Why are leading B2B wholesalers opting for self-service portals and what to consider before creating one?
B2B commerce is evolving as Millennials and Gen Z step into the buyer’s seat. By 2025 over 70% of B2B decision-makers will be millennials. Raised on seamless B2C experiences, this new generation of buyers expects the same digital fluency in their B2B transactions. Instant access, transparent pricing, and the power to purchase on their terms are just a few items on their must-have list.
Leading B2B wholesalers now acknowledge that depending solely on traditional B2B wholesale models is already costing them revenue and customer loyalty. To thrive in the new digital-first landscape, they must embrace digital transformation and add self-service platforms as an integral aspect of their strategy.
In this blog, our expert Namrata Shenoy guides B2B wholesalers through:
- Why self-service platforms are no longer optional
- Essential features for B2B wholesale self-service success
- Implementation strategies that drive adoption
What is a Self-Service Portal and Why they Are Essential for B2B Wholesalers
A B2B self-service portal is a digital platform that empowers business buyers to independently manage their purchasing journey. Think of it as your business's digital storefront – open 24/7, equipped with all the tools your customers need to do business with you efficiently.
Why is it important:
- 83% of B2B buyers want to manage their orders and accounts online.
- 100% of buyers expect to self-serve at all or part of the buying journey.
- B2B customers now use 10 or more channels to connect with buyers.
Today's Business buyer controls the buying process more than today's seller controls the selling process. - Forrester
Benefits of Self-Service Portal
B2B self-service portals are popular for the convenience and freedom they offer to both the buyer and the seller. While buyers can browse through as many products as they want at a time convenient for them, the seller enjoys the benefits of endless aisle, streamlined communication and increased selling opportunities.
- Improved Customer Experience: With 24/7 access to catalogs, orders, and account details, customers can manage their purchases on their own at a time convenient for them.
- Operational Efficiency: By reducing manual processing and automating tasks like inventory management, self-service platforms free up valuable resources and improve data accuracy.
- Increased Revenue: Simplified and organized processes enable faster reordering, improved customer loyalty, and opportunities for upselling and cross-selling.
Key Features of the Right B2B Self-Service Portal for B2B Wholesalers
B2B wholesale businesses are built on long-term partnerships rather than one-off transactions, and require dedicated account management and personalized service levels. They thrive on sophisticated pricing models with volume-based tiers, customer-specific rates, and negotiated terms. Orders are larger and more complex, involving multiple shipping locations, custom specifications, and detailed approval workflows.
Additionally, B2B wholesale businesses have complex intricate inventory management across multiple warehouses. They coordinate complex supply chains and meet precise delivery schedules.
These unique characteristics make B2B wholesale digitalization particularly challenging – and crucial – as the industry evolves to meet modern buyer expectations. When evaluating self-service portal solutions, B2B wholesalers should prioritize the following critical features:
User-Friendly Interface and Personalization
The right platform provides your customer information in a few clicks, preferably in a central place. It delivers information about the customer profiles(primary and secondary), locations, catalogs, pricing, permissions, payment terms, tax ID and exemption. It also enables your sales reps to personalize the experience for a specific customer.
Comprehensive Product Catalogs
The right platform enables complete and easy visibility into product information, inventory levels, and pricing. It helps your customers make informed purchasing decisions. To do so, many B2B wholesalers segment their customers and assign catalogs. Customers only see the information that is relevant to them, which greatly improves their experience.
Simplified Order Management
The right platform empowers your customers to easily place, track, and manage orders. It also helps your team with end-to-end visibility into the supply chain so they can prevent overstocking and understocking. Your reps also have the capability to plan shipping according to truckload (LTL) quantities, integrate third-party logistics and optimize profit margins.
Customizable Branding
B2B customers now use 10 or more channels to connect with sellers and 90% of B2B customers expect a consistent experience across all platforms. The right platform reflects your brand, provides a cohesive experience and integrates seamlessly with existing systems.
Security, payment and pricing
According to Gartner, 30% of B2B buyers complain that websites don’t support the necessary payment methods for wholesale purchases. The right platform supports payment methods, has embedded stringent data privacy and security measures and complies with industry regulations.
The platform also delivers customized pricing to your customers. 45% of B2B buyers believe that customized pricing is a critical part of the B2B buying experience.
Why Knack Brava is a Preferred Self-Service Platform for B2B Wholesalers
For over two decades, industry experts at our dedicated Center of Excellence have been researching the B2B wholesale industry, its pain points and best practices. We’ve been continuously refining our solution, Knack Brava to meet the specific needs of B2B wholesalers.
Personalization and Branding
Knack Brava offers a 360-degree view of customers and products, giving your team full visibility and empowering them to provide a tailored experience with the right products, pricing, and product availability.
End-to-End Visibility
With Service Cloud and Commerce Cloud integration, your sales and support teams can access real-time customer and product information. Your customer service reps can quickly address issues by viewing complete order details, leading to faster resolutions and more satisfied customers.
Streamlined Communication
Brava’s Service Cloud integration allows your customer service reps to communicate efficiently with distributors and internal teams, reducing response times from hours to minutes.
Simplified Payments and Workflows
Knack Brava supports integration with ERP systems like SAP ECC, enabling seamless data exchange and handling of debit/credit postings. Customizable workflows streamline approval processes, making it easier to manage large transactions.
Self-service platforms have proved to generate higher average order values, economies of scale, increased brand awareness and market expansion for B2B wholesalers. With solutions like Knack Brava you can reach more customers, drive more sales and increase your customer loyalty.
Sign up for our blog for an in-depth look at this success story.
Source Credits
How B2B Organizations Can Win With Younger Buyers Gartner Sales Survey Finds 83% of B2B Buyers Prefer Ordering or Paying Through Digital Commerce 2023 B2B Buying Disconnect: The Self-Serve Economy Is Prove It or Lose It B2B sales: Omnichannel everywhere, every time | McKinsey 3 Trends Driving The Consumerization Of B2B E-Commerce The Payment Experience That B2B Buyers Expect in 2024 | Hokodo
