Posted 17.03.2022
As more B2B businesses transition to online sales platforms, a catalogue management system can relieve many challenges and play an active role in gaining revenue.
A 2020 survey carried out by Wunderman Thompson Commerce reported that many B2B companies have moved towards online sales platforms and away from relying on traditional sales representatives.
In addition, the COVID-19 pandemic has led to a shift in consumer buyer behaviour, with online purchases from B2B suppliers rising from 41% prior to lockdown to 46% during. Overall, online purchases from B2B businesses rose by 24% in 2020 compared to the previous year.
Whether your B2B brand is just starting to explore a transition to online selling or you have already dipped your toes in the water and now want to understand how to make the most out of your online store, eCommerce catalogue management is a system you can’t afford to bypass.
Ecommerce catalogue management is a way for your brand to maintain full control over what items are displayed to who, what information is attached to them and helps you increase online sales.
Online stores operate in much the same way traditional paper catalogues work, in that available products are ordered into categories so that they can be found and purchased easily.
eCommerce catalogues host and display all of your products, provide vital product data and synchronise with your inventory management software to reduce the likelihood of items going out of stock which would put a pause on purchases and revenue generation.
There are numerous reasons why catalogue management is not only important but essential to B2B online stores, including:
Through a catalogue management system, you can preset specific details on all your product pages to ensure that shoppers have access to everything they need to know before choosing whether to make a purchase.
For example, a consumer may be looking to purchase an item in a specific colour, when they click on an item they can see the range of colours available, confirming that they are in the right place.
When you upload items to your catalogue, you can assign product tags to them so that the correct items are listed when a shopper performs a specific site search.
For example, when potential customer types in ‘shirt,’ you want the system to list all of the shirts available. If the list includes trousers or other items, your shoppers won’t have the best experience and may even move on to a competitor’s site.
Think of your search results in the same way you might think about a product display in a bricks and mortar store.
When an item is out of stock it should say so on the product page. Otherwise, a shopper may try to purchase the item and be disappointed or, worse, frustrated. However, in addition to specifying that an item is out of stock, a button can be added that will notify the shopper when the item comes back in stock. What would have been a lost sale has now turned into a positive experience with increased potential for the customer to come back and make a purchase when the product comes back in stock.
An additional option is to automate your online store so that, if an item isn’t available, similar products are recommended that may suit the buyer’s needs. Again, this is another way of increasing the chances of a sale even though the desired item isn’t currently in stock.
If your company supplies cabin crew uniforms to airlines, for example, then your customers will likely be purchasing the same, or similar, variations of items, such as shirts, trousers, shoes etc. Through product catalogue management, you can group these items into one bundle, making purchasing much more straightforward for the shopper.
Instead of having to travel to multiple pages to add specific items to their basket, they simply click the pack they want, specify the sizes and number of items they need and can then checkout immediately.
Going back to point one in this list, ensuring that all product details are complete and informative will reduce the chances of items being returned.
In the UK, returned products cost businesses approximately £60 billion every year. While this number will likely be lower for the B2B market it can still account for up to 10% of your revenue. Not only is this costly, but it’s also time-consuming.
Now that we can see some of the many benefits of investing in a catalogue management tool, let’s explore how you can get the most out of your solution.
You want to work off one database if possible to prevent processes from becoming overly convoluted and things falling through the cracks. The best catalogue management software will integrate with your inventory management, your product information management (PIM) system and more, giving you a single source of truth to work from.
When online shopping, just as they would in a traditional store setting, customers expect to be able to navigate the store easily and quickly. Through your catalogue management system, you can utilise product tags, categories, subcategories and more to help potential customers find exactly what they’re looking for and buy it.
Every single product you sell on your online store needs to have extremely detailed information attached to it. Including as much detail as possible will instil trust in your customers that they have found what they’re looking for. By incorporating specific product fields across the board, you’re ensuring high-quality product details for every item you stock.
While the main aim behind a B2B online store is to generate revenue, the only way to achieve this is by keeping your customers’ wants and needs front and centre at all times. By understanding the types of items shoppers tend to buy together, you can implement bulk orders, combine the items into packages and even cross-sell items you know they will like at the checkout.
All of these create a fantastic user experience while also increasing your online store’s average order value.
Investing in a quality catalogue management system can help online B2B retailers overcome common challenges, improve customer experience and increase revenue.
At Evolve Trader, we work specifically with B2B suppliers. Our product catalogue management software can help your customers gain control over their products by addressing the challenges you face and helping to overcome them.
Why not book a demo to find out more?
