Top 10 features of Magento to scale up your B2B Business
By Ambab Infotech
E-commerce between business to business is complicated. It has longer sales cycles, more stakeholders, and more sophisticated products. When you combine higher consumer expectations, a well-researched awareness of the market, and the substantial influence of buying emotions, B2B transactions become far more challenging than B2C sales. As a result, for business owners, the subject of how to make B2B selling easier and service perfect is a matter of remaining a market participant. Fortunately, business technology provides manufacturers and distributors with a variety of methods to efficiently communicate with their corporate clients.
In this post, we’ll go over Top 10 features of Magento 2 to scale up your B2B sales.
1. Company Accounts for Managing Roles
This feature assists in capturing all necessary fundamental firm information on the account registration page, including statutory details such as tax information, licensing information, and so on. It also facilitates the capture of the organization’s structure, users, and related permissions.
B2B commerce necessitates the creation of corporate and individual accounts because it involves more people with distinct responsibilities and tasks. Merchants will be able to sell B2C on Magento. If they chose to branch out into the B2B market, they would be able to do so on the same platform, with a separate store manager account to customize offerings for corporate clients.
- There are no limits to how many people your firm can have, and you can establish as many accounts as you want
- Permissions and access are based on roles and responsibilities in a smart hierarchical structure.
- Option to use the store credit
- The administrator manages all accounts
2. Shared Catalogs for Creating Custom Pricing
Exclusive pricing and promotions for your clients are at the heart of B2B. The shared Catalogue was explicitly created to meet this purpose. Magento allows you to create several catalogs and share them among your system’s organizations. The B2B provider could construct custom catalogs exclusively viewable to users of specific company accounts and publish a public catalog.
- Price lists for varied clientele that are customized to illustrate the value and discounts
- Inventory management and catalog building are simple, with the option to add or remove items
- Ability to create multiple prices for products and use fixed or dynamic pricing models to offer clients percentage discounts to entice them to buy
3. Requisition Lists
This is similar to a B2B wish list, where the corporation can maintain up to 999 lists and place orders as a list of goods within the list. When purchasing frequently-ordered products, using a requisition list saves time because things are added to the shopping cart directly from the list. This, too, goes a long way toward making it easier to place multiple-item orders.
- Spending less time looking for things that are commonly purchased
- Ability to assess potential purchases and provide discounts to seal the deal
- Mode data-driven restocking decisions
4. Quick Order
Unlike B2C, where the Catalogue is nearly endless, and there is a desire to enhance dwell time on the site to increase income, Magento 2 B2B is all about making ordering as simple as possible and meeting the need of the buyers. Buyers can utilize this functionality to directly enter or import product SKUs into the Speedy Order form, create requisition lists, copy a previous order for quick checkout, and complete the transaction with minimal clicks.
- Spending less time shopping around
- Inventory control has been improved
- Estimates are calculated quickly
Bulk orders are typical in B2B; Therefore, a sophisticated e-commerce system with a fast workflow can entice customers looking for a quote. By requesting a quote from the shopping cart, an authorized buyer from a corporation can start the price negotiating process.
- Price negotiation based on a quick offer
- Only authorized users have access to this page.
- Ability to verify the status of a quote, upload documents, and communicate directly with sales staff
- Setting a quotation expiration date, accepting or rejecting quotes, calculating discounts, checking overall prices, and upselling are all options
6. Payment on Account
Many B2B transactions are made on credit, and payments are rarely made online. Payment on Account enables B2B businesses to issue a credit to clients in addition to the standard payment methods available in Magento, such as credit cards and PayPal. It allows the corporation to pay offline and account for it so that it can be reconciled into the transaction at a later date.
7. Increase the Profit Margin by Increasing the Minimum Order Amount
After all taxes and discounts, this function determines the minimum purchasing volume per user. You can control the quantity, which products are included/excluded from the minimum amount policy, and how shipping addresses from the same user are handled, among other things.
- Possibility of providing free or reduced shipping
- With the reserve option, you have the opportunity to secure more agreements.
- The average revenue per user has increased (ARPU).
- Ability to forecast your minimal revenue for a specific period.
8. Purchase Orders for more flexible Payments
Businesses can order things from merchants without paying in full using the purchase order (PO) option. This functionality comes in handy when customers require things but cannot pay for them throughout the order process. Clients pay a portion of the purchase order after receiving your invoice and the rest by the deadline you provide in the buy order documentation.
- Improved business-to-customer relationships
- Loyalty level Increased
- Customer experience Improvement
9. In-Depth B2B Analytics using Business Intelligence
Data analytics is a valuable tool for businesses looking to understand their processes better, and Magento commerce b2b capabilities for business intelligence make it feasible. Magento dashboards are simple, straightforward tools that display information such as Average Order Value, Customer Lifetime Value, Retention rates, and other business statistics.
10. Magento Commerce integrates with your ERP system.
Connecting your ERP system to your digital commerce platform can improve your consumers’ experience while also providing you with useful business data. When your ERP software has access to online sales and customer data, it can give you a complete picture of your business’s overall performance. Microsoft Dynamics, NetSuite, and SAP One are just a few of the ERP systems that Magento Commerce integrates with. In addition, Magento Commerce has a large number of pre-built ERP interfaces.
The success of B2B e-commerce is determined by the quality of its management. For business owners to take their company to the next level and run it the way their customers want it they must use sophisticated digital tools and merchant platforms.
Entrepreneurs that want to make data-driven decisions, scale their business, oversee the ordering process, manage client relationships, and improve corporate client experiences can benefit from the Magento B2B features listed above.
Still, have questions about Magento’s B2B capabilities? Please get in touch with us at Ambab if you have any questions. We’ll advise you on the optimal solution for your company and ensure that B2B-specific functionality is seamlessly integrated.