22, May 2024
As per the US Bureau of Labor Statistics, American families dedicate six hours every week to household planning and shopping, much of which occurs online at Walmart. As the world’s largest retailer, Walmart generated over $82 billion in e-commerce sales in 2023. This shows that the majority of B2B e-commerce transactions are shifting to a digital platform. Accordingly, our analysis predicts that the Global B2B E-Commerce Market is set to rise at a CAGR of 22.98% over the forecast years 2024-2032.
AI enables highly personalized shopping experiences by analyzing customer data and predicting purchasing behavior. This leads to more effective targeting of consumers and higher conversion rates. With a wide database, AI systems can predict inventory needs, deal with supply chain management, and optimize warehouse operations to reduce costs and improve efficiency.
Additionally, AI algorithms analyze market conditions, demand preferences, and competitor pricing to suggest optimal pricing strategies in real time. It also helps in detecting and preventing fraudulent transactions by analyzing patterns and flagging unusual activities.
In order to leverage these benefits, B2B e-commerce companies utilize Artificial Intelligence (AI) as a service to enhance their operations worldwide.
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Adobe Sensei: Part of the Adobe Experience Cloud, Sensei uses AI and machine learning to deliver real-time insights into customer behaviors, optimize marketing campaigns, and improve content effectiveness.
SAP Leonardo: This digital innovation system integrates AI capabilities into the SAP Cloud Platform, supporting machine learning, analytics, and blockchain technology, which enhance the capabilities of B2B e-commerce businesses.
Oracle AI: Oracle’s AI solutions offer capabilities from automated customer service agents to advanced analytics and data management systems designed for complex business environments.
Recent years have witnessed significant in B2B e-commerce trends, driven by technology and changing business needs. Modern B2B e-commerce platforms are integrating AI to improve user experiences and operational efficiency.
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Generative AI offers innovative B2B e-commerce solutions to enhance product presentation, especially for generic products that might otherwise be overlooked. Here are some key applications of generative AI in e-commerce to improve customer experience and operational efficiency:
Customizing product designs that better match customer expectations
Automating the creation of unique and compelling product descriptions based on specifications and reviews
Optimizing dynamic pricing strategies in real time by analyzing competitor prices, demand trends, and inventory levels
Here are some notable acquisitions and partnerships integrating Generative AI:
Walmart and Microsoft Azure Partnership in January 2024 enhances Walmart’s B2B e-commerce platform using Microsoft Azure’s cloud computing capabilities. This new capability is designed specifically to understand the context of a customer’s query and generate personalized responses.
One of the reasons Walmart and other leading retailers are opting for Azure OpenAI Service is the access it provides to the world’s most advanced AI models, coupled with the robust enterprise-grade features and regional availability.
IBM and SAP collaboration stated their plans on May 8 2024, to extend collaboration to help clients evolve into next-generation enterprises with generative AI. Initially, IBM intends to integrate AI capabilities across SAP’s range of cloud solutions and applications.
This strategic partnership also aims to deliver financial solutions for the CFO’s office, supply chain management solutions, human capital management solutions, SAP Customer Experience solutions, and intelligent spend management solutions.
Innovation in Salesforce: In 2023, the company unveiled a groundbreaking innovation with Einstein GPT, marking a milestone as the inaugural generative AI CRM technology globally. This tool redefines customer interactions across sales, service, marketing, commerce, and IT by generating AI-driven content.
In simple terms, Einstein GPT empowers sales teams to craft personalized emails, enables customer service representatives to swiftly address inquiries with tailored responses, assists marketers in generating highly targeted content to boost campaign engagement, and aids developers by automatically generating code.
Generative AI is revolutionizing B2B e-commerce websites by offering personalized experiences, automating content creation, and streamlining the purchasing process. These advancements enhance customer satisfaction and improve operational efficiency for businesses. With the integration of advanced technologies and a shift towards sustainability, businesses are finding unparalleled opportunities for growth and innovation in the B2B e-commerce industry.
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B2B commerce is experiencing a significant transformation as traditional sales models are rapidly becoming obsolete, with the majority of B2B transactions between suppliers and buyers moving to digital platforms. With the help of AI, within the next decade, every product and service shall offer a digital shop, purchase, or self-serve option.
Q.2) What are the key characteristics of B2B e-commerce?The characteristics of a B2B e-commerce website are Wholesale purchases, customized pricing, Advanced Payment Method, Restricted access, etc.
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