We now live in a world that is run by digital experiences. In 2018, eCommerce in North America grew by 15% to over $500 billion. Businesses everywhere fully understand the impact that eCommerce can have on revenue and are constantly looking for ways to drive more sales.
Using promotions in business is a tried and true tactic used to market new products and increase sales. Sales promotions in the B2C world is common and fairly simple; consumers even seek out promotions and use them as a factor in their purchase decision.
- Last year, consumers redeemed 2.84 billion coupons (of 319 billion coupons distributed) (Source)
- About 93% of shoppers use a coupon or discount throughout the year. (Source)
- Consumers are 4 to 5 times more likely to make a purchase if free shipping is offered. (Source)
However, what many businesses don’t realize is that the same promotions that get customers excited in the B2C world can be used in the B2B world as well.
One of our customers, a large, global cosmetics manufacturer is using the powerful business logic of Four51’s OrderCloud platform to create custom and complex promotions to improve the ordering experience for their salon buyers. Using promotions, they have been able to promote new products to encourage sales, get rid of extra stock and reward valuable buyers.
Here are 4 Types of Complex B2B Promotions:
- Free Shipping – B2B orders can be large and as a result, expensive to ship. An appealing promotion for B2B buyers is free shipping. A promotion can be used to trigger free shipping when a certain product is added to the cart or the cart reaches an amount threshold.
- Promotion Allocations – Promotions can be used to allow specific customers to take advantage of limited edition products or products with a set amount of inventory. In these cases, you can run a complex B2B promotion that allocates a certain amount of product based on local, regional or national levels. You can limit the amount that can be ordered at a certain level, and if you choose, allocate additional inventory when that amount is reached.
- Limited View Promotions – Promotions can also be set up to run for a certain set of customers based on things like contract size, location, or customer type. Using rules, these types of complex B2B promotions would then only be viewable for a certain subset of customers.
- Choice Promotions – With a choice promotion, when a customer selects a predetermined amount of a specific product, they are able to select additional products for free. B2B eCommerce allows you to regulate the type of products your customers can bundle, or give them the flexibility to select whatever products they want.
Running promotions are a great way for B2B businesses to encourage buyers to place larger orders, repurchase popular products and order new products. OrderCloud by Four51 has 20 years of B2B business logic built into the platform that can help you manage the complex B2B promotions and deliver game-changing results.