindness, beauty and truth for those who use it?
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