Business-to-business or B2Bs have a global market value of over market valuing US$17.9 trillion. It is one of the industries that was severely affected y the pandemic but has also grown the strongest in the past year. As with other industries, it has adopted digitization and automation to streamline processes and save money as well. No-code development has been a key contributor to this digitization with its ease of adoption and cost efficiency.
B2Bs are businesses that focus on products and services for other businesses such as wholesalers, retailers, and manufacturers. They dont cater to end consumers but they are a critical part of bringing a product together. Digitization and e-commerce have been driving B2B sales contributing almost 12% of sales last year. By end of 2023, they expect digital sales share to climb by 17%.
As with other businesses, investments in these tech trends are also increasing. There has been a recorded 15-25% improvement in sales contribution through the digital transformation in sales. No-code development has a rapid development in 2022 and is expected to be used further by businesses of all sizes. Some B2B businesses have already adopted no-code development in their digital structure.
As we enter 2023, we want to know what trends in B2B can be done with no-code and what impact will it do on the growth and development of the B2B industry. We will see the benefits of applying no-code to their B2B companies.
B2Bs did not escape the need for digitization. B2Bs usually adopt digital efforts slower than B2Cs with multiple complex processes such as longer deal cycles, intricate request for proposal processes, and vendor negotiations. Adoption sped up during the pandemic which allowed them to keep B2B sales going on. More B2B companies have digitized than B2C companies and applied technologies like blockchain, artificial intelligence, and robotic process automation (RPA). Fortunately, these technologies are accessible with no-code development and we discussed them in-depth here.
Customers in B2B also expect a level of accessibility and ease as they did in B2C. This is why B2B sales have been affected positively by higher digital investments. Apart from the financial gains, what other benefits are B2Bs adopting that makes the hassle of transformation worth it? Here are some of those key advantages:
Through the adoption of e-commerce, profitability is boosted and a new business channel is born. It also lowers customer acquisition costs and can be a great source of lead generation. With a more accessible sales channel, orders can also come through any time and any day of the week which can add to the customer experience. Bottom-line is also improved with reduced operational costs to generate a sale.
Many businesses have shown that digitization can integrate operations better and automate manual processes. This efficiency helps in reducing errors and streamlining internal operations which can help them finish jobs faster and can handle additional customers.
With digitization, there is an opportunity to gather more information on customers and create data-driven marketing efforts. By doing this, it enables B2B businesses to create custom-fit marketing campaigns for different accounts, personalize the right lead with the right content and maximize marketing ROI.
Digital transformation can be challenging to execute since surveys show that almost 70% of complex, large-scale businesses have difficulty executing digital goals. However, no-code development has been a tool that can adjust to their business model because of its agility and scalability. No-code is an excellent solution to add to the arsenal of tools ushering in the digital revolution. As we discussed in a previous article, How to Apply Hyperautomation with No-Code, businesses saw the potential of hyperautomation in the overall bottom-line sales.
The ongoing skills gap can also be a barrier to getting custom software development for their business. No-code citizen development is a great way to maximize manpower and to help build an app or software that will cater exactly to what the business needs.
B2Bs also need to do marketing to keep B2B sales going. Integrating no-code marketing technology tools can help in workflow automation and enable marketers to use drag-and-drop tools and other intuitive user interfaces to set up complex workflows. By using no-code martech tools, marketers can enjoy the following benefits
No-code development can also help in cash and payments management flow rather than doing everything manually. Financial technology can assist businesses in overseeing their accounting and finance records.
B2Bs are consistently growing but still have a lot of catching up to do. However, technology is helping ramp up sales and efficiency. This is where no-code development comes in to assist businesses in overcoming the skills gap problem of digitization. No-code can be launched easily and has a faster ROI than using custom development. Reports show financial advantages for B2Bs that adopt a digital transformation strategy to gain profits in the long run. This is why B2B is more than just a B2C business tool but an all-business tool that can be used in the future.
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