The Top Three Factors When Choosing a B2B Digital Commerce Platform for Your Distribution Business
This topic took center stage in a recent episode of the Driven by DCKAP podcast, where Karthik Chidambaram, CEO of DCKAP talked with Mark Brohan, the Senior Vice President of B2B and Market Research at Digital Commerce 360. The discussion illuminated the ever-evolving landscape of B2B commerce and the critical role digital strategies play in shaping the future of this sector.
Mark Brohan is a key leader in B2B commerce, serving as the Senior Vice President of B2B and Market Research at Digital Commerce 360. With a strong background in journalism, he uses his storytelling skills to analyze industry trends and share valuable insights. At Digital Commerce 360, a leader in e-commerce research, Mark helps businesses understand the complexities of online sales. His dedication to research and understanding customer needs makes him a great resource for companies looking to improve their digital strategies.
Understanding B2B Digital Commerce
Digital Commerce 360 has long been a leader in e-commerce research, providing invaluable insights and guidance to businesses looking to navigate the complexities of online transactions. Mark, with his background in journalism, brings a unique perspective to this conversation. His extensive experience enables him to analyze trends and share knowledge that can significantly impact the strategies of businesses in the B2B space.
As they explored the future of B2B commerce, one thing became clear: the digital landscape is changing rapidly, and businesses must adapt to stay competitive. Companies are no longer merely transitioning from brick-and-mortar to online sales; they are rethinking their entire business models to incorporate digital solutions seamlessly.
Key Considerations for Choosing a B2B Commerce Platform
When considering a B2B commerce platform for your distribution business, Mark emphasizes the importance of thorough research. He stated, “Have you done your homework? What is the ROI on the platform?” This straightforward question sets the stage for evaluating any digital platform effectively.
To break it down, here are three key factors to consider when choosing a B2B commerce platform:
- Integration Across the Organization: The platform should integrate smoothly with all parts of the organization. This means that every department, from sales to customer service, must be able to access and utilize the platform to provide a cohesive experience for customers.
- Return on Investment (ROI): It’s crucial to measure the financial benefits of implementing the new technology. Mark notes that businesses need to justify the investment to “the bean counters” and demonstrate how the technology will contribute to the company’s bottom line. Without a clear understanding of the ROI, it’s easy to overlook potential pitfalls.
- Multi-Channel Connectivity: In today’s digital world, customers engage with businesses through various channels. A successful B2B platform should enable connections across multiple touchpoints—whether it’s online marketplaces, social media, or direct sales. Mark highlights that while many companies focus on the tech stack, they often underestimate the importance of understanding their customers’ purchasing paths.
The Complexity of Customer Paths
One of the most intriguing aspects of the discussion was the complexity of customer purchasing paths. Mark shared a compelling example from Cardinal Health, a major player in medical distribution. Their transition to a new platform took three years, not just because of the technology but due to the need to fully understand the customer journey.
As Mark explained, “The thing is they built this brand new site and could you pull off a transaction as fast as you want? You bet. The issue was that 70 percent of their customer base was these big healthcare enterprise systems, and their top criteria was not how fast the transaction could be processed.”
Instead, these enterprise customers prioritized robust site search capabilities that would allow them to quickly find products and quantities. This highlights a crucial lesson for businesses: understanding what customers truly value is key to crafting an effective digital strategy.
The Role of Research and Knowledge Sharing
In an industry as dynamic as B2B commerce, continuous learning and sharing insights are vital. Mark’s commitment to knowledge-sharing shines through his work at Digital Commerce 360. He mentioned, “We’re not consultants. We’re just curious business reporters that know how to tell a pretty good story.” This approach underlines the importance of collaborative learning in driving innovation and success.
For businesses, this means being open to learning from industry peers and adapting strategies based on real-world experiences. Engaging in conversations and leveraging shared knowledge can provide invaluable insights that drive better decision-making.
Looking Ahead: The Future of B2B Commerce
As we look to the future, the B2B landscape will continue to evolve. Digital strategies will become even more crucial, shaping not only how businesses interact with customers but also how they operate internally. Companies that prioritize understanding customer needs and leveraging technology effectively will undoubtedly find success in this competitive market.
In conclusion, the discussion with Mark Brohan highlighted several critical elements that B2B businesses must consider when developing their digital strategies. By focusing on integration, ROI, and customer journey understanding, businesses can position themselves for growth in the ever-changing landscape of B2B commerce.
As Mark stated, “The future of B2B commerce will rely heavily on the digital strategies companies put in place today.” With the right approach, businesses can harness the power of digital technology to thrive in the years to come.
For those in the B2B space, now is the time to reevaluate your digital strategy and ensure you’re prepared for the future. Embrace change, invest in technology, and keep the lines of communication open with your customers to stay ahead in this exciting journey. During the conversation, they also discussed Mark’s insights and predictions for B2B digital commerce in the coming decade. Be sure to watch the full interview, and subscribe for more!
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