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Learn MoreLearn MoreLearn MoreB2B (business-to-business) refers to a transaction of products and services between businesses, a contrast to selling directly to consumers, such as B2C (business-to-consumer). This type of commerce is usually executed by a wholesaler selling to a retailer, or by a manufacturer and a wholesaler. However, this commercial transaction isn’t restricted to only those forms of enterprises and merchants. It can also include a manufacturer selling their raw materials to a distributor, and service providers (SaaS) selling their products to clients.
A B2B transaction tends to be characterized by different elements such as its higher transactional values, longer sales cycle, and higher retention rate. The exchange value in B2B is commonly higher compared to B2C, as its sales concern businesses and not consumers, B2B needs more resources to operate effectively, leading to higher transaction values, resulting in increased overall profitability and revenue per transaction. B2B transactions also require negotiations and executive decision-making before converting a prospect into a customer. This contributes to a longer sales cycle that causes the seller and the buyer to build trust between each other. And for that trust to remain, B2B requires businesses to maintain their relationships with their customers, which leads to a higher retention rate. All of these benefits counter B2C as the retail model drives customers to emotionally purchase and creates a lower likelihood of customers committing to a long-term relationship with a brand.
B2B, as useful as it is, has its faults as well. B2B has a limited target market, meaning businesses don’t have the same reach as B2C companies. The business model also has a complicated transactional process, with negotiations and conversations having to be had before a sale. However, this is countered by the increased sales and recurring revenue B2B achieves.
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