B2B Ecommerce is an explosive growth market showing no signs of slowing down anytime soon. This is exciting on two fronts. Not only for the tremendous growth opportunities for B2B companies but also the sheer size of the market. Forrester predicts a compounded annual growth rate of 7.4 % while reaching $1.2 trillion by 2021.
However, ecommerce and social media are significant forces that have had a huge impact on small U.S. manufacturers in recent years. Most major buying decisions start with a search on the Internet and this is now hitting manufacturers hard. For example, Forrester also predicts B2B Ecommerce buyers conducting research on products will dramatically increase as well. From 38% to 55% over the next three years. There are incredible opportunities for small U.S. manufacturers to exploit in this exploding global market. Yet, many small manufacturers struggle with executing search strategies while also maintaining a healthy web presence..
Problem or Opportunity
It can be extremely expensive, challenging and frustrating for a small manufacturer to create a robust company website. As well as properly attack keyword search results and social media marketing strategies.
Social media allows a company to engage and respond immediately to customers on a much more personal level. This has been a significant problem for small U.S. manufacturers who continue to struggle with social media marketing strategies. A company only has one chance to make a great first impression. It usually starts with their website and social media platforms.
American manufacturing is absolutely essential to the U.S. economy. Manufacturing in the U.S. as a stand-alone entity would be considered the 9th largest economy in the world. In addition, according to the National Association of Manufacturers, there are over 200,000 U.S. manufacturers with 20 employees or less (National Association of Manufacturers, 2016).
Digital Immigrants Struggle with Technology
A large number of owners of small manufacturers fall into the generation of either baby boomers or Generation X. These individuals are digital immigrants (born before 1980) who severely struggle with embracing technology. This includes ecommerce and social media marketing strategies.
Social media has completely changed the landscape for business-to-business communication across the supply chain. Especially through distribution channels. Many small businesses are discovering that ignoring social media is extremely dangerous for a business of any size.
B2B Ecommerce at Falconer Electronics
Falconer Electronics recently launched a brand new B2B Ecommerce store. This has been an extremely exciting process for our company. Being a traditional manufacturer for over 30+ years, this was certainly a challenging task. Embracing new technology is critical for small businesses to remain competitive and profitable.
Thank you for reading our blog on B2B Ecommerce. As we continue our series on B2B Marketing, executing marketing strategies is critical. In addition, here are a couple helpful posts on social media platforms and blogging for your business.
Wishing you an ELECTRIFYING DAY!