Magento is one of the most powerful eCommerce platforms. Many B2B businesses choose Magento for setting up their online store. It's a robust eCommerce platform that can handle the advanced needs of a B2B business. It is capable of handling an extensive product catalog. Which is often the case with B2B companies. It even comes with a multi-store capability.
Magento offers an Open Source and a Commerce variant. Magento Commerce is the superior one, as it comes with a variety of built-in features. Magento Commerce is for enterprises and large-scale companies. For small and medium-size businesses, the ideal choice is Open Source. On open-source you may have to rely on a Magento B2B extension.
Nonetheless, Magento B2B features outclass all other eCommerce platforms. Setup your Magento B2B eCommerce store and start seeing an increase in conversions and revenue
Magento B2B Features
The B2B features in Magento are flexible to suit the needs of almost any business vertical. The success of the B2B eCommerce store is dependent on how well you can cater to the unique needs of the B2B buyers. A typical B2B buyer is nothing like it's B2C counterpart. B2B buyers can't get coerced into impulsive buying. All B2B purchases are intent-driven. They consist of extensive research on the product before making a buying decision.
The customer relationship in the B2B business is also quite different. Your eCommerce store needs to provide customized user experience to be successful. Magento B2B brings with it several advanced features that can make this happen. Listed below are some of the best features in Magento. These features can help you create the ideal B2B eCommerce store.
Request for Quote
RFQ features are a must for a B2B eCommerce store. Why? Because unlike B2C orders, the B2B ones involve large shipments and higher pricings. A typical B2B order often involves requesting a quote from the seller for their unique needs.
This is where your Magento B2B store can provide a customized user experience, like a retail store. It also allows the buyer to compare the prices and products offered by different suppliers. Comparing prices is a standard procedure for B2B purchases.
Magento Open Source
Magento Open Source has several extensions in their marketplace for implementing RFQ. Use any Magento B2B extension. One of the upsides of employing an extension for integrating an RFQ is that you can pick one that aligns best with your needs.
But, the basic functionalities on the Request For Quote extensions remain the same. It enables the buyers to request a quote from your company and compare it with other companies' quotes. But that's not all it can do. The RFQ extensions for Magento come with many advanced capabilities and custom solutions. Listed below are some of the more prominent features.
1. Custom Attribute Fields
It lets the admin create customized fields for the RFQ form. This can be useful for a B2B business owner.
2. RFQ for Out-of-stock Product
This nifty feature enables the buyer to send RFQs even if the product is unavailable, out of stock, or even nonexistent. This enables you and the buyer to establish contact and make potential business connections with each other.
3. Use Image Files
With this feature, your potential buyer can upload images files along with their RFQs. This can come in handy when the buyer is not sure about the product or its specification. A pictorial representation can reduce confusion and help find the right product.
4. Customer Login
This feature limits the people who can send an RFQ to your business. They need to stay logged into your eCommerce store. The login is often employed to categorize the customers. It also helps to put in place a special or individual pricing of B2B products.
5. Map Attribute
This feature enables you to display the attribute field on the RFQ form by allowing the admin to map attribute sets with a category.
6. Send RFQ to Multiple Sellers
This is one of the features that can help you manage your business better. It can also save you a lot of time. It enables you to send an RFQ to several sellers who are looking for the same products.
With Magento Commerce, implementing an RFQ feature is as easy. Magento Commerce comes with built-in functionality to integrate an RFQ. Magento offers one of the most streamlined workflows for the RFQ process. It has the best RFQ process from all eCommerce platforms.
One of Magento Commerce's notable features include the buyer's ability to attach documents and comments. Furthermore, it even lets them view their quote's details and documents. Some of the other features Magento Commerce has to offer include the following.
1. Include Comments in RFQ
Magento Commerce lets your buyers include comments and documents in their request. This feature can come handy for your buyers to relay the product details. They can do so by using pictures or other specifications not available on your online store.
2. Superior Cost Calculation
With Magento Commerce, the merchants have the capability to view the total cost data. You can even calculate the percentage of discounts that you can offer depending on the buyer's margin targets.
3. Negotiate Prices
In B2C eCommerce, where the prices are almost always fixed and never negotiable. But, in a B2B business personalized pricing is quite common. Businesses look to have features that compliment custom pricing. Magento Commerce lets buyers negotiate the product and shipping prices. This helps to meet the customer's demand.
Quick Order Entry
Quick order is yet another feature that all B2B eCommerce stores should have as it can simplify the order process to a few clicks. The B2B buyer can use this feature as long as they know the name of the product. Re-order is a critical feature demanded by the B2B buyers. They expect the B2B platforms to give them full support for orders.
Re-orders can save your buyers a lot of time. It is the most convenient way to place an order. A typical B2B order process is much more lengthy than a B2C one. The procurement officers have to cross-check the products, specifications, and order quantity. In B2B, a simple mistake can have astronomical effects on the business.
Magento Open Source
Magento Open Source has an extensive range of extensions in the marketplace. Owners can integrate any of these to get Quick Order Entry and Requisition Lists. You can create lists with advanced features that enable fast searching of products. Owners can also opt for lists that provide flexibility to create custom URLs and page titles. Some of the other features possible on Magento Open source include the following.
1. Bulk Add to Cart
Your users get the ability to add products in bulk to the cart once you have integrated this to your Magento B2B store. This means you can add several products to the cart either by using various SKUs or by uploading CSV files.
2. Plus/Minus Buttons for Product Quantity
Although this may seem like a pretty simple feature, it can make a world of difference for your B2B buyers. This little feature can save the user a lot of time and make room for your B2B eCommerce store's superior flexibility.
3. Customizable Design
One of the advantages of using an extension for implementing a quick order entry is that many of them come with customizable design. This means that you can customize its appearance to align with your branding and website's look and feel.
4. Quick Order for Groups
With a Quick Order Entry, you can configure your Quick Order page to be visible for specific groups. This allows you to provide more buyer-focused and custom details to your customers.
Magento Commerce offers a built-in Quick Order Entry feature for its customers. It comes with many in-built features that include listing products that get purchased more often for easy ordering. Listed below are the in-built features in Magento Commerce.
1. Superior Search Capability
The B2B buyers on a Magento Commerce store can search for products using either SKUs or a CSV file. Magento then validates whether the SKU the buyer entered is valid or not, according to its catalog and inventory. It then displays the relevant data to the buyer, including thumbnails and the price of the product.
2. Orders With Multiple SKUs
Magento Commerce lets you place orders with several SKUs. But, it has to be either imported to the Quick Order form or entered. Furthermore, even guests can use the Quick Order feature. It's not limited to logged in users on the site.
Like Quick Order Entry, the Requisition list is also an essential feature on a B2B eCommerce store. It lets you create a list of items that buyers can use to place orders later. This can improve your customers' shopping experience. As they can reorder items straight from the requisition list of items. Requisition lists help you to organize orders.
Magento Open Source
It should be easy for you to find an extension for adding a requisition list on your Magento B2B store. There are many options you can choose from. Most of them come equipped with useful features. This includes several requisition lists, and bulk update of products. Customers could even add products to the lists from product pages. Some of the other main features you get can include the following.
1. Add to Lists From Product Page
Another exciting aspect in Magento Commerce is that it lets buyers add products from previous orders. This can make creating a requisition list easier. Especially since, B2B businesses almost always repeat the same order.
2. Move/Copy Items Between Lists
Another feature that extensions can provide is that it makes moving or copying items between lists easy. This makes the creation or modification of lists flexible and easy to manage.
3. One-click Add to Cart
Adding a product to cart from any of your requisition lists is a click away with this feature. This aspect also appeals to the convenience the user always looks for from an eCommerce store.
As with the rest of Magento B2B features listed above, this one also comes built-in on Magento Commerce. For easy ordering, Magento lists purchased products from your B2B eCommerce store. The buyer can select the product from the list, specify the quantity, and add it to the cart. You can also create several requisition lists and insert re-orders. This means you pretty much get everything you might need out of the box.
1. Add to Lists From Previous Orders
Another exciting aspect of the requisition feature in Magento Commerce is that it lets buyers add products from previous orders. This can make creating a requisition list easier. Especially since, B2B businesses almost always repeat the same order.
2. Re-order Capability
Not having a re-order capability is one of the major flaws in a B2B eCommerce store. Many businesses often end up employing customized solutions to rectify this. With Magento Commerce, you get this functionality in-built. This means you'll not have to go through the trouble of integrating it.
One of the factors that sets the B2B business apart from is its payment flexibility. We are talking about large-scale shipments that can cost a fortune. You can't expect all your clientele to deposit the money upfront. Without payment flexibility, it is unlikely you'll be successful in a B2B business regardless of the channel.
So what does it mean to have payment flexibility in your Magento B2B store? Your Magento B2B store must process different types of payment on it. This includes extending credit to your customers. Besides, relying on traditional payment methods like credit cards and PayPal. A credit system makes it easy for your customers to order. It also builds trust and long-term relations.
Magento Open Source
Setting up different payment methods on Open Source stores can be a bit challenging. As payment integrations may seem complicated. But, that does not change the fact that Magento has several reliable extensions you can use. The primary thing to do is to integrate the leading credit systems in your store to improve payment flexibility. Given below are some of the features you can integrate.
1. Specify Credit Limit
To a B2B buyer, knowing the credit limit can make a world of difference. The credit limit can tell them how big their order can be. Even tell them how big their budget needs to be. For B2B businesses, these details can be crucial factors. Such factors affect their buying decisions. Furthermore, owners can apply credit limits to individuals or groups of customers.
2. One Step Checkout
Don't underestimate a one-step checkout process for your eCommerce store. A one-step checkout is one of the vital steps you can take to enhance the user's convenience. Your buyers should make payments and checkout in no more than one step.
3. Manage Credit Payments
Another attractive feature you can avail on your Magento. With the right Magento extension, you can manage the overdue credit payments. Owners can even set automatic email notifications for your credit operations.
Magento Commerce comes with its own set of built-in features. These features can help you with payment flexibility. Besides, traditional payment methods, Magento Commerce comes with a Payment on accounts feature. It can even control the geographical limitations for using the payment methods. The other features that are inbuilt on Magento Commerce include the following.
1. Extend Credit to Buyers
The Payment on Accounts feature allows you to extend credit to buyers. Magento Commerce accomplishes this without the help of any extensions or custom solutions. Thus, it helps to save you time and money. It even supports credit limit specification, as an out of the box solution.
2. Adjust Outstanding Balance
Magento Commerce comes with a feature that lets you view and compare its transaction against their company credit. This further allows businesses to make relevant adjustments to the outstanding balance. With Magento Commerce, you can also allow your customers to exceed their credit limit. This can help you build stronger relationships with your loyal customers.
Product Catalog and Pricing
For B2B business, their product catalog and pricing are factors that affect the buying decisions. Due to the unique nature of B2B business, companies often make use of customized catalogs and price lists. Product catalogs in B2B companies need to accommodate products that look similar but are different.
Hence the buyer should have no room for confusion. Apart from that, it would be best if you also implemented advanced pricing on your store. This may include custom, individual, tiered, and volume pricing. The pricing would depend on which is best suited for your unique business needs.
Magento Open Source
Magento B2B Open Source provides several options for integrating a customized product catalog. There are many features that you can integrate on your Open source site with the help of Magento extensions. But, the most pivotal features when it comes to product catalog and pricing in Magento B2B includes the following.
1. Customize What Your Customer See
With a customizable product catalog, you show your products to your customers how you want it. This means being able to show a customized product catalog for individual customers. Or for various categories or groups of customers. You can also duplicate your existing catalogs for quick setup. Owners can even create tiered catalogs like Gold, Silver, Bronze, etc., depending on your unique needs.
2. Special Pricing
The pricing on your Magento B2B store can't be the same for all your customers. More personalized pricing is inevitable as you move to a B2B business. With the right extensions, you can integrate customized or individual pricing for your users. You could also integrate volume or tiered pricing. Each pricing method will reward your buyer based on different factors. You can even categorize your customers into groups to make the pricing easier to manage.
Magento Commerce makes product catalog management a child's play. The in-built features allow superior customization capability on your Magento B2B store. You can change the product catalog, and data for various customers. The same goes for pricing. As different pricing rules are available on Magento Commerce.
1. Customizable Catalogs and Prices
The most useful feature about pricing and product catalog in Magento Commerce is that they are customizable. You have the freedom to customize. Owners can set and vary the data according to a customer. You receive unmatched control over their business.
2. Set Price for Single and Multiple Products at Once
Owners have the ability to either set prices one by one or as a group. You can choose several products and set the price for all at once. This saves you time and effort.
In conclusion, the Magento platform is well equipped with features to handle a B2B business. Owners can also sync several inventories to their online store and manage it from a central hub. This feature makes Magento one of the best platforms for implementing an omnichannel experience.
Magento Commerce is the superior among the two editions offered by Magento. But, it all comes down to practicality when it comes to running a business. Most SMBs can't afford to run their business on Magento Commerce. Either way, Magento B2B features are unlimited. Magento B2B is better than the B2B experience on any platform.
Magento Commerce is an ideal choice if your company has the capital investment to afford it. But, if you are a SMB, then Open Source is the way for you. It can do everything the Commerce edition can, with the right Magento B2B extension. Even if there isn't an extension available, the experts in Virtina can develop a custom solution.