Three B2B buying styles changing retail business management

 In CRM, ERP, Netsuite, Oracle

RXD SYSTEMS LOS ANGELES: There are three B2B buying styles changing retail business management. In a few short years, the retail sector has transformed itself globally. Both consumer and B2B buying methods have changed dramatically. Online shopping is an obvious development that has overtaken the demand for high street stores. As a result, this has caused headaches and liquidation for many traditional retail business models.

However, these casualties of the digital age have fallen by the wayside because they’ve failed to embrace the inevitable industry changes. These changes have transformed both shopper and buyer experiences. Today, there are three main preferences that are guiding the retail sector and driving a buying revolution.

NetSuite product sourcing protocol

A company buying department in an SME might have a team of five employees researching buying habits and products. But the decision-making process of acquiring new buys involves a lot more people. Focus groups examine the market value of the product. These are comprised of different demographics and cultural requirements to test suitability and market strength.

As the retail sector is now a global concern,  influencers are used in different geographic locations to provide their feedback on a new line or buy. Furthermore, because of this group’s diversity, there can be different and sometimes conflicting priorities towards the services and/or products being examined. Added to this is the financial perspective, from forecasts to goals and strategies to implement growth and distribution.

Furthermore, there is a huge amount of data to collect before a decision is even made on a product buy. Keeping track of the data during this process can be convoluted. It’s essential all buying habits, trends, and selling strategies are examined, so a true picture of that product’s market value can be assessed.

NetSuite reach and interest

As the retail industry has mushroomed in the online boom, so have the methods and means of reaching the right customer markets. Today, there must be a multi-pronged approach. This should involve harnessing the power of social media channels, business networking. Similarly, it should include the generation of reviews and multiple selling point outlets. Ease of distribution is another essential element. The patience of customers has shortened sharply as a result of the Amazon effect. The need-it-tomorrow generation will shop elsewhere unless access is fast and efficient. NetSuite enables businesses to compile data and forecasts in real time.

Online product research

That takes us to our final buyer preference. Online product research sees buyers spending increasing amounts of time researching potential products online. They do this before sharing that product with a focus group. A recent study by Forrester indicates that as many as 74% of B2B buyers do more than 50% of their product research online.

However, this is not a fast process due to the size of the online playing field. Similarly, researching the value of a potential product online now takes 22% longer (according to research by SiriusDecisions study) than it took five years ago. As increased numbers of businesses take their services and products online, the sheer volume of data required to assess that information has grown exponentially.

Too much information

Furthermore, there is a tendency for seller companies to overload the web with information. While information is important, it must be provided in a strategic manner, without too much convoluted, unnecessary data.

Ultimately, all this research pays off for those who manage their data well and stick to a strategy.  According to retail studies, the majority of consumers must hear about a product five times before they will show belief in that product. That’s why a multi-pronged approach through multimedia channels is essential. It’s also why the use of your data and demographics needs to be accurate.

NetSuite provides a one-stop-shop solution to retail industry clients. We help those businesses looking for an end-to-end management system. NetSuite software is a cloud-based ERP service. NetSuite helps companies manage their essential business practices in one place. From measuring and forecasting growth to collating and collecting marketing data. From CRM, database management to e-commerce tracking. For more information on implementing NetSuite to your business management system, contact an RXD consultant today.

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