If distributors want to grow their online revenue, they have to be prepared to provide the same kind of experience customers get from business-to-consumer websites, according to Michael Nagrant, principal consultant, Codifyd Inc. But choosing where to invest time and resources can be a challenge.
Nagrant was featured in the recent MDM Webcast, 7 Key Investments Distributors Should Make to Grow Online Revenue.
The first investment companies must make – if they hope to emulate successful online B2C providers – is product categorization or taxonomy. These key terms are used to make products and information on your website searchable. If the taxonomy is not accurate or complete, customers will become frustrated with trying to buy anything on your site.
Simply put: "If they can't find it, they can't buy it," Nagrant says.
According to the Acquity Group 2013 State of B2B Procurement Study, 71 percent of corporate buyers would purchase more products online if it were easier and more convenient to browse and buy from a distributor’s website. And that starts with how the products are categorized.