Back in the day, all B2B sales were managed by salespeople. They developed relationships with their customers, collaborating to create a relationship that benefited both the buying organization and the seller.
Strong relationships are a good thing, but even the best relationships can be inefficient and riddled with hidden risks. Human error in data entry and communication gaps cause a misalignment between buyer and seller expectations, and at worst, business relationships were damaged beyond repair.
B2B eCommerce has completely changed the way vendors sell to their business customers. According to ResearchandMarkets.com, the global business-to-business e-commerce market size is estimated to reach USD 20.9 trillion by 2027, expanding at a compound annual growth rate (CAGR) of 17.5% during the forecast period. eCommerce is now the primary B2B sales channel, and savvy sellers are deploying technology to take advantage of the benefits.
With increasing competition, businesses are opting for online business models to gain a competitive advantage in the market. Not taking advantage of B2B e-commerce as a seller means you’ll be left behind while your competitors grow their sales.
For many small to medium-sized sellers, a punchout catalog is their entry into the world of B2B e-commerce. A punchout catalog is an eCommerce catalog integrated directly to a buying organization’s eProcurement system, and at its most basic level, it allows the buyer to shop and easily locate products and add them to their requisitions.
Going deeper, punchout catalogs provide many benefits for sellers: increased sales from new buyers within customer organizations; ability to provide better service because the actual order process is handled by the software, allowing you to focus on your customer’s needs; less risk due to decreased human error when data entry errors happen on punchouts versus traditional transactions which create more opportunities for miscommunication between sellers and buyers. If you’re still wondering if a punchout catalog will benefit your business, read our recent article: I’m a Small Seller. Is a Punchout Catalog worth it for my business? For a more detailed explanation of punchout catalogs, download our ebook, So Your Customer Wants Punchbout. Now What?