E-commerce is such a lavish and vast industry with endless opportunities and so many unopened doors that it can change the complete future of any company. The power of the e-commerce industry remains untouched and undiscovered. There‘s so much where e-commerce companies can remodel their work massively, but the challenges remain the same or keep on changing, and the struggle is constant.
One such struggle is order management in e-commerce, the back-end process for managing and fulfilling online orders. And surely onboarding, or saying yes to incoming orders, is compelling and glossy for once. But the real deal starts when businesses need to look after fluctuating inventory demands, unsatisfied customers, rising expectations, and client inquiries.
Sometimes companies overcommit and fail to deliver, but this is not something that scares companies; rather, it is high-value bulk orders that they are not able to manage effectively and efficiently.
Companies closely monitoring their B2B order management strategy and understanding where they are lacking helps them in the long run and gives them the upper hand for upcoming new or repetitive orders.
This is just one of the factors that B2B e-commerce companies can consider for order management; in fact, companies also hire b2b ecommerce development agency to increase the quality of their businesses and website. So without any further ado, let’s look more into this step by step.
Acknowledge your customer's needs.
To level up your order management, start step by step by understanding and acknowledging your customers and their needs. That way, you’ll know exactly what is required, what is asked, and what has to be delivered. In fact, collect feedback, do surveys, do thorough research on those data points, and see what their preferences are. And as per Deloitte's recent survey, it has been said that 60%–62% of B2B buyers expect customization or personalization in their buying experience. So overall, this customer-centric approach will lead to no waste of manpower, money, or time. Instead, it will help manage orders, leading to more orders, accuracy, and customer satisfaction.
Simplify your order processing.
Mistakes are human nature, and humans make errors when tired, demotivated, or not focused enough. But AI or automation won’t make mistakes, just like machines. And the study has revealed that manual order processing leads to a 5% error rate. And even a McKinsey report says that companies that use order processing automation have reduced their errors by up to 90%. Henceforth, start introducing advanced software solutions to make your order processing error-free and simple, leading to time and cost savings.
Incorporate cost-saving inventory management
Buying goods or overstocking ties up capital, while stockouts lead to a loss in sales. And it has been found in studies that efficient inventory management gives 20% higher inventory accuracy and 10% higher order fulfillment rates. But without any further ado, companies should definitely start making use of techniques like just-in-time inventory and demand forecasting to maximize stock levels and reduce irrelevant or carrying costs, or else set re-order points.
Consolidate your systems
The world is now fighting over data, and companies are now well-versed in the power relevant data holds. Companies that gather data based on their purchases or sales know that this data will always come in handy for order tracking, marketing, or any other work. Data integration is like gold for B2B e-commerce companies for error-free and smooth order management. Businesses should start investing in integrated systems like ERP, CRM, and e-commerce platforms to ensure correct order tracking, easy communication, and continuous data across the board.
Customize and divide the ordering process.
Customization or streamlining should be any company's basic concept, not just B2C. In fact, B2B also, As per Salesforce research or reports, 76% of buyers expect companies to understand their unique needs. So, similarly, businesses should offer chances for clients to customize their own order templates, catalogs, and pricing for the benefit of both the company and customers, basically creating a better ordering experience that shows benefits and loyalty to customers.
Offer self-service tools.
Making your customers feel important is the company’s way of boosting their revenue, and once you offer self-service tools or portals, customers will be satisfied and feel empowered. A recent study by Gartner revealed that 70% of B2B customers prefer using self-service facilities for reordering. Henceforth, introducing self-service tools will reduce your administrative workload, improve order processing, and even boost it.
Access to transparent order tracking
Real-time access to customers' orders is like the cherry on top; it builds up trust and credibility in any company. Customers believe in the company and their transparency in the order tracking. It makes them feel secure and informed about their order journey. Companies can inculcate automated notifications about the exact location and other details. In fact, a recent survey by Statista shows that 60% of B2B customers consider transparency in order tracking a critical factor.
Improve the communication channels.
Good communication is the key to any relationship with your partner, friends, or business. Good communications safeguard you from misunderstandings and other assumptions that customers can make. A study by HubSpot says that 82% of customers expect an immediate or quick response from businesses. Henceforth, companies known for their customer service or support will have better credibility in the market. Many companies are good at their product but not at customer service, leading to a drop in customer retention rates.
Closely monitor and analyze the performance.
Track your metrics like order accuracy, fulfillment time, and customer satisfaction to improve in certain areas, and continuous watching through the data analytics leads to quick decisions and better plans and strategies for the future. In fact, a study by PwC revealed that top-performing B2B companies are 50% more likely to use data analytics for decision-making.
Zeal for continuous improvement and adaptability
The world keeps moving, and it stops for none, be it any crisis, but change remains constant. Businesses need to understand that traditional methods don’t work anymore. Yes, they are legendary and classic, but one still needs to adapt, accept the change, and improve with that acceptance. There is always room for innovation and creativity. The improved quality, new features, and higher efficiency give a new vision for both customers and businesses. Henceforth, regular critical feedback and acknowledgment of pain points will put your business ahead of the curve.
Conclusion
Overall, it’s high time that companies start recognizing the importance of order management and its benefits. The B2B e-commerce industry is evolving and asking for more over time. And only a few businesses have started realizing it. Still, it’s not too late for you to implement the above strategies in your business and drive good results with the help of automation and regular improvement in operations and customer relationships. Businesses can also take help from b2b ecommerce software solutions companies Using b2b ecommerce software solutions can be beneficial for growing your ROI in the future.
