One thing is for certain: Nothing is for certain.
The pressure is on for B2B companies to migrate online, especially in the age of COVID-19. Flexibility is essential to the survival of these businesses as human beings continue social distancing worldwide.
For some industries, such as travel, it marks a doomsday-like scenario. However, for many other businesses, it presents a brand new chance to adjust business strategies and an opportunity to reinvent itself.
Specific markets are thriving — particularly eCommerce, digital learning, and online gaming — and how businesses search for, interact with, and pay for services, products, and partnerships are changing. This online migration is crucial not to be left behind, but also to create revenue streams throughout the pandemic and prepare for the new normal in a post-COVID-19 world.
It’s unlikely that B2B interactions will immediately return to the commonplace feel of handshakes inside favorite meeting rooms or conference centers once the pandemic recedes into normalcy.
To prepare for this shift, SMBs must seek out fiscally-responsible ways to migrate from offline to online solutions — or better yet — an omnichannel business model offering various ways to interact in-person, online, and through social media.
Successful eCommerce-as-a-service providers can facilitate this migration and facilitate the ability to send and accept payments digitally and online.
Yet according to the Harvard Business Review, executives are hesitant to make the switch to online.
The article states that everything from product and marketing strategies, processes, and operations is molded by how B2B transactions are performed and how relationships are built. It’s time for a shift in thinking.
New revenue streams
With change comes opportunity. For SMBs and well-established companies alike, this opportunity shows itself as the result of the inability to provide products or services face-to-face. Gone are the days where businesses are seeking out physical locations to conduct business and transact.
In-person negotiation has slowed, but demand has not. When movement and being social are frowned upon, it will be the businesses that do nothing during the pandemic that will be left behind.
By not going online during the time it makes the most sense to do so, B2B companies who decide to stick to traditional ways of offline business will become obsolete in post-COVID life.
Embracing flexibility amid uncertainty
For those businesses able to survive the skidding market, their eCommerce migration will be looked back on as their saving grace. The companies that act now to send and receive payments between their employees and business partners will position them in a position of success in an ever changing world.
The future remains uncertain. By becoming flexible and embracing the chaos, B2B companies will adjust better as complications and problems arise. How businesses interact with and service clients or partners — while embracing the new online and digital ecosystem — is imperative for success today and forever.
Take a look at these nine companies who have had immense success since transforming their B2B business online.
- Flexfire LED.
- Selini NY.
- The Knobs Co.
- Berlin Packaging.
- Atlanta Light Bulbs.