With 80 percent of respondents to Gartner’s Digital Business survey intending to increase their B2B digital commerce IT budget for 2017, Magento Commerce’s 2.2 has been released just in time to capitalize.
Related: Magento Commerce Named a B2B Leader by Forrester
This September’s release includes the long-awaited B2B functionality that helped secure Magento’s status as a Leader in B2B Ecommerce. Did you know Forrester estimates that B2B ecommerce will reach $1.2 trillion and account for 13.1 percent of all B2B sales in the US by 2021? At the end of 2017, Forrester expects ecommerce to reach $889 billion and represent 11 percent of total B2B sales in the US.
Magento’s B2B Commerce functionality is designed to meet the needs of merchants whose primary customers are companies, rather than consumers. Companies can create and maintain their own accounts, each with teams of buyers with various roles and levels of permission. Its functionality also includes a flexible API that integrates with a variety of ERP solutions from Magento partners.
Being a long-time veteran in the B2B ecommerce space, DEG was able to provide feedback to our partner Magento during the multiple pre-release phases. DEG has helped bring many B2B companies’ ecommerce strategies to life. Historically, when requirements contained complex punch-out integrations or buyer-specific catalog permissions and pricing, we have created these customizations from scratch. With this new release, our teams can now build atop a foundation of existing features to bring a merchant to market faster than ever.
These features include:
- Quote Management: Buyers can negotiate directly with the seller for a custom discount. The system saves a snapshot of the catalog, and the history of all activity related to the quote.
- Company Accounts: Allows companies to create and maintain their own accounts with teams of buyers, roles, and levels of permission.
- Company Roles and Permissions: 70 percent of B2B purchase decisions include at least two decision makers. Almost 30 percent of B2B transactions include more than five decision makers. Roles for company users can be set up with various levels of permission to access sales information and resources to speed up the decision-making process.
- Custom Catalogs by Company, including Custom Pricing: Gartner said in its Digital Commerce Vendor Guide that by 2018, 40 percent of B2B digital commerce sites will use price optimization algorithms and quoting tools to dynamically calculate and deliver product pricing. Magento’s B2B Commerce offers a curated product selection with custom pricing for specific companies, while continuing to offer the standard catalog with regular pricing for general customers.
- Payment on Account: Give companies the convenience of charging purchases to their account, up to the credit limit that that you determine for the company.
- Requisition Lists: Maintain up to 99 different requisition lists to save time with frequently ordered products. Add items directly to the cart, or transfer items from one requisition list to another.
- Third-Party Punch-out Integrations: Through solutions such as PunchOut Catalogs and PunchOut2Go.
Eighty percent of companies implementing B2B ecommerce believe their customer expectations have changed due to B2C practices. In combination with Magento Commerce’s already existing segmentation and personalized marketing tools, this new B2B feature set will allow merchants to sell their products to buyers with precision and allow them to gain a greater share of the buyer’s wallet.
Although the Magento Commerce 2.2 release shines because of the B2B features, there are also more things in the release to learn about.
Read about it all in the Magento Commerce 2.2 Release Notes.