Do you know Why Magento is best for eCommerce business? Or What are the features of Magento that can work as a booster for B2B eCommerce?
The world of eCommerce is constantly expanding and most B2B transactions are moving to online platforms nowadays. So, when orders are processed digitally, B2B e-commerce sites need a strong and secure platform to increase sales.
Fortunately, Magento is gaining a reputation as a powerful platform for both B2B and B2C websites. Read this blog and get to know how you can grow your eCommerce store with Magento.
What Are the Key Features of Magento B2B eCommerce Store Development?
Magento is an open-source system where you can get various features and functionality in your Magento eCommerce store. Here we have listed the top 6 Features of Magento that every B2B business needs the most.
1. Orders and Demand Lists
A quick ordering process is much more important than browsing through catalogues to quickly grow B2B commerce sales. Magento 2.4 has several changes over time-related to online store purchasing methods.
The first feature I have to mention is the fast order. The good news is that Magento 2 Quick Order can shorten the ordering process with a list of desired products. All they have to do is upload the list of SKUs (stock units) in a CSV file and add the products to the cart with a click. Magento will then automatically validate the SKUs, check inventory, and notify customers if these products are available or not.
Second, merchants can create demand lists to make it easy to reorder products based on customer intent, such as best-selling products or the latest collections. Unlimited demand lists can be flexibly created and later assigned to selected customers. To enable wish lists, click Create a new wish list in your account sidebar, then add products to them.
2. Account Management
Because B2B buyers are entire teams or groups of people, account management is also much more complex than in a B2C business model.
Magento created business accounts as a specific feature for B2B users. This feature allows visitors who are representatives of any organization to request an account named admin. They can then create sub-accounts themselves with flexible permissions.
This feature is based on the company structure. This structure is useful for B2B businesses that provide business management tools to their multiple users with different roles.
Here are some benefits of the business account feature that you can get exclusively from Magento enterprise B2B edition:
From the seller's point of view:
- Get to know more clearly about B2B customers like their human resources, business structure, and so on.
- Manage all B2B customers easily in a practical grid
- Adjust Magento B2B pricing rules and marketing campaigns accordingly
- Grant specific payment and shipping methods for a group of customers
- Speed up the B2B ordering process and improve the customer experience
- Protect your content and assets from unwanted access.
From the perspective of buyers:
- Assign roles and permissions to use human resources
- Track your purchase and related data: offers, orders, wish lists, company credit, etc.
In the B2B business, maintaining customer loyalty is very important. Developing companies as customers and producing high sales from individual clients are the uphill battle.
B2B customers typically have less time to browse online and they want fast process order placing. So, if your eCommerce store takes more time in loading then the client will abandon their cart. As a result, you lose your customer and credibility.
Therefore, you need to reduce loading time by optimizing images along with front and back elements. Magento Marketplace provides several plugins to compress images when uploading to your website.
In addition, Magento also makes extensive use of server-side caching of page content and static assets to reduce response time, which is another key to fast page loading. You can also hire a Magento developer to do it for you.
4. Advanced Analytics
Unlike B2C, business-to-business websites require more detailed and personalized analytics solutions because each of its customers is unique – even if they order the same products.
It is essential to have a business analytics solution that allows you to tailor KPI tracking to each customer by catalogue, event, contract, etc. Magento Business Intelligence is a simple way to monitor the health of your eCommerce store. Especially with Magento 2.4, you can get the most detailed information from over 25 B2B reports in easy-to-use dashboards.
5. Purchase Workflow: Quotation and Negotiations Request
When it comes to B2B transactions, price negotiation is considered a tough and sensitive step. As a result, online pricing management should be handled wisely and flexibly. Since the release of Magento 2, it allows you to hide prices and set bid requests and price negotiation.
Thus, you can provide prices that vary according to customer groups. Hiding prices means buyers have to take extra steps to get discounts. Therefore, this flexible pricing policy will release the purchasing power of customer groups and promote connections between sellers and buyers. To some extent, this function allows you to hide the prices of specific products, and categories or to hide them from selected groups of customers. You can then also customize the Add to Cart button with your text and redirect it to your own URL.
When your customers are interested in your product, they call you directly or leave a request for a quote for further negotiation.
With "Quote Request" in Magento 2 Commerce B2B edition, wholesalers can submit a win-win price negotiation in a few steps:
- The seller will review the submitted offer and respond
- After receiving a reply to the offer, the buyers transfer the offer to the cart.
- Deferred payment
When it comes to B2B purchases with high-value orders and long-term partnerships, deferred payments occur regularly.
With the release of Magento 2.4, you can let companies complete their checkouts with deferred payments. This is a default feature, meaning it comes with the platform without installing any extensions.
In addition, merchants will be able to monitor customer credit data and specify limits for each account. This means that a trustworthy buyer can access more generous credit limits.
Apart from this, other fields such as credit currency, and reason for limit change are also displayed in the Business Credit section for easy correction.
Magento allows you to set a paid balance for each account. This is an offline payment made by companies for their arrears. The administrator will enter the refund amount manually in the company profile after they refund the money. Magento recalculates the arrears and records the action in the credit history.
6. Catalogue Authorization
If you want to protect your catalogue then catalogue authorization helps you in that task. Once activated, the new "Category Permissions" section allows you to apply the necessary access for each category. You can add multiple permission rules to each category for different sites and customer groups.
To configure category permissions, go to Store > Settings > Configuration in the admin sidebar.
Then find the Category Permissions section in the dashboard and set yes to Enable this feature in your Magento store. In the next step, set the Enable browsing category option, which applies to all categories in the online store.
If you want to allow members of a specific customer group to browse the products of a category, set the category to Specific customer groups
Those who are not allowed will be redirected to another landing page for more information. To restrict access, set the Allow browsing category to No, redirect to a landing page, and select a landing page to redirect visitors to.
In the Customer Groups field, select each group that is allowed to browse the products in the category.
By repeating this process, you can easily customize the permissions of other categories, such as product prices, add to cart, or search the catalogue. Be sure to click Save Config before refreshing the cache.
Next, to use category permission, go to Category Permissions, click New Permission, create a permission rule, and select the appropriate website and customer group. Then set individual permissions as needed and click Save. Now your eCommerce store is ready with catalogue security features.
Features of Magento B2B eCommerce: Final Words
In conclusion, there is no doubt that Magento is a specialized platform that effectively supports the operation of a B2B eCommerce website and makes it easier for eCommerce store development for your business.
With Magento, you just need to focus on improving and developing your business. I hope you get a better understanding now of the Magento features and how it helps in your B2B eCommerce business growth. But if you still have any doubts then you can hire a Magento Developer. That will guide you about the features of Magento and how you can use it in your business.
If you are looking to hire a Magento development Company in India then you should contact an expert like Pixlogix Infotech Pvt. Ltd.
This company provides you with the best solution for your eCommerce business. Apart from this, if you want any custom Magento Development Services then this company is the perfect place for your eCommerce store.
With a 99% of customer satisfaction ratio, you can get an idea about the quality of services. So, why are you waiting? Contact the support team of this Magento development company. And know how you can multiply your eCommerce business growth now.