For manufacturers to best serve their customers in light of persistent economic doldrums, low margins, and fierce global competition, they need to be nimble, forward-thinking, and willing to adapt not only their products but also their business models. Embracing e-commerce and business model innovation can be critical in maximizing efficiencies for buyers and sellers throughout the supply chain.
Just as business-to-consumer (B2C) websites (e.g., Amazon.com) have revolutionized the retail world, manufacturers are recognizing that business-to-business (B2B) e-commerce is a faster, more efficient and sustainable way to grow business, retain and expand their customer base, and interact with prospects. E-commerce enables customers to compare prices, place orders, check order status and generally “self-serve” at any time from anywhere in the world. This presents a tremendous advantage, especially to a new generation of customers who are comfortable with purchasing online. Innovating in the business model space can help companies meet the complex requirements of today’s organizations in areas such as protecting cash flow, managing inventories and capturing savings.