6 Main KPIs For B2B E-Commerce Market Place

6 Main KPIs For B2B E-Commerce Market Place

Selecting the right measure and measuring things right are both art and science. KPIs influence management behavior as well as business culture.

Using appropriate KPIs for B2B e-commerce marketplace helps marketers to evaluate the progress of their marketing models and also assists them in making more informed, data-driven, less risky, and profitable business decisions.

Key Performance Indicator (KPI), are crucial for measuring the progress and success of your online business. They force you to think about the true impact of e-commerce on your business. 

By setting and measuring KPIs, you can tangibly assess where your strengths and weaknesses lie, and in turn, where you should be heading next — helping you to recognize your future business strategies.

In this blog we will describe 5 important KPIs for B2B e-commerce marketplace that will help you evaluate even the value of even the intangible assets in your business:

KPI 1: Online customer retention rate

This B2B online sales KPI lets you identify ways you can advance your B2B customers’ buying experience and drive repeat business.

Customers tell us that their B2B e-commerce platform is an alternative to other sales channels, so they want to compare how customers shift between various channels on an individual level.

For example, if customers place orders online more often than before, this can indicate that your web store successfully fulfills their needs. But if customers change back to offline ordering after the use of your B2B e-commerce platform, this might mean that the web store is falling short and needs improvement.

KPI 2 : Repeat e-commerce site visits

Repeat purchases are important B2B e-commerce KPI for B2B sales. In addition the number of customers returning to your web store might be just as critical. This B2B KPI shows how well your sales portal is meeting needs beyond just placing orders.

The difference between selling to consumers (B2C) and professional buyers (B2B) is that a visitor is always a customer in a closed B2B web store. If a customer keeps visiting your online portal it means that it serves a purpose for them.

Customers get very satisfied with the way web store helps them to  find the information they are looking, 24/7. It might not only be just for product details, but also information such as the online and offline orders they placed before — even if they were placed years ago.

KPI 3: Customer satisfaction with your B2B e-commerce

Using online tools to measure customer satisfaction it is more widespread among retailers than wholesalers, manufacturers, and distributors. This makes measuring customer satisfaction a bigger challenge. But it also means that B2B companies can comprehend a quick win by applying online tools that let them measure and report on customer satisfaction.

This isn’t the only way you can keep track of customer satisfaction. Relationships with B2B buyers are more personal than in B2C, so you can conduct in-depth interviews to learn more about the why and how of the online shopping experience.

KPI 4: Online order frequency

This KPI points to what level, an online sales portal upgrades the state of your sales and customer support teams.

For many of our customers, B2B e-commerce it’s more about the percentage of orders placed online.

Even though small orders combined are often a crucial part of any business, they consume a lot of time to process offline and as a result tie up a relatively big chunk of your resources. If these orders can be placed online directly by your customers, this will have a helpful result on the amount of work to be done by the sales and support teams.

A B2B e-commerce platform releases your sales team hands to take care other client requirements. This allows you to increase the amount of orders you can develop without increasing your staff.

KPI 5: Average order value for your online sales

This KPI allows our customers to figure out if your online sales portal, alters your buyers way of behaving.

B2B businesses not only have the skill to compare this KPI with other points in time but also on an individual level and in comparison with offline orders placed by the same customer.

This B2B e-commerce KPI should show whether you are taking advantage of the cross-sell and upsell potential of your e-commerce platform. It will also allow you to find out whether you are serving your customers find not only the products they’re looking for, but also the products they need.

KPI 6: E-commerce orders placed outside business hours

In addition to the above a good B2B e-commerce KPI is orders placed outside working hours. Indicates that you are satisfying a need for your customers.

A more demanding metric is the average order value of customers who perform an online research before putting down their orders offline. Measuring the average order value of these orders with the average order value of offline customers who don’t do online research, you can specify whether your B2B web store offers the right information concerning your collection or specific products.

The Benefit of Monitoring B2B-Specific KPIs

With these specific B2B e-commerce KPIs for online sales, it would be easier to have an eye on the details and the bigger picture. Have a track of B2B e-commerce metrics it lets you see the return on your investment, and also helps you identify trends that you can then take advantage on how to get more customers ordering online, and with increased frequency.