In the world of B2B retail, personalization has become the new buzzword. With the ever-increasing shift towards digital-first commerce, businesses are scrambling to stay ahead of the curve and deliver their customers a personalized experience that goes beyond the basics of website functionality.
It is no secret that buyers are more likely to choose a vendor that offers a tailored experience. Still, when it comes to B2B, the challenge is to replicate the longstanding buyer/seller relationships that have traditionally been the backbone of this industry.
In this article, we will explore the ins and outs of personalization in B2B retail, why it differs from its B2C counterpart, and most importantly, how we at Sogody have been doing it for multiple brands.
So, whether you are a seasoned B2B retailer or just dipping your toes into this space, read on to discover the magic ingredient that will take your e-commerce game to the next level, best delivered by our Spell & Sell team.
As businesses navigate the "next normal," it is becoming increasingly important for B2B companies to provide a personalized experience for their customers. It makes doing business with a brand more convenient, efficient, and easy. By understanding the unique needs of each individual user, brands can tailor the experience to their specific requirements and create workflows that provide a seamless experience.
Personalization in B2B e-commerce has a number of objectives, including making complex procurement processes as simple as possible, reducing sales and customer service costs at all touchpoints, and optimizing the processes associated with the entire customer life cycle - for the benefit of both the seller and the buyer.
While personalization is a key strategy for both B2B and B2C businesses, the approach taken is vastly different. B2C personalization focuses on catering to the individual consumer, targeting their interests and behavior to provide a unique shopping experience. It is primarily about driving revenue and increasing the value of a transaction.
In contrast, B2B personalization focuses more on building relationships and creating efficiency within the sales process. It is about getting the customer to buy more because it’s convenient, efficient, and easy to do so.
In B2B e-commerce, there are no impulse buys. B2B customers are not just a single individual making a purchase decision, but a group of individuals with different roles and preferences. This makes personalization more challenging, as it requires understanding the unique needs of each user within the organization.
B2B companies need to contextualize their site experience to meet the unique and dynamic needs of their customers. This requires a deep understanding of industries, accounts, and use cases, as well as an understanding of products. Personalization must occur in a way that increases the efficiency of every role and adds value to the components of B2B commerce that really drive its true objectives. A contextualized experience is crucial, as B2B purchases are made to solve a specific problem and reflect an urgent need.
At Sogody, we understand that B2B personalization is essential for any company looking to succeed in the competitive digital marketplace. That is why we offer a comprehensive solution that utilizes powerful analytics and advanced machine learning technology to deliver 1-to-1 personalization at scale. By personalizing customers’ journeys based on the page they visit, the products they view, and the actions they take, we can significantly increase Marketing Qualified Leads (MQLs) from the site.
Our technology does not stop there. We also offer website personalization for existing customers, which can increase feature adaption, retention, and enrichment. By tailoring the experience to each individual customer’s needs, we can improve their overall satisfaction with a brand and increase their lifetime value.
Additionally, we personalize based on UTM parameters, which can decrease cost per click (CPC) and cost per acquisition (CPA). By using insights across all levels of personalization technologies, we help customers accomplish their goals in real-time. We understand that e-commerce personalization is not a one-size-fits-all solution, and that is why we offer a variety of tactics to meet the complex and changing needs of B2B customers.
At Sogody, we believe that adopting an advanced, unified personalization solution is essential for retailers looking to succeed in the digital age. Our industry-leading product findability and navigation, faced search, and real-time product recommendations set us apart from the competition. By improving the findability of products and intelligently displaying results, brands can meet their customers’ needs and exceed their expectations.
If you are interested in seeing our technology in action, we invite you to reach out to our team.
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16 March 2023
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