Gone are the days of keeping competitive product information close to the vest. With more online retailers to contend with and B2B buyers insisting on more transparency, distributors are faced with displaying pricing and availability on their eCommerce site to keep pace. But, as we’ll show you, there are more rewards than risks to making your item pricing and inventory visible.
According to Merkle’s 2023 B2B Futures Report, the B2B industry is more competitive than ever with third-party marketplaces and manufacturers entering the fray, and 58% more brands being considered as part of B2B buying journeys. Digital commerce is increasingly becoming a big part of B2B success. In 2023, the U.S. B2B sector saw over $2 trillion in eCommerce sales in 2023 and is on track to exceed $3 trillion by 2027.
Likewise, B2B buyers are playing a part in the wholesale distribution industry’s digital evolution. They want a great online customer experience that mimics consumer shopping, which includes immediate access to product pricing on a distributor website. While logged-in B2B customers should see their contracted pricing for your products, general site visitors should see, at the very least, MSRP pricing to encourage further inquiries.
Displaying available stock is also crucial to buyers. According to a survey by Distribution Strategy Group, 65% of buyers say product availability is the number-one attribute of a good customer experience. Inventory transparency gives smaller distributors an advantage over large players like Amazon Business and Alibaba because, in many cases, distributors can deliver the product faster and enable local pickup if the customer is in a crunch.
While increased competition and customer demands are strong arguments for publishing pricing and availability, the results of providing online transparency are even more compelling. Consider these four benefits your business can realize from showing product pricing and inventory on your digital storefront:
1. Enable the buyer to make quicker, more informed decisions
Showing real-time inventory levels eliminates the frustration of ordering an item, only to find out it’s out of stock. Logged-in customers can also rely on seeing their contracted pricing to ensure they’re getting the best deal with you. Less unknowns mean a quicker path to purchase.
2. Build trust and brand equity
Buyers want to buy from a business they can rely on and trust. Offering real-time price and inventory visibility demonstrates your commitment to being transparent with your buyers and can differentiate your site from your competitors who aren’t as forthcoming.
3. Reduce cart abandonment
Providing clear information about what is in stock lowers cart abandonment rates and increases your online revenue. Product transparency is a key factor in growing online conversion rates.
4. Improve the customer experience
Today’s B2B buyers expect businesses to put the customer first, and that means providing a customer-centric experience that engages them, provides convenience, and gives them a reason to come back. Offering price and availability on your eCommerce site is just another way to deliver value to your customers.
Are you ready to expose more to your buyers?
Businesses have different offerings, customers, and competition, so only you can decide how transparent you want to be with buyers. However, B2B trends show organizations that share more information online are attracting more buyers and driving growth for their business.
If you decide to display product pricing and availability on your website, make sure you have seamless integration between your ERP and eCommerce platform. Without it, your online price could differ from your catalog or brick-and-mortar store and cause confusion, frustration, and potentially a lost sale. Worse yet, if your online stock availability doesn’t match what you actually have in your inventory, you could lose a customer.
Rely on the experts at Unilog to help you build a superior digital branch your customers expect and can trust. Our CX1 Platform provides a connected product content and commerce solution with deep connectivity between your eCommerce site, ERP, and all the other systems and applications you use to run your business. With B2B-specific features, efficiency tools, and dynamic interface, Unilog’s eCommerce software meets your customers where they are to deliver the experience and transparency they demand. Contact us today to see what our eCommerce solutions can do for you.