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According to an article by the Economist, even big clothing stores such as Nordstrom and Macy’s grappled with the disruptions in the market and have been forced to shut down some stores. Moreover, it is stated that the shares of Nordstrom “have plunged by roughly half over the past year.”
On the other hand, mass-market retailers like Walmart and Target seem to be thriving lately. According to the Economist’s article, “Target’s digital sales have risen by at least 25% every year since 2014.” A crucial reason for Target’s success in such demanding market conditions has been linked to adopting clever e-commerce practices along with expanding the variety of products.
So what can B2B companies can learn from Target’s example?
Thomas Igou of Copperberg had this say:
“In e-commerce, B2C is usually a trendsetter for B2B, as our consumer behaviours first need to change before we take and adapt that change into our workplace and professional behaviour. What this says is that advanced e-commerce technologies used by retail giants like Walmart and Target to create a seamless one-stop shop are the key to success. And we’re very far from seeing one-stop-shop platforms on the B2B side. Copperberg research shows that right now, only 18% of B2B e-commerce platforms cross-sell their own products and other manufacturers’ products to create a one-stop shop experience. That means the average B2B buyer, if he/she wants to fill his/her cart, will need to visit multiple platforms to get the complete solution. Or go on Amazon, perhaps…”
If you are interested in learning more about how to improve your e-commerce website, read our interview with Fernanda Cristo. Fernanda Cristo is the e-commerce manager of Puratos France and one of the speakers of our first ever e-connect Europe conference which will bring e-commerce leaders from the European manufacturing industry together.