Magento has always been a forerunner in the B2B space. With its current 2.X version, B2B offering is strengthened through innovative features, integration capabilities and configurations specifically catering to B2B business.
While the B2C component possesses increased security, personalization features, integration and future proof CX, Magento B2B has also got some very useful features like the shared catalogs, negotiable quotes, and default B2B payment methods. Here are some of the capabilities an e-commerce system built on the Magento Commerce Cloud (typically their enterprise edition) can provide that specifically aide in operating a multi-faceted B2B business.
A feature which helps capture all the necessary basic company information in the account registration page including the statutory details like the tax details, licensing details, etc. It also aids in capturing the company structure, users and their relevant permissions.
B2B is all about exclusive pricing and promotion for your customers. The shared Catalogue is exactly built to address this need. Magento allows you to create multiple catalogs and share them among different companies in your system. The B2B provider could publish a public catalog and could create custom catalogs that are visible only to members of specific company accounts.
Unlike B2C, where the catalog is almost infinite and there is a need to increase dwell time in the site to increase revenue, Magento 2 B2B is all about making ordering as easy as possible thereby meeting the buyers’ demand. With this feature, buyers can directly enter product SKU’s or import them into the Quick Order form, use requisition lists, copy a previous order for a fast checkout, and quickly finish the transaction with minimal clicks.
This is more like a B2B wish list, where the company could store up to 999 lists so that order could be placed as a list of items within the list. Using a requisition list saves time when purchasing frequently-ordered products because items are added to the shopping cart directly from the list. This again goes a long way in helping place orders of multiple items with ease.
Bulk orders are common in B2B, so an advanced e-commerce system with a streamlined workflow can attract buyers requesting a quote. This feature helps an authorized buyer from a company to initiate the price negotiation process by requesting a quote from the shopping cart.
Payment on Account
A lot of B2B transaction is on credit and the payment is seldom online. The Payment on Account allows B2B companies to extend credit to customers in addition to traditional payment methods like credit cards and PayPal that are already built into Magento. It enables the company to not only pay offline but also account the same to reconcile into the transaction at a later point of time.
Apart from the above, there are several multiple integrations supported, which enable a seamless connection with the ERP and other enterprise systems to manage the order, stock and transaction flow in a company.
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