B2C retailers–in both the bricks and mortar as well as in the ecommerce space–are keenly aware that small increases to every transaction add up to large increases in revenue over time. That’s precisely where the impulse purchases come from on every checkout lane as well as all those trusty up-sells in ecommerce. Recently I was asked whether B2B organizations could achieve a similar result via ecommerce even though B2B consumers aren’t “shopping” per se.
I believe that they can. While B2B ecommerce consumers aren’t “shopping” in the same sense that a B2C consumer might, they are still making a purchase which opens them up to targeted upselling and cross-selling opportunities. What’s more, you know more about your B2B consumer than B2C stores/sites do. The magic lies in mining that known data to maximize the effectiveness of each transaction and setting a realistic growth target for each transaction.
Mining your customer data for which items are most likely to be purchased together and then presenting the additional item(s) to B2B shoppers as a cross-sell or as a product bundle will help encourage customers to increase their cart totals. For B2B customers, a lot of the time it’s more a matter of educating the shopper about the other items you offer rather than a hardcore marketing push. Your customers are likely to need what you are selling–and if they are already purchasing from you, there’s a good chance you can expand that purchase if you know what products to offer them.
Your per transaction growth target doesn’t have to be a huge number. In fact, it could be as simple as striving to get each customer to add one more line item–regardless of ticket price– to each and every order you receive from them. While this does not necessarily represent a large immediate increase, over time, these incremental increases will pay off in a big way. You achieve your growth target by consistently offering customers items that you know they need based on the items they already purchase from you. This steady growth will increase your average cart total and effectively drive your ecommerce success.
To learn more about how to maximize the success of your B2B ecommerce initiative, download the white paper, B2B Ecommerce Success – Seven Questions to Consider When Beginning an Ecommerce Initiative.