The B2B E-Commerce market in China continues to experience strong growth, an estimated 29% growth in transaction volume, from RMB 10 trillion in 2014 to RMB 12.9 trillion in 2015 (Statista).
Globally, the B2B E-Commerce market will double the B2C E-Commerce market in 2020, according to research provider Frost & Sullivan.
With booming B2B E-Commerce market opportunities, B2B buyer’s expectations in China are evolving to demand consumer-grade B2C like features and omnichannel shopping experience.
B2B buyers feel that it is important to have a variety of delivery and pickup options when making work-related purchases online and would like to conduct business activities across any channel.
From a recent Forrester Consulting Study, 68% of B2B buyers feel that it is very important to look up product information across any channel, 60% feel that it is very important to have real-time inventory information available online, 58% feel that it is very important to return or exchange across different channels and 37% feel it is very important to share unified account and order history.
The study also indicates that customer loyalty relies on omnichannel customer experience. Factors that are important for over half of B2B buyers include product credibility, delivery efficiency, product information variety, pricing and customer service. 65% of B2B buyers will buy again from the same supplier with multichannel capabilities across online, call center and offline stores.
B2B sellers in China are already planning ahead by investing in technologies to increase market share and to support omnichannel experience.
From the same study, 80% of China B2B sellers agree that they must integrate their E-Commerce platform with finance, accounting, Order Management System (OMS), ERP systems and other back-end systems. While 97% of B2B sellers are already implementing, upgrading, or planning to invest within the next six months in an E-Commerce platform to support omnichannel requirements.
Some notable challenges from the study that have prevented organizations from fully implementing their B2B online strategy include, conflict among different channel organizations with 40% of B2B sellers and 35% of B2B sellers having difficulty integrating back-office technology across channels.