The growing trend in B2B eCommerce has mostly been fueled by the act of vendors traditionally selling to other businesses finally implementing online services. However, that's not the only source for the market's growth. Traditional online sales companies have increasingly decided to start selling to businesses in an effort to expand their outreach.
Tech-savvy entrepreneurs discovered the benefits of eCommerce long before their B2B counterparts, but they primarily sold to consumers. The impact of online sales is one that they are all-too familiar with, so it was only natural that they began to sell to other types of customers. Because the lines between many business and consumer products are blurry, it's not much of a stretch for a company to change its product offering and tweak its marketing strategy to reach procurement specialists in addition to standard consumers.
According to an article in the Economic Times, this is a major trend overseas, but it could soon be making its way to the United States. However, while expanding catalogs to include items primarily used in a business setting is a good start, there are some things these types of organizations have to be cognizant of.
Selling to consumers is much different than selling to businesses. This blog has listed the differences between B2C and B2B sales in the past, and those differences may be felt strongest in an online setting. It's up to vendors to find the payment solutions designed to process B2B transactions online.
Implementing a payment gateway to process transactions made on the B2C side is something online vendors were tasked with when they began their operations. Now, if they are transitioning to B2B payments, companies must find a new gateway that allows them to process payments made with a business purchasing card.
This gateway must be able to process Level 3 data with line item detail. By doing so, organizations can ensure they pay the lowest possible interchange rate.