B2B and the Pharmaceutical Industry

An increasing number of pharmaceutical and medical businesses are getting attracted toward B2B ecommerce solutions. The internet has drastically changed how consumers interact with innovation and technology, particularly in the last few decades. It has affected the way people study, research, and purchase services and goods through ecommerce as well. Although B2C ecommerce has entered in our everyday lives, the changes in the B2B industry due to the changes in B2C must be acknowledged by every B2B business owner.

The shift towards innovation and technology is so radical that it is predicted that B2B ecommerce will be twice the size of B2C in the near future. Ultimately, this will affect pharmaceutical and medical supplies businesses as well.

Should You Embrace the Digital Trend?

As a pharmaceutical and medical business, you may be hesitant about taking your business online. Conventionally, the pharmaceutical and medical B2B industry works through salespersons and sales representatives who build personal relationships and provide prescription discounts. Because of this, many sales professionals initially perceived B2B ecommerce as a threat to their roles.

Yet, over 70% of B2B buyers research the products and services online along with any prescription discounts and once they make their decision, more than 90% of them proceed to the make a purchase online. Pharmaceutical and medical distributors as well as hospital procurement managers are quite similar to these buyers. Even more, it is expected that over 80% of all B2B seller-buyer relationships will be efficiently handled without any human interaction in the near future.

At the same time, only about 11% of pharmaceutical and medical supply businesses have embraced the B2B ecommerce option. This means that smart businesses and wholesalers have understood the importance of B2B and are willing to capitalize on the amazing benefits that B2B ecommerce offers to their business’s growth and profits.

Why You Should Consider a B2B Ecommerce Solution

B2B ecommerce is not just limited to an online ordering system, it also allows you to effectively grow your business by helping you improve your services, scale up their business, and increase their sales.

Penetrating New Markets and Attracting New Prospects

Pharmaceutical and medical B2B buyers are already making their purchases online. If you don’t have a B2B ordering portal, then you are missing out on a great opportunity to attract a relatively large pool of potential customers. The B2B ecommerce solution allows you to reach more prospects and penetrate new markets with low costs simply by making your B2B solution available in other languages. Not to mention it will be open 24/7 so you can take orders from anywhere at any time.

Improving Your Operational Efficiency and Enhancing Your Business Services and Processes

With the help of a B2B ecommerce software, you can harness several powerful, advanced tools and track the progress of your business cycle more intensively and closely. Furthermore, digitizing your sales allows you to use highly effective digital marketing tools to increase your average order value and the volume of your sales.

Apart from this, you can improve the purchasing experience for your customers via a reliable B2B ecommerce solution. This is because this solution makes the ordering process transparent as any customers can contact your customer service at any time, check their order status, look for prescription discounts, download your product catalog, quickly reorder their preferred items, view past items, and manage their account easily on your website.

Last but not least, a B2B ecommerce platform allows you to create a unified and solid business process by streamlining logistics and warehousing and automating and integrating your sales transactions.

Channeling Up, Scaling Up

You can open up new sales channels via the B2B ecommerce solution. Mobile phones and tablets are only two of them. Over 70% of pharmaceutical businesses with a B2B portal site state that their clients use desktop and mobile devices for access. Hence, you can scale your business by launching your online B2B store and take a step towards growing your business.

Increasing Productivity and Saving on Costs

Ecommerce software introduced the automated selling process that eliminates the need for additional manual work. This is because your customers input their order themselves. Apart from this, it also minimizes processing errors and irons out inefficiencies to deliver cost savings. This allows customer service agents and sales reps to concentrate on improving their services rather than simply contacting your clients and taking orders. Even more, you can simplify billing, improve inventory and shipping process, and decrease order errors by integrating your website with your enterprise resource planning.

With B2B ecommerce growing fast, smart pharmaceutical and medical wholesalers and businesses will seek to converge the growing trends.