The coronavirus outbreak has disrupted both B2C and B2B ecommerce companies alike with sudden surges in demand, increasing supply chain challenges, and changing consumer behavior. This also provides a new host of challenges for business leaders who have to envision strategies to ensure business continuity while ensuring employee and customer safety. Experts at Infiniti Research are analyzing the impact of the ongoing crisis on B2B ecommerce companies in various regions. Based on our expertise, we have listed below a few strategies and best practices for companies in the B2B ecommerce space to thrive through the aftermath of the pandemic on their business.
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Strategies for B2B ecommerce companies to combat COVID-19
Offer support measures for existing customers
During the coronavirus crisis, several companies across industries are offering support and additional services to their clients and customers. For instance, banks are removing delay fees and charges, restaurants are offering free takeaways, and video streaming services are making free movies available for their subscribers. B2b ecommerce companies can also undertake measures to offer support to existing customers and their communities during this difficult phase, thereby creating a better business relationship. Some examples of what companies in the sector can do includes offering free delivery or additional discounts to worst affected regions, prioritize stock of existing customers, or even identify measures to support customer communities.
Update B2B ecommerce platforms
Ensuring that the B2B eCommerce website is updated to meet customer requirements in essential during such a crisis. This entails having a convenient, reliable, and complete web store, and one that persuades customers to shop with you rather than switching to competitors. Businesses can start by displaying relevant information on the website, offer optimized functionalities, and prepare their online store to handle the complexities of B2B sales orders.
Streamline the returns process
B2B ecommerce companies may experience shifts and fluctuations in demand during the COVID-19 pandemic. Customers who are currently suffering from financial instability may look for ways to make back some of their spending. This could result in increased returns for B2B ecommerce companies. At this point, it is essential to ensure to have a hassle-free returns process. Prioritize consumer convince while rolling out a returns strategy.
Manage demand-supply disruptions
B2B ecommerce companies may witness a spike in the demand for certain products during the coronavirus outbreak. This could have certain serious implications on the supply chain due to restrictions relating to transportation and business shutdowns. Preparing the website to handle heavy traffic and sales is essential. Apart from this, business can also try displaying real-time prices and stock levels to assist customers better in their purchase decision.
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